JOYY (NASDAQ:YY) Share Price Passes Above 50-Day Moving Average – Here’s Why

JOYY Inc. (NASDAQ:YY) passed above its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $63.22 and traded as high as $69.76. JOYY shares last traded at $69.35, with a volume of 318,211 shares.

Analysts Set New Price Targets

Separately, Benchmark reissued a “buy” rating on shares of JOYY in a research report on Thursday, March 12th. Two analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $66.00.

JOYY Trading Up 3.1%

The firm’s 50-day moving average price is $63.22 and its two-hundred day moving average price is $63.07. The stock has a market cap of $3.73 billion, a PE ratio of 20.95 and a beta of 0.21.

Institutional Trading of JOYY

Several hedge funds and other institutional investors have recently bought and sold shares of YY. Raymond James Financial Inc. purchased a new position in shares of JOYY in the 2nd quarter valued at $62,000. Ameriprise Financial Inc. lifted its stake in shares of JOYY by 3.6% during the 2nd quarter. Ameriprise Financial Inc. now owns 6,338 shares of the information services provider’s stock worth $263,000 after purchasing an additional 218 shares during the last quarter. Nomura Holdings Inc. bought a new stake in JOYY during the second quarter valued at about $399,000. Hsbc Holdings PLC grew its stake in JOYY by 139.2% in the second quarter. Hsbc Holdings PLC now owns 12,118 shares of the information services provider’s stock valued at $504,000 after purchasing an additional 7,053 shares during the last quarter. Finally, AXA S.A. boosted its holdings in shares of JOYY by 21.6% in the 2nd quarter. AXA S.A. now owns 13,792 shares of the information services provider’s stock valued at $573,000 after buying an additional 2,446 shares in the last quarter. Institutional investors own 36.83% of the company’s stock.

JOYY Company Profile

JOYY Inc (NASDAQ:YY) is a global technology-driven social media company specializing in video-based content creation and real-time social entertainment. The company develops and operates platforms that enable users to broadcast live video, engage with audiences and participate in interactive social communities. Its flagship global products include Bigo Live, a live-streaming application, and Likee, a short-video creation and sharing platform, which collectively support real-time interaction through virtual gifting and in-app social features.

Originally founded in Guangzhou, China in 2005 by David Xueling Li under the name YY Inc, the company pioneered real-time group communication and live streaming services in its domestic market.