JOYY (NASDAQ:YY) Stock Crosses Below 50 Day Moving Average – Here’s Why

JOYY Inc. (NASDAQ:YY)’s share price crossed below its 50-day moving average during trading on Friday. The stock has a 50-day moving average of $80.01 and traded as low as $78.00. JOYY shares last traded at $78.74, with a volume of 268,904 shares traded.

Analyst Upgrades and Downgrades

Separately, The Goldman Sachs Group raised shares of JOYY to a “buy” rating in a report on Wednesday, August 12th. Two research analysts have rated the stock with a Buy rating. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $66.00.

JOYY Stock Performance

The company has a 50-day simple moving average of $80.01 and a 200-day simple moving average of $68.90. The stock has a market cap of $4.34 billion, a P/E ratio of 24.37 and a beta of 0.21.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Advisors Asset Management Inc. acquired a new stake in JOYY in the 3rd quarter valued at about $78,000. Edmond DE Rothschild Holding S.A. raised its position in JOYY by 26.7% in the 3rd quarter. Edmond DE Rothschild Holding S.A. now owns 19,000 shares of the information services provider’s stock worth $789,000 after purchasing an additional 4,000 shares during the last quarter. Voya Investment Management LLC bought a new position in JOYY in the 3rd quarter worth approximately $460,000. Global Retirement Partners LLC bought a new position in JOYY in the 3rd quarter worth approximately $45,000. Finally, Sumitomo Mitsui Trust Group Inc. bought a new position in JOYY in the 3rd quarter worth approximately $3,893,000. 36.83% of the stock is owned by institutional investors.

About JOYY

JOYY Inc. is a technology company focused on live streaming, short-form video and online communication services. Its platforms include Bigo Live, which lets users broadcast and watch live video; Likee, a short-video creation and sharing app; and imo, a messaging and voice and video calling service. The company was founded in China as YY Inc. and adopted the JOYY name in 2019. It now serves users in markets around the world, with a focus on international audiences. Its former China-focused YY Live business was sold to Baidu in 2021.