JOYY (NASDAQ:YY) Shares Gap Up – Still a Buy?

JOYY Inc. (NASDAQ:YY)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $50.10, but opened at $55.30. JOYY shares last traded at $52.60, with a volume of 885,166 shares traded.

Wall Street Analysts Forecast Growth

Separately, Benchmark raised JOYY from a “hold” rating to a “buy” rating in a research note on Tuesday.

JOYY Stock Performance

The stock has a market capitalization of $2.82 billion, a PE ratio of 15.74 and a beta of 0.28. The company’s fifty day simple moving average is $42.87 and its two-hundred day simple moving average is $38.21.

JOYY (NASDAQ:YY) last issued its quarterly earnings results on Tuesday, November 26th. The information services provider reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.22. JOYY had a net margin of 9.02% and a return on equity of 4.64%. Sell-side analysts forecast that JOYY Inc. will post 3.37 EPS for the current fiscal year.

Hedge Funds Weigh In On JOYY

Several hedge funds and other institutional investors have recently made changes to their positions in the business. GF Fund Management CO. LTD. acquired a new stake in JOYY in the fourth quarter valued at approximately $1,980,000. Public Employees Retirement System of Ohio boosted its position in JOYY by 3.8% in the 4th quarter. Public Employees Retirement System of Ohio now owns 125,487 shares of the information services provider’s stock valued at $5,252,000 after buying an additional 4,542 shares during the last quarter. Vise Technologies Inc. acquired a new stake in shares of JOYY during the fourth quarter valued at about $284,000. Tiger Pacific Capital LP increased its position in shares of JOYY by 23.1% during the fourth quarter. Tiger Pacific Capital LP now owns 680,676 shares of the information services provider’s stock worth $28,486,000 after acquiring an additional 127,829 shares during the last quarter. Finally, Raiffeisen Bank International AG acquired a new position in shares of JOYY in the fourth quarter worth about $85,000. Institutional investors and hedge funds own 36.83% of the company’s stock.

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.