JOYY (NASDAQ:JOYY) Stock Falls 6.1% – Here’s What Happened

JOYY Inc. Sponsored ADR (NASDAQ:JOYY) was down 6.1% during mid-day trading on Wednesday. The stock traded as low as $75.20 and last traded at $74.2950. Approximately 97,763 shares changed hands during trading, a decline of 71% from the average session volume of 332,414 shares. The stock had previously closed at $79.09.

Wall Street Analyst Weigh In

JOYY has been the topic of several research analyst reports. Jefferies Financial Group reaffirmed a “buy” rating and issued a $87.00 price objective on shares of JOYY in a research report on Wednesday, August 26th. Weiss Ratings raised JOYY from a “hold (c-)” rating to a “buy (b)” rating in a report on Friday, August 28th. JPMorgan Chase & Co. upgraded JOYY from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $35.00 to $98.00 in a research note on Wednesday, August 12th. Morgan Stanley set a $74.00 price objective on JOYY in a research note on Wednesday, August 26th. Finally, Citigroup reaffirmed a “buy” rating on shares of JOYY in a report on Wednesday, July 22nd. Six analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, JOYY has an average rating of “Moderate Buy” and a consensus target price of $83.40.

JOYY Trading Up 7.2%

The stock has a market capitalization of $3.96 billion, a price-to-earnings ratio of 19.29 and a beta of 0.38. The firm’s fifty day moving average price is $78.82 and its 200 day moving average price is $68.32.

JOYY Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 16th. Shareholders of record on Wednesday, September 30th were issued a dividend of $1.55 per share. This is a positive change from JOYY’s previous quarterly dividend of $1.50. The ex-dividend date was Wednesday, September 30th. This represents a $6.20 annualized dividend and a yield of 7.7%. JOYY’s dividend payout ratio (DPR) is currently 147.49%.

Hedge Funds Weigh In On JOYY

Several large investors have recently bought and sold shares of the stock. DGS Capital Management LLC boosted its holdings in shares of JOYY by 5.9% in the first quarter. DGS Capital Management LLC now owns 3,792 shares of the company’s stock valued at $221,000 after acquiring an additional 211 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in shares of JOYY by 167.7% in the first quarter. EverSource Wealth Advisors LLC now owns 613 shares of the company’s stock valued at $36,000 after buying an additional 384 shares during the last quarter. SBI Securities Co. Ltd. purchased a new stake in JOYY in the 3rd quarter valued at about $31,000. Ramsey Quantitative Systems purchased a new position in JOYY during the third quarter worth approximately $45,000. Finally, Integrated Wealth Concepts LLC purchased a new position in shares of JOYY in the 2nd quarter worth $65,000. Institutional investors and hedge funds own 36.83% of the company’s stock.

About JOYY

JOYY Inc (NASDAQ: JOYY) is a global technology company that operates video-based social media and live-streaming platforms. The company’s services enable users to share live video, create and view short-form content, communicate through messaging and voice services, and participate in online communities.

JOYY’s principal products include BIGO LIVE, a live-streaming platform; Likee, a short-form video and creation platform; and imo, an instant messaging and voice and video communication service.