JOYY (NASDAQ:YY) Sees Strong Trading Volume Following Dividend Announcement

JOYY Inc. (NASDAQ:YY) shares saw unusually-strong trading volume on Friday after the company announced a dividend. Approximately 1,000,891 shares were traded 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 given a dividend of $0.93 per share. The ex-dividend date is Thursday, April 17th. This represents a $3.72 annualized dividend 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 presently -120.00%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on YY shares. StockNews.com lowered shares of JOYY from a “buy” rating to a “hold” rating in a research report on Thursday, March 6th. Benchmark upgraded shares of JOYY from a “hold” rating to a “buy” rating in a research report on Tuesday, February 25th.

JOYY Stock Up 1.8 %

The stock has a market cap of $2.26 billion, a P/E ratio of 12.68 and a beta of 0.21. The business’s 50-day simple moving average is $46.04 and its two-hundred day simple moving average is $40.04.

Hedge Funds Weigh In On JOYY

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. SBI Securities Co. Ltd. purchased a new stake in shares of JOYY in the fourth quarter worth about $25,000. Loomis Sayles & Co. L P purchased a new stake in shares of JOYY in the third quarter worth about $25,000. Global Retirement Partners LLC lifted its holdings in shares of JOYY by 71.5% in the fourth quarter. Global Retirement Partners LLC now owns 1,072 shares of the information services provider’s stock worth $45,000 after buying an additional 447 shares in the last quarter. Rhumbline Advisers lifted its holdings in shares of JOYY by 63.0% in the fourth quarter. Rhumbline Advisers now owns 1,319 shares of the information services provider’s stock worth $55,000 after buying an additional 510 shares in the last quarter. Finally, Raiffeisen Bank International AG purchased a new stake in shares of JOYY in the fourth quarter worth about $85,000. 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.