JOYY (NASDAQ:JOYY) Reaches New 52-Week High – Should You Buy?

JOYY Inc. Sponsored ADR (NASDAQ:JOYY)’s share price reached a new 52-week high during trading on Wednesday . The stock traded as high as $80.90 and last traded at $75.9290, with a volume of 221268 shares. The stock had previously closed at $75.00.

Wall Street Analyst Weigh In

JOYY has been the topic of several recent analyst reports. Citigroup reaffirmed a “buy” rating on shares of JOYY in a report on Wednesday, July 22nd. Zacks Research raised shares of JOYY from a “strong sell” rating to a “hold” rating in a research note on Monday, May 11th. Finally, JPMorgan Chase & Co. upgraded shares of JOYY from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $35.00 to $98.00 in a research report on Wednesday, August 12th. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, JOYY presently has a consensus rating of “Moderate Buy” and an average target price of $80.50.

JOYY Trading Down 0.6%

The stock has a 50 day simple moving average of $71.12 and a 200 day simple moving average of $64.64. The firm has a market capitalization of $3.73 billion, a PE ratio of 17.11 and a beta of 0.47.

Institutional Investors Weigh In On JOYY

Large investors have recently modified their holdings of the stock. Nykredit A S bought a new position in JOYY in the second quarter worth about $110,000. Ramsey Quantitative Systems bought a new stake in JOYY during the 2nd quarter valued at approximately $63,000. Handelsbanken Fonder AB boosted its position in JOYY by 67.5% during the 2nd quarter. Handelsbanken Fonder AB now owns 12,900 shares of the company’s stock valued at $851,000 after acquiring an additional 5,200 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of JOYY by 167.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 613 shares of the company’s stock worth $36,000 after acquiring an additional 384 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. purchased a new position in shares of JOYY during the 1st quarter worth approximately $281,000. Institutional investors own 36.83% of the company’s stock.

About JOYY

JOYY Inc (NASDAQ: JOYY) is a China-based technology company that develops and operates social media and live-streaming platforms. The company’s core business centers on real-time interactive video services and short-form social content, enabling users to create, share and monetize live and recorded audio-visual content. JOYY’s platforms are designed to connect creators and viewers through features such as live chat, virtual gifting and subscription-based interactions.

Products and services provided by JOYY include consumer-facing mobile and web applications that support live entertainment, social networking and short-form video consumption.