Yalla Group (NYSE:YALA) Reaches New 52-Week Low – Here’s What Happened

Yalla Group Limited Sponsored ADR (NYSE:YALA) reached a new 52-week low during trading on Wednesday . The stock traded as low as $5.13 and last traded at $5.23, with a volume of 329076 shares trading hands. The stock had previously closed at $5.19.

Yalla Group Trading Up 0.8%

The stock has a 50 day moving average of $6.20 and a 200-day moving average of $6.64. The company has a market capitalization of $799.98 million, a P/E ratio of 6.62 and a beta of 0.46.

Yalla Group (NYSE:YALA) last released its quarterly earnings data on Saturday, February 14th. The company reported $0.21 earnings per share for the quarter. Yalla Group had a return on equity of 18.03% and a net margin of 42.03%.The firm had revenue of $83.86 million during the quarter.

Yalla Group announced that its Board of Directors has approved a stock repurchase program on Monday, March 9th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 13.6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Institutional Trading of Yalla Group

A number of large investors have recently made changes to their positions in YALA. ACT Capital Management LLC purchased a new stake in Yalla Group during the 4th quarter valued at $35,000. EverSource Wealth Advisors LLC grew its stake in Yalla Group by 73.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 6,481 shares of the company’s stock worth $44,000 after acquiring an additional 2,749 shares in the last quarter. Verition Fund Management LLC purchased a new position in Yalla Group during the 4th quarter worth $73,000. Cresset Asset Management LLC purchased a new stake in Yalla Group in the third quarter worth about $82,000. Finally, Lazard Asset Management LLC bought a new position in shares of Yalla Group during the first quarter valued at approximately $83,000. 4.73% of the stock is currently owned by institutional investors.

About Yalla Group

Yalla Group (NYSE:YALA) operates a voice-centric social networking and entertainment platform designed to connect users through live audio chat rooms, interactive voice channels and mobile gaming. Its core product, the Yalla app, allows participants in the Middle East and North Africa (MENA) region to join real-time voice discussion groups, host audio shows and send virtual gifts. Through the PokerBROS brand, the company offers a mobile-first social poker platform featuring Texas Hold’em, Chinese Poker and other variants, enabling casual and competitive gaming among a growing user base.

Founded in 2016 and incorporated in the Cayman Islands, Yalla Group established its headquarters in Riyadh with additional offices in Dubai and Asia.