JOYY (NASDAQ:YY) Shares Gap Down – Should You Sell?

JOYY Inc. (NASDAQ:YY)’s stock price gapped down prior to trading on Thursday . The stock had previously closed at $46.88, but opened at $42.77. JOYY shares last traded at $42.84, with a volume of 1,215,068 shares.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on YY. Benchmark raised JOYY from a “hold” rating to a “buy” rating in a research note on Tuesday, February 25th. StockNews.com cut JOYY from a “buy” rating to a “hold” rating in a research note on Thursday, March 6th.

JOYY Price Performance

The business has a fifty day simple moving average of $46.04 and a two-hundred day simple moving average of $40.00. The company has a market cap of $2.26 billion, a PE ratio of 12.68 and a beta of 0.21.

JOYY Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Thursday, April 17th will be issued a dividend of $0.93 per share. The ex-dividend date of this dividend is Thursday, April 17th. This represents a $3.72 dividend on an annualized basis and a yield of 8.86%. This is a positive change from JOYY’s previous quarterly dividend of $0.20. JOYY’s dividend payout ratio is currently 5.74%.

Institutional Trading of JOYY

A number of hedge funds have recently bought and sold shares of YY. OLP CAPITAL MANAGEMENT Ltd purchased a new stake in shares of JOYY during the 4th quarter valued at $57,840,000. Yunqi Capital Ltd lifted its holdings in shares of JOYY by 102.3% during the 4th quarter. Yunqi Capital Ltd now owns 1,710,987 shares of the information services provider’s stock valued at $71,605,000 after purchasing an additional 865,285 shares during the last quarter. BNP Paribas Financial Markets purchased a new stake in shares of JOYY during the 4th quarter valued at $15,448,000. Whitefort Capital Management LP lifted its holdings in shares of JOYY by 168.3% during the 3rd quarter. Whitefort Capital Management LP now owns 565,878 shares of the information services provider’s stock valued at $20,507,000 after purchasing an additional 354,932 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. lifted its holdings in shares of JOYY by 1,793.9% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 304,355 shares of the information services provider’s stock valued at $12,737,000 after purchasing an additional 288,285 shares during the last quarter. Hedge funds and other institutional investors own 36.83% of the company’s stock.

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.