JOYY (NASDAQ:JOYY) Shares Gap Up – Here’s Why

Shares of JOYY Inc. Sponsored ADR (NASDAQ:JOYY) gapped up before the market opened on Tuesday . The stock had previously closed at $54.42, but opened at $60.87. JOYY shares last traded at $61.56, with a volume of 162,905 shares traded.

Wall Street Analyst Weigh In

JOYY has been the subject of a number of research analyst reports. Zacks Research upgraded JOYY from a “strong sell” rating to a “hold” rating in a research note on Monday, May 11th. UBS Group initiated coverage on JOYY in a report on Wednesday, March 11th. They issued a “buy” rating and a $80.00 price objective for the company. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, JOYY has a consensus rating of “Moderate Buy” and an average target price of $74.67.

JOYY Trading Up 17.9%

The company has a market cap of $3.21 billion, a PE ratio of 1.64 and a beta of 0.42. The firm has a 50 day moving average of $58.96 and a two-hundred day moving average of $62.02.

JOYY (NASDAQ:JOYY) last released its earnings results on Monday, May 25th. The company reported $1.11 EPS for the quarter. JOYY had a return on equity of 3.93% and a net margin of 98.79%.The business had revenue of $555.70 million for the quarter. On average, research analysts forecast that JOYY Inc. Sponsored ADR will post 4.79 EPS for the current year.

JOYY Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 8th. Investors of record on Wednesday, April 22nd were given a dividend of $1.38 per share. This represents a $5.52 annualized dividend and a yield of 8.6%. The ex-dividend date of this dividend was Wednesday, April 22nd. JOYY’s dividend payout ratio is 14.09%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. SBI Securities Co. Ltd. purchased a new position in JOYY in the 3rd quarter worth approximately $27,000. Sittner & Nelson LLC bought a new stake in shares of JOYY in the 3rd quarter worth $29,000. EverSource Wealth Advisors LLC increased its holdings in shares of JOYY by 167.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 613 shares of the company’s stock worth $36,000 after purchasing an additional 384 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of JOYY in the third quarter worth $142,000. Finally, DGS Capital Management LLC lifted its holdings in shares of JOYY by 5.9% during the first quarter. DGS Capital Management LLC now owns 3,792 shares of the company’s stock valued at $221,000 after purchasing an additional 211 shares in the last quarter. 36.83% of the stock is owned by hedge funds and other institutional investors.

JOYY Company Profile

JOYY Inc (NASDAQ: JOYY) is a China-based technology company that develops and operates social media and live-streaming platforms. The company’s core business centers on real-time interactive video services and short-form social content, enabling users to create, share and monetize live and recorded audio-visual content. JOYY’s platforms are designed to connect creators and viewers through features such as live chat, virtual gifting and subscription-based interactions.

Products and services provided by JOYY include consumer-facing mobile and web applications that support live entertainment, social networking and short-form video consumption.