JOYY (NASDAQ:YY) Rating Increased to Buy at StockNews.com

JOYY (NASDAQ:YY) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a research note issued to investors on Friday.

Separately, Bank of America reissued a “neutral” rating and issued a $35.00 target price on shares of JOYY in a research report on Monday, March 25th.

JOYY Stock Performance

NASDAQ:YY opened at $33.77 on Friday. The stock has a market cap of $2.09 billion, a price-to-earnings ratio of 6.79 and a beta of 0.35. JOYY has a one year low of $24.12 and a one year high of $43.20. The business’s 50-day simple moving average is $32.32 and its 200 day simple moving average is $35.04.

JOYY (NASDAQ:YY) last announced its earnings results on Monday, March 18th. The information services provider reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.13. The company had revenue of $569.84 million for the quarter, compared to analyst estimates of $572.51 million. JOYY had a return on equity of 5.13% and a net margin of 13.31%. During the same period in the prior year, the company posted $0.49 EPS. On average, equities research analysts predict that JOYY will post 3.57 EPS for the current year.

Hedge Funds Weigh In On JOYY

Large investors have recently added to or reduced their stakes in the company. CWM LLC raised its holdings in shares of JOYY by 168.0% during the third quarter. CWM LLC now owns 930 shares of the information services provider’s stock worth $35,000 after purchasing an additional 583 shares during the period. Blue Trust Inc. lifted its holdings in JOYY by 221.8% in the fourth quarter. Blue Trust Inc. now owns 943 shares of the information services provider’s stock worth $36,000 after acquiring an additional 650 shares during the last quarter. Assetmark Inc. boosted its stake in JOYY by 62.2% in the third quarter. Assetmark Inc. now owns 2,226 shares of the information services provider’s stock valued at $85,000 after acquiring an additional 854 shares during the period. Signaturefd LLC grew its holdings in shares of JOYY by 14.7% during the third quarter. Signaturefd LLC now owns 4,020 shares of the information services provider’s stock valued at $153,000 after purchasing an additional 514 shares during the last quarter. Finally, Quadrant Capital Group LLC raised its position in shares of JOYY by 8.8% during the 4th quarter. Quadrant Capital Group LLC now owns 4,322 shares of the information services provider’s stock worth $172,000 after purchasing an additional 349 shares during the period. 36.83% of the stock is currently owned by institutional investors.

About JOYY

JOYY Inc, together with its subsidiaries, operates social media platforms that offer users engaging and experience across various video-based social platforms. The company operates Bigo Live, a social live streaming platform that allows users to live stream specific moments, such as showcase talents, socialize, and connect with other users worldwide; Likee, a short-form video social platform that focuses on enabling users to create short-form video; Hago, a multiuser social networking platform that provides casual games; imo, an instant messaging application with functions, including video calls and other communication tools, such as group calls, document sharing, etc.; and Shopline, a smart commerce enabler that provides an integrated omnichannel platform for merchants to create and grow brands online and reach customers.