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

Shares of JOYY Inc. (NASDAQ:YY) passed above its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $63.22 and traded as high as $69.76. JOYY shares last traded at $69.35, with a volume of 318,211 shares changing hands.

Analysts Set New Price Targets

Separately, Benchmark reiterated a “buy” rating on shares of JOYY in a research report on Thursday, March 12th. Two equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, JOYY presently has an average rating of “Buy” and a consensus target price of $66.00.

JOYY Stock Up 3.1%

The company’s 50 day moving average price is $63.22 and its two-hundred day moving average price is $63.07. The firm has a market cap of $3.73 billion, a PE ratio of 20.95 and a beta of 0.21.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of YY. Invesco Ltd. raised its holdings in shares of JOYY by 177.2% in the second quarter. Invesco Ltd. now owns 572,827 shares of the information services provider’s stock worth $23,801,000 after buying an additional 366,173 shares during the period. Millennium Management LLC boosted its holdings in JOYY by 127.8% during the 1st quarter. Millennium Management LLC now owns 123,242 shares of the information services provider’s stock valued at $5,174,000 after acquiring an additional 69,132 shares during the period. JPMorgan Chase & Co. boosted its holdings in JOYY by 375.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 110,472 shares of the information services provider’s stock valued at $4,590,000 after acquiring an additional 87,261 shares during the period. Sei Investments Co. grew its position in JOYY by 4.2% in the 2nd quarter. Sei Investments Co. now owns 109,457 shares of the information services provider’s stock valued at $4,548,000 after acquiring an additional 4,424 shares during the last quarter. Finally, LMR Partners LLP purchased a new stake in JOYY in the second quarter worth $3,864,000. Hedge funds and other institutional investors own 36.83% of the company’s stock.

JOYY Company Profile

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.