JOYY (NASDAQ:YY) Trading Down 8.2% – Here’s What Happened

Shares of JOYY Inc. (NASDAQ:YY) dropped 8.2% during trading on Wednesday . The company traded as low as $47.67 and last traded at $47.82. Approximately 355,014 shares changed hands during mid-day trading, a decline of 24% from the average daily volume of 464,591 shares. The stock had previously closed at $52.08.

Wall Street Analyst Weigh In

Separately, Benchmark raised shares of JOYY from a “hold” rating to a “buy” rating in a research report on Tuesday.

JOYY Stock Performance

The firm has a 50-day moving average price of $43.34 and a 200-day moving average price of $38.45. The stock has a market cap of $2.62 billion, a PE ratio of 14.72 and a beta of 0.28.

JOYY (NASDAQ:YY) last posted its quarterly earnings results on Tuesday, November 26th. The information services provider reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.22. JOYY had a return on equity of 4.64% and a net margin of 9.02%. As a group, sell-side analysts anticipate that JOYY Inc. will post 3.37 EPS for the current fiscal year.

Hedge Funds Weigh In On JOYY

A number of institutional investors have recently bought and sold shares of the stock. Loomis Sayles & Co. L P bought a new stake in shares of JOYY during the 3rd quarter valued at $25,000. SBI Securities Co. Ltd. bought a new position in JOYY in the 4th quarter worth approximately $25,000. Global Retirement Partners LLC grew its holdings in JOYY by 71.5% during the 4th quarter. Global Retirement Partners LLC now owns 1,072 shares of the information services provider’s stock valued at $45,000 after buying an additional 447 shares in the last quarter. Rhumbline Advisers grew its holdings in JOYY by 63.0% during the 4th quarter. Rhumbline Advisers now owns 1,319 shares of the information services provider’s stock valued at $55,000 after buying an additional 510 shares in the last quarter. Finally, Raiffeisen Bank International AG bought a new stake in shares of JOYY during the fourth quarter valued at approximately $85,000. 36.83% of the stock is owned by institutional investors.

About JOYY

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.