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

JOYY Inc. (NASDAQ:YY) gapped up before the market opened on Tuesday . The stock had previously closed at $50.10, but opened at $55.30. JOYY shares last traded at $52.60, with a volume of 885,166 shares.

Analyst Ratings Changes

Separately, Benchmark raised JOYY from a “hold” rating to a “buy” rating in a research report on Tuesday.

JOYY Trading Up 4.5 %

The stock has a market cap of $2.82 billion, a price-to-earnings ratio of 15.74 and a beta of 0.28. The stock’s 50 day moving average is $42.87 and its two-hundred day moving average is $38.21.

JOYY (NASDAQ:YY) last announced its earnings results on Tuesday, November 26th. The information services provider reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.22. JOYY had a net margin of 9.02% and a return on equity of 4.64%. On average, sell-side analysts predict that JOYY Inc. will post 3.37 EPS for the current year.

Hedge Funds Weigh In On JOYY

Several institutional investors have recently bought and sold shares of YY. Barclays PLC increased its stake in shares of JOYY by 1.3% during the third quarter. Barclays PLC now owns 20,543 shares of the information services provider’s stock worth $744,000 after acquiring an additional 270 shares during the period. Natixis Advisors LLC lifted its holdings in shares of JOYY by 1.7% in the 3rd quarter. Natixis Advisors LLC now owns 21,208 shares of the information services provider’s stock valued at $769,000 after buying an additional 352 shares during the period. DekaBank Deutsche Girozentrale boosted its stake in shares of JOYY by 5.7% in the third quarter. DekaBank Deutsche Girozentrale now owns 7,751 shares of the information services provider’s stock valued at $291,000 after buying an additional 421 shares in the last quarter. Global Retirement Partners LLC raised its position in JOYY by 71.5% in the fourth quarter. Global Retirement Partners LLC now owns 1,072 shares of the information services provider’s stock worth $45,000 after acquiring an additional 447 shares in the last quarter. Finally, Rhumbline Advisers raised its position in JOYY by 63.0% in the fourth quarter. Rhumbline Advisers now owns 1,319 shares of the information services provider’s stock worth $55,000 after acquiring an additional 510 shares in the last quarter. 36.83% of the stock is owned by institutional investors and hedge funds.

JOYY Company Profile

JOYY Inc, together with its subsidiaries, operates social media platforms that offer users engaging and experience across various video-based social platforms. It operates through two segments, BIGO and All Other. The company operates Bigo Live, a social live streaming platform, that provides an interactive online stage for users to host and watch live streaming sessions, share their life moments, showcase their talents, and interact with people worldwide; Likee, a short-form video social platform, which enables users to discover, create, and share short videos, with video creation tools and personalized feeds; imo, an instant messenger platform, that provides audio and video communication services; Hago, a social networking platform that offers casual games integrating social features, such as audio and video multi-user chatrooms and 3D virtual interactive party games; and Shopline, a smart commerce platform, that provides solutions and services to enable merchants in creating and growing their brands online and reach customers through various sales channels, including e-commerce platforms, social commerce, and physical retail stores.