JOYY’s (YY) “Neutral” Rating Reaffirmed at Bank of America

Bank of America reaffirmed their neutral rating on shares of JOYY (NASDAQ:YY) in a research note published on Monday, Marketbeat Ratings reports. They currently have a $35.00 price target on the information services provider’s stock.

Several other research analysts also recently weighed in on the stock. StockNews.com downgraded shares of JOYY from a buy rating to a hold rating in a research note on Monday, March 18th. Benchmark restated a hold rating on shares of JOYY in a research note on Tuesday, January 2nd. Five investment analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, JOYY has a consensus rating of Hold and a consensus price target of $38.00.

JOYY Stock Up 0.8 %

YY opened at $30.25 on Monday. JOYY has a 52-week low of $24.12 and a 52-week high of $43.20. The company has a 50 day moving average of $31.70 and a two-hundred day moving average of $36.23. The company has a market cap of $1.88 billion, a P/E ratio of 6.09 and a beta of 0.39.

JOYY (NASDAQ:YY) last announced its earnings results on Monday, March 18th. The information services provider reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.13. The business had revenue of $569.84 million during the quarter, compared to the consensus estimate of $572.51 million. JOYY had a net margin of 13.31% and a return on equity of 5.13%. During the same period in the prior year, the firm earned $0.49 earnings per share. Research analysts anticipate that JOYY will post 3.57 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Penserra Capital Management LLC bought a new position in JOYY during the 3rd quarter valued at $406,000. Canada Pension Plan Investment Board raised its holdings in shares of JOYY by 67,358.5% during the third quarter. Canada Pension Plan Investment Board now owns 35,753 shares of the information services provider’s stock worth $1,363,000 after purchasing an additional 35,700 shares during the period. New York State Common Retirement Fund raised its holdings in shares of JOYY by 29.3% during the third quarter. New York State Common Retirement Fund now owns 108,343 shares of the information services provider’s stock worth $4,129,000 after purchasing an additional 24,537 shares during the period. Acadian Asset Management LLC raised its holdings in shares of JOYY by 18.9% during the third quarter. Acadian Asset Management LLC now owns 1,721,881 shares of the information services provider’s stock worth $65,590,000 after purchasing an additional 273,875 shares during the period. Finally, FMR LLC raised its holdings in shares of JOYY by 497,089.5% during the third quarter. FMR LLC now owns 2,709,683 shares of the information services provider’s stock worth $103,266,000 after purchasing an additional 2,709,138 shares during the period. 36.83% of the stock is currently owned by institutional investors.

About JOYY

JOYY Inc, together with its subsidiaries, operates social media platforms that offer users engaging and experience across various video-based social platforms. The company operates Bigo Live, a social live streaming platform that allows users to live stream specific moments, such as showcase talents, socialize, and connect with other users worldwide; Likee, a short-form video social platform that focuses on enabling users to create short-form video; Hago, a multiuser social networking platform that provides casual games; imo, an instant messaging application with functions, including video calls and other communication tools, such as group calls, document sharing, etc.; and Shopline, a smart commerce enabler that provides an integrated omnichannel platform for merchants to create and grow brands online and reach customers.