Bank of America Reaffirms “Neutral” Rating for JOYY (NASDAQ:YY)

Bank of America reissued their neutral rating on shares of JOYY (NASDAQ:YY) in a research report released on Monday morning, MarketBeat Ratings reports. The firm currently has a $35.00 target price on the information services provider’s stock.

Other equities analysts have also issued research reports about the stock. Benchmark reaffirmed a hold rating on shares of JOYY in a report on Tuesday, January 2nd. StockNews.com cut shares of JOYY from a buy rating to a hold rating in a research report on Monday, March 18th. Five research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, JOYY has a consensus rating of Hold and a consensus price target of $38.00.

JOYY Trading Up 0.8 %

Shares of NASDAQ YY opened at $30.25 on Monday. The firm’s 50-day moving average price is $31.70 and its 200-day moving average price is $36.23. The firm has a market capitalization of $1.88 billion, a P/E ratio of 6.09 and a beta of 0.39. JOYY has a 1-year low of $24.12 and a 1-year high of $43.20.

JOYY (NASDAQ:YY) last released its earnings results on Monday, March 18th. The information services provider reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.13. JOYY had a net margin of 13.31% and a return on equity of 5.13%. The firm had revenue of $569.84 million during the quarter, compared to the consensus estimate of $572.51 million. During the same period in the prior year, the firm earned $0.49 EPS. Equities research analysts forecast that JOYY will post 3.57 EPS for the current year.

Hedge Funds Weigh In On JOYY

Several hedge funds have recently modified their holdings of the stock. FMR LLC grew its holdings in shares of JOYY by 497,089.5% in the third quarter. FMR LLC now owns 2,709,683 shares of the information services provider’s stock worth $103,266,000 after purchasing an additional 2,709,138 shares during the last quarter. Capital World Investors boosted its stake in JOYY by 28.8% in the 1st quarter. Capital World Investors now owns 4,056,481 shares of the information services provider’s stock worth $148,995,000 after purchasing an additional 906,900 shares in the last quarter. Bank of America Corp DE boosted its stake in JOYY by 169.0% in the 1st quarter. Bank of America Corp DE now owns 1,196,862 shares of the information services provider’s stock worth $37,318,000 after purchasing an additional 751,909 shares in the last quarter. Envestnet Asset Management Inc. acquired a new stake in JOYY in the 1st quarter worth approximately $470,000. Finally, Norges Bank acquired a new stake in JOYY in the 4th quarter worth approximately $15,925,000. Hedge funds and other institutional investors own 36.83% of the company’s stock.

About JOYY

JOYY Inc, together with its subsidiaries, operates social media platforms that offer users engaging and experience across various video-based social platforms. The company operates Bigo Live, a social live streaming platform that allows users to live stream specific moments, such as showcase talents, socialize, and connect with other users worldwide; Likee, a short-form video social platform that focuses on enabling users to create short-form video; Hago, a multiuser social networking platform that provides casual games; imo, an instant messaging application with functions, including video calls and other communication tools, such as group calls, document sharing, etc.; and Shopline, a smart commerce enabler that provides an integrated omnichannel platform for merchants to create and grow brands online and reach customers.