Swiss National Bank grew its stake in JOYY Inc. (NASDAQ:YY – Free Report) by 29.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 155,508 shares of the information services provider’s stock after buying an additional 35,700 shares during the period. Swiss National Bank owned 0.21% of JOYY worth $4,849,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. Assetmark Inc. acquired a new position in shares of JOYY in the 1st quarter valued at $37,000. PNC Financial Services Group Inc. boosted its stake in JOYY by 31.4% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,435 shares of the information services provider’s stock worth $45,000 after purchasing an additional 343 shares during the period. Public Employees Retirement Association of Colorado acquired a new stake in JOYY during the 4th quarter worth $92,000. Daiwa Securities Group Inc. boosted its stake in JOYY by 23.5% during the 4th quarter. Daiwa Securities Group Inc. now owns 4,200 shares of the information services provider’s stock worth $133,000 after purchasing an additional 800 shares during the period. Finally, Tower Research Capital LLC TRC boosted its stake in JOYY by 30.7% during the 1st quarter. Tower Research Capital LLC TRC now owns 4,325 shares of the information services provider’s stock worth $135,000 after purchasing an additional 1,017 shares during the period. Institutional investors and hedge funds own 36.83% of the company’s stock.
Analyst Upgrades and Downgrades
A number of analysts recently weighed in on YY shares. Benchmark reiterated a “buy” rating and set a $49.00 price target on shares of JOYY in a research note on Thursday. StockNews.com started coverage on shares of JOYY in a research note on Thursday, August 17th. They set a “hold” rating for the company. Finally, BOCOM International cut shares of JOYY from a “buy” rating to a “neutral” rating in a research note on Wednesday. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $41.50.
JOYY Stock Up 0.7 %
Shares of NASDAQ YY opened at $34.32 on Friday. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.07. JOYY Inc. has a 52 week low of $21.38 and a 52 week high of $39.50. The firm has a 50-day moving average price of $32.66 and a 200 day moving average price of $30.86. The stock has a market capitalization of $2.39 billion, a price-to-earnings ratio of 23.19 and a beta of 0.60.
JOYY (NASDAQ:YY – Get Free Report) last announced its earnings results on Tuesday, May 30th. The information services provider reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.32. The company had revenue of $583.63 million during the quarter, compared to analysts’ expectations of $562.76 million. JOYY had a net margin of 7.77% and a return on equity of 3.72%. Equities research analysts anticipate that JOYY Inc. will post 0.39 EPS for the current fiscal year.
JOYY Cuts Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Tuesday, September 26th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date is Monday, September 25th. JOYY’s payout ratio is currently 137.16%.
JOYY Profile
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.
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