JOYY (NASDAQ:JOYY) Sets New 1-Year High – Should You Buy?

JOYY Inc. Sponsored ADR (NASDAQ:JOYY) reached a new 52-week high on Tuesday. The company traded as high as $81.34 and last traded at $81.03, with a volume of 23953 shares changing hands. The stock had previously closed at $80.50.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on JOYY shares. Morgan Stanley set a $74.00 price target on JOYY in a research report on Wednesday, August 26th. Benchmark reiterated a “buy” rating on shares of JOYY in a report on Wednesday, August 26th. Weiss Ratings raised shares of JOYY from a “hold (c-)” rating to a “buy (b)” rating in a research report on Friday, August 28th. Citigroup restated a “buy” rating on shares of JOYY in a research report on Wednesday, July 22nd. Finally, Jefferies Financial Group reaffirmed a “buy” rating and set a $87.00 price objective on shares of JOYY in a research note on Wednesday, August 26th. Six analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $83.40.

JOYY Trading Up 0.8%

The company’s fifty day simple moving average is $76.24 and its 200 day simple moving average is $68.17. The firm has a market capitalization of $3.98 billion, a P/E ratio of 19.41 and a beta of 0.38.

JOYY Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 16th. Stockholders of record on Wednesday, September 30th will be given a $1.55 dividend. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $6.20 annualized dividend and a dividend yield of 7.6%. This is an increase from JOYY’s previous quarterly dividend of $1.50. JOYY’s dividend payout ratio is currently 147.49%.

Hedge Funds Weigh In On JOYY

Institutional investors have recently added to or reduced their stakes in the company. DGS Capital Management LLC grew its position in shares of JOYY by 5.9% in the 1st quarter. DGS Capital Management LLC now owns 3,792 shares of the company’s stock worth $221,000 after buying an additional 211 shares during the period. EverSource Wealth Advisors LLC increased its stake in shares of JOYY by 167.7% during the first quarter. EverSource Wealth Advisors LLC now owns 613 shares of the company’s stock valued at $36,000 after purchasing an additional 384 shares in the last quarter. Ramsey Quantitative Systems purchased a new position in shares of JOYY during the second quarter valued at approximately $63,000. Integrated Wealth Concepts LLC bought a new stake in shares of JOYY in the 2nd quarter worth approximately $65,000. Finally, Nykredit A S bought a new stake in shares of JOYY in the 2nd quarter worth approximately $110,000. Institutional investors own 36.83% of the company’s stock.

About JOYY

JOYY Inc (NASDAQ: JOYY) is a global technology company that operates social media, live-streaming and digital entertainment platforms. The company’s services enable users to create and share content, communicate in real time, and participate in online communities through video, audio and messaging formats.

JOYY’s portfolio has included BIGO Live, a live-streaming platform; Likee, a short-form video and social networking application; and imo, an instant messaging and communications service.