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

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

Analyst Upgrades and Downgrades

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

JOYY Price Performance

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

JOYY (NASDAQ:YY) last announced its quarterly earnings data on Tuesday, November 26th. The information services provider reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.79 by $0.22. JOYY had a net margin of 9.02% and a return on equity of 4.64%. Equities research analysts expect that JOYY Inc. will post 3.37 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Loomis Sayles & Co. L P bought a new position in shares of JOYY in the 3rd quarter worth $25,000. SBI Securities Co. Ltd. acquired a new position in shares of JOYY during the fourth quarter worth $25,000. Global Retirement Partners LLC boosted its position in shares of JOYY by 71.5% in the 4th quarter. Global Retirement Partners LLC now owns 1,072 shares of the information services provider’s stock worth $45,000 after purchasing an additional 447 shares in the last quarter. Rhumbline Advisers raised its stake in JOYY by 63.0% in the fourth 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 during the last quarter. Finally, Raiffeisen Bank International AG acquired a new position in shares of JOYY during the fourth quarter valued at about $85,000. Hedge funds and other institutional investors own 36.83% of the company’s stock.

JOYY Company Profile

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.