JOYY (NASDAQ:JOYY) Sets New 52-Week High – What’s Next?

JOYY Inc. Sponsored ADR (NASDAQ:JOYY)’s stock price hit a new 52-week high on Tuesday . The company traded as high as $68.34 and last traded at $66.83, with a volume of 43017 shares changing hands. The stock had previously closed at $66.11.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on JOYY shares. Morgan Stanley set a $66.00 price target on shares of JOYY in a research report on Monday, November 24th. Wall Street Zen downgraded shares of JOYY from a “buy” rating to a “hold” rating in a research note on Saturday, December 20th. Weiss Ratings raised shares of JOYY from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Saturday, October 25th. Citigroup raised their price target on shares of JOYY from $59.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, November 20th. Finally, Zacks Research upgraded shares of JOYY from a “hold” rating to a “strong-buy” rating in a research report on Friday, December 12th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, JOYY currently has an average rating of “Buy” and a consensus price target of $68.00.

JOYY Stock Down 0.7%

The company has a market cap of $3.37 billion, a P/E ratio of 2.03 and a beta of 0.36. The firm has a 50-day moving average price of $62.60.

JOYY Increases Dividend

The company also recently disclosed a dividend, which will be paid on Tuesday, January 13th. Investors of record on Friday, January 2nd will be issued a dividend of $0.97 per share. This is an increase from JOYY’s previous dividend of $0.95. The ex-dividend date is Friday, January 2nd. JOYY’s dividend payout ratio is presently 11.94%.

Hedge Funds Weigh In On JOYY

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. SBI Securities Co. Ltd. acquired a new position in shares of JOYY in the 3rd quarter valued at $27,000. Sittner & Nelson LLC acquired a new position in JOYY in the third quarter valued at about $29,000. Farther Finance Advisors LLC bought a new stake in shares of JOYY in the third quarter worth about $35,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of JOYY during the third quarter worth about $87,000. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of JOYY during the third quarter worth about $142,000. 36.83% of the stock is owned by institutional investors.

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.