JOYY (NASDAQ:YY) Trading 8.4% Higher - What's Next?

JOYY Inc. (NASDAQ:YY - Get Free Report)'s stock price rose 8.4% during mid-day trading on Friday . The company traded as high as $40.14 and last traded at $40.00. Approximately 141,949 shares traded hands during trading, a decline of 71% from the average daily volume of 493,274 shares. The stock had previously closed at $36.89.

Analysts Set New Price Targets

Several research analysts have commented on the company. JPMorgan Chase & Co. raised their target price on JOYY from $30.00 to $35.00 and gave the stock a "neutral" rating in a research note on Tuesday, September 3rd. Benchmark restated a "hold" rating on shares of JOYY in a research report on Thursday, August 29th.

JOYY Stock Up 10.5 %

The company has a market cap of $2.20 billion, a PE ratio of 12.32 and a beta of 0.27. The stock has a 50-day moving average of $36.31 and a 200-day moving average of $34.38.

Institutional Trading of JOYY

A number of large investors have recently modified their holdings of the business. Canada Pension Plan Investment Board lifted its holdings in shares of JOYY by 10.0% during the 2nd quarter. Canada Pension Plan Investment Board now owns 730,800 shares of the information services provider's stock worth $21,990,000 after acquiring an additional 66,474 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in JOYY by 45.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 99,748 shares of the information services provider's stock worth $3,615,000 after purchasing an additional 31,341 shares during the last quarter. FMR LLC boosted its holdings in shares of JOYY by 4.3% in the 3rd quarter. FMR LLC now owns 678,551 shares of the information services provider's stock worth $24,591,000 after purchasing an additional 28,126 shares in the last quarter. Krane Funds Advisors LLC boosted its holdings in shares of JOYY by 10.5% in the 2nd quarter. Krane Funds Advisors LLC now owns 1,414,457 shares of the information services provider's stock worth $42,561,000 after purchasing an additional 134,394 shares in the last quarter. Finally, Cape Ann Asset Management Ltd increased its position in shares of JOYY by 47.8% during the 3rd quarter. Cape Ann Asset Management Ltd now owns 476,900 shares of the information services provider's stock valued at $17,283,000 after purchasing an additional 154,200 shares during the last quarter. Institutional investors own 36.83% of the company's stock.

About JOYY

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.