JPMorgan Chase & Co. Cuts Position in Yalla Group Limited Sponsored ADR $YALA

JPMorgan Chase & Co. trimmed its position in Yalla Group Limited Sponsored ADR (NYSE:YALA) by 21.4% during the third quarter, HoldingsChannel.com reports. The firm owned 327,662 shares of the company’s stock after selling 89,194 shares during the quarter. JPMorgan Chase & Co.’s holdings in Yalla Group were worth $2,461,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. EverSource Wealth Advisors LLC raised its holdings in shares of Yalla Group by 73.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 6,481 shares of the company’s stock worth $44,000 after purchasing an additional 2,749 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Yalla Group in the 3rd quarter worth about $71,000. Blue Trust Inc. raised its holdings in shares of Yalla Group by 18.8% in the 3rd quarter. Blue Trust Inc. now owns 10,292 shares of the company’s stock worth $77,000 after purchasing an additional 1,632 shares during the period. Cresset Asset Management LLC purchased a new position in shares of Yalla Group in the 3rd quarter worth about $82,000. Finally, Vanguard Personalized Indexing Management LLC purchased a new position in shares of Yalla Group in the 3rd quarter worth about $96,000. 4.73% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated 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 MarketBeat, Yalla Group presently has a consensus rating of “Hold”.

Yalla Group Stock Performance

Shares of NYSE:YALA opened at $6.37 on Tuesday. The company has a market cap of $1.01 billion, a P/E ratio of 7.67 and a beta of 0.43. Yalla Group Limited Sponsored ADR has a one year low of $4.70 and a one year high of $9.29. The business’s 50-day simple moving average is $6.79 and its 200 day simple moving average is $7.02.

Yalla Group (NYSE:YALA) last announced its earnings results on Saturday, February 14th. The company reported $0.21 EPS for the quarter. The business had revenue of $83.86 million for the quarter. Yalla Group had a return on equity of 19.67% and a net margin of 43.82%.

Yalla Group announced that its Board of Directors has approved a stock repurchase plan on Monday, March 9th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 13.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Yalla Group Profile

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.