Yalla Group (NYSE:YALA) Trading Down 5.1% – Here’s Why

Yalla Group Limited Sponsored ADR (NYSE:YALA) shares fell 5.1% during trading on Wednesday . The stock traded as low as $6.05 and last traded at $6.00. 295,775 shares were traded during mid-day trading, an increase of 4% from the average session volume of 285,386 shares. The stock had previously closed at $6.32.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “hold (c+)” rating on shares of Yalla Group in a report on Wednesday, January 21st. One analyst has rated the stock with a Hold rating, According to data from MarketBeat, the company currently has a consensus rating of “Hold”.

Yalla Group Price Performance

The firm has a market cap of $920.82 million, a PE ratio of 7.62 and a beta of 0.51. The firm has a 50-day simple moving average of $6.59 and a 200 day simple moving average of $6.90.

Yalla Group (NYSE:YALA) last released its earnings results on Saturday, February 14th. The company reported $0.21 earnings per share for the quarter. The firm had revenue of $83.86 million for the quarter. Yalla Group had a net margin of 42.03% and a return on equity of 18.36%.

Yalla Group announced that its Board of Directors has authorized a share buyback program on Monday, March 9th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 13.6% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On Yalla Group

Large investors have recently made changes to their positions in the business. ACT Capital Management LLC bought a new stake in shares of Yalla Group in the 4th quarter worth approximately $35,000. EverSource Wealth Advisors LLC increased its position in Yalla Group by 73.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 6,481 shares of the company’s stock valued at $44,000 after buying an additional 2,749 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in Yalla Group during the third quarter valued at $71,000. Verition Fund Management LLC purchased a new position in Yalla Group during the fourth quarter valued at $73,000. Finally, Cresset Asset Management LLC bought a new stake in Yalla Group in the third quarter worth $82,000. 4.73% of the stock is currently owned by hedge funds and other institutional investors.

About Yalla Group

Yalla Group (NYSE:YALA) operates a voice-centric social networking and entertainment platform designed to connect users through live audio chat rooms, interactive voice channels and mobile gaming. Its core product, the Yalla app, allows participants in the Middle East and North Africa (MENA) region to join real-time voice discussion groups, host audio shows and send virtual gifts. Through the PokerBROS brand, the company offers a mobile-first social poker platform featuring Texas Hold’em, Chinese Poker and other variants, enabling casual and competitive gaming among a growing user base.

Founded in 2016 and incorporated in the Cayman Islands, Yalla Group established its headquarters in Riyadh with additional offices in Dubai and Asia.