JOYY (NASDAQ:YY) Stock Price Passes Above 200 Day Moving Average – What’s Next?

JOYY Inc. (NASDAQ:YY)’s share price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $64.37 and traded as high as $75.1250. JOYY shares last traded at $74.89, with a volume of 321,581 shares traded.

Wall Street Analyst Weigh In

Separately, The Goldman Sachs Group upgraded JOYY to a “buy” rating in a report on Wednesday, August 12th. Three analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $66.00.

JOYY Price Performance

The company’s 50-day moving average price is $70.76 and its 200-day moving average price is $64.43. The company has a market cap of $3.96 billion, a P/E ratio of 22.24 and a beta of 0.21.

Hedge Funds Weigh In On JOYY

Large investors have recently added to or reduced their stakes in the company. Pinnacle Holdings LLC acquired a new stake in shares of JOYY in the 2nd quarter valued at about $32,000. Raymond James Financial Inc. bought a new position in shares of JOYY during the second quarter worth about $62,000. Ameriprise Financial Inc. grew its holdings in shares of JOYY by 3.6% during the second quarter. Ameriprise Financial Inc. now owns 6,338 shares of the information services provider’s stock worth $263,000 after buying an additional 218 shares in the last quarter. Nomura Holdings Inc. acquired a new stake in JOYY in the 2nd quarter valued at approximately $399,000. Finally, Hsbc Holdings PLC raised its position in JOYY by 139.2% in the 2nd quarter. Hsbc Holdings PLC now owns 12,118 shares of the information services provider’s stock valued at $504,000 after buying an additional 7,053 shares during the last quarter. Institutional investors own 36.83% of the company’s stock.

About JOYY

JOYY Inc (NASDAQ:YY) is a global technology-driven social media company specializing in video-based content creation and real-time social entertainment. The company develops and operates platforms that enable users to broadcast live video, engage with audiences and participate in interactive social communities. Its flagship global products include Bigo Live, a live-streaming application, and Likee, a short-video creation and sharing platform, which collectively support real-time interaction through virtual gifting and in-app social features.

Originally founded in Guangzhou, China in 2005 by David Xueling Li under the name YY Inc, the company pioneered real-time group communication and live streaming services in its domestic market.