JOYY (NASDAQ:YY) Sees Unusually-High Trading Volume Following Dividend Announcement

Shares of JOYY Inc. (NASDAQ:YY - Get Free Report) saw an uptick in trading volume on Friday after the company announced a dividend. 1,000,891 shares were traded during trading, an increase of 118% from the previous session's volume of 460,152 shares.The stock last traded at $42.17 and had previously closed at $41.23.

The newly announced dividend which will be paid on Wednesday, April 30th. Investors of record on Thursday, April 17th will be given a dividend of $0.93 per share. This represents a $3.72 dividend on an annualized basis and a yield of 8.75%. This is a boost from JOYY's previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Thursday, April 17th. JOYY's dividend payout ratio is -120.00%.

Analysts Set New Price Targets

A number of research firms have recently commented on YY. StockNews.com cut shares of JOYY from a "buy" rating to a "hold" rating in a research report on Thursday, March 6th. Benchmark raised shares of JOYY from a "hold" rating to a "buy" rating in a research report on Tuesday, February 25th.

JOYY Trading Up 1.3 %

The company has a market capitalization of $2.29 billion, a price-to-earnings ratio of 12.84 and a beta of 0.21. The stock has a 50-day simple moving average of $46.04 and a 200-day simple moving average of $40.08.

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Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Loomis Sayles & Co. L P acquired a new position in shares of JOYY in the 3rd quarter worth approximately $25,000. SBI Securities Co. Ltd. bought a new stake in JOYY during the fourth quarter valued at $25,000. Global Retirement Partners LLC raised its holdings in shares of JOYY by 71.5% during the fourth quarter. Global Retirement Partners LLC now owns 1,072 shares of the information services provider's stock worth $45,000 after purchasing an additional 447 shares during the period. Rhumbline Advisers lifted its position in shares of JOYY by 63.0% in the 4th quarter. Rhumbline Advisers now owns 1,319 shares of the information services provider's stock worth $55,000 after buying an additional 510 shares during the last quarter. Finally, Raiffeisen Bank International AG acquired a new position in shares of JOYY in the 4th quarter valued at about $85,000. 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.