JPMorgan Chase & Co. Boosts JOYY (NASDAQ:YY) Price Target to $35.00

JOYY (NASDAQ:YY) had its price target increased by JPMorgan Chase & Co. from $30.00 to $35.00 in a research note released on Tuesday, Benzinga reports. They currently have a neutral rating on the information services provider’s stock.

Several other research analysts have also recently weighed in on the stock. StockNews.com cut shares of JOYY from a buy rating to a hold rating in a report on Saturday, May 11th. Benchmark reaffirmed a hold rating on shares of JOYY in a research report on Thursday, August 29th.

JOYY Stock Up 0.6 %

NASDAQ:YY opened at $34.50 on Tuesday. The stock has a market cap of $2.05 billion, a price-to-earnings ratio of 6.50 and a beta of 0.25. The company’s 50 day moving average price is $33.69 and its 200-day moving average price is $32.49. JOYY has a 52 week low of $27.88 and a 52 week high of $43.20.

Hedge Funds Weigh In On JOYY

A number of hedge funds have recently modified their holdings of the company. Point72 Hong Kong Ltd boosted its stake in shares of JOYY by 22.3% in the second quarter. Point72 Hong Kong Ltd now owns 3,022,665 shares of the information services provider’s stock worth $90,952,000 after acquiring an additional 552,082 shares during the period. Krane Funds Advisors LLC lifted its holdings in JOYY by 10.5% in the 2nd quarter. Krane Funds Advisors LLC now owns 1,414,457 shares of the information services provider’s stock worth $42,561,000 after purchasing an additional 134,394 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in JOYY by 4.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,008,508 shares of the information services provider’s stock worth $40,038,000 after purchasing an additional 45,232 shares during the period. Yunqi Capital Ltd grew its holdings in JOYY by 52.8% during the 1st quarter. Yunqi Capital Ltd now owns 783,202 shares of the information services provider’s stock valued at $24,083,000 after buying an additional 270,564 shares in the last quarter. Finally, Canada Pension Plan Investment Board raised its position in shares of JOYY by 10.0% during the second quarter. Canada Pension Plan Investment Board now owns 730,800 shares of the information services provider’s stock valued at $21,990,000 after buying an additional 66,474 shares during the last quarter. 36.83% of the stock is currently owned by institutional investors.

JOYY Company Profile

JOYY Inc, together with its subsidiaries, operates social media platforms that offer users engaging and experience across various video-based social platforms. It operates through two segments, BIGO and All Other. The company operates Bigo Live, a social live streaming platform, that provides an interactive online stage for users to host and watch live streaming sessions, share their life moments, showcase their talents, and interact with people worldwide; Likee, a short-form video social platform, which enables users to discover, create, and share short videos, with video creation tools and personalized feeds; imo, an instant messenger platform, that provides audio and video communication services; Hago, a social networking platform that offers casual games integrating social features, such as audio and video multi-user chatrooms and 3D virtual interactive party games; and Shopline, a smart commerce platform, that provides solutions and services to enable merchants in creating and growing their brands online and reach customers through various sales channels, including e-commerce platforms, social commerce, and physical retail stores.