JOYY (NASDAQ:YY) Sees Unusually-High Trading Volume Following Dividend Announcement

Shares of JOYY Inc. (NASDAQ:YY) saw strong trading volume on Friday following a dividend announcement from the company. 1,000,891 shares traded hands during mid-day trading, an increase of 118% from the previous session’s volume of 460,152 shares.The stock last traded at $42.17 and had previously closed at $41.23.

The newly announced dividend which will be paid on Wednesday, April 30th. Investors of record on Thursday, April 17th will be issued a dividend of $0.93 per share. This represents a $3.72 dividend on an annualized basis and a yield of 8.86%. The ex-dividend date of this dividend is Thursday, April 17th. This is an increase from JOYY’s previous quarterly dividend of $0.20. JOYY’s dividend payout ratio (DPR) is -120.00%.

Analyst Ratings Changes

Several research firms have recently weighed in on YY. Benchmark upgraded shares of JOYY from a “hold” rating to a “buy” rating in a research note on Tuesday, February 25th. StockNews.com downgraded shares of JOYY from a “buy” rating to a “hold” rating in a research note on Thursday, March 6th.

JOYY Stock Up 1.8 %

The firm has a market capitalization of $2.26 billion, a P/E ratio of 12.68 and a beta of 0.21. The firm’s 50-day simple moving average is $46.04 and its 200-day simple moving average is $40.04.

Institutional Investors Weigh In On JOYY

Several hedge funds have recently bought and sold shares of YY. Natixis Advisors LLC lifted its position in JOYY by 1.7% during the third quarter. Natixis Advisors LLC now owns 21,208 shares of the information services provider’s stock valued at $769,000 after purchasing an additional 352 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of JOYY by 45.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 99,748 shares of the information services provider’s stock worth $3,615,000 after acquiring an additional 31,341 shares during the last quarter. Cape Ann Asset Management Ltd lifted its holdings in shares of JOYY by 47.8% in the 3rd quarter. Cape Ann Asset Management Ltd now owns 476,900 shares of the information services provider’s stock worth $17,283,000 after acquiring an additional 154,200 shares during the last quarter. Loomis Sayles & Co. L P bought a new stake in shares of JOYY in the 3rd quarter worth approximately $25,000. Finally, FMR LLC lifted its holdings in shares of JOYY by 4.3% in the 3rd quarter. FMR LLC now owns 678,551 shares of the information services provider’s stock worth $24,591,000 after acquiring an additional 28,126 shares during the last quarter. 36.83% of the stock is currently 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.