Wall Street Zen Downgrades JOYY (NASDAQ:JOYY) to Hold

JOYY (NASDAQ:JOYY) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued on Saturday.

Several other research analysts have also recently issued reports on JOYY. Citigroup upped their price objective on JOYY from $59.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, November 20th. Morgan Stanley set a $66.00 target price on JOYY in a research note on Monday, November 24th. Weiss Ratings raised JOYY from a “sell (d+)” rating to a “hold (c-)” rating in a report on Saturday, October 25th. Finally, Zacks Research upgraded shares of JOYY from a “hold” rating to a “strong-buy” rating in a research note on Friday, December 12th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, JOYY has an average rating of “Buy” and an average price target of $68.00.

JOYY Trading Up 1.7%

Shares of JOYY stock opened at $65.18 on Friday. The firm has a market capitalization of $3.35 billion, a P/E ratio of 2.02 and a beta of 0.33. The stock’s fifty day moving average price is $61.02. JOYY has a 12 month low of $37.11 and a 12 month high of $67.85.

Institutional Investors Weigh In On JOYY

Several large investors have recently modified their holdings of the company. SBI Securities Co. Ltd. acquired a new stake in shares of JOYY during the third quarter worth $27,000. Sittner & Nelson LLC purchased a new position in JOYY during the 3rd quarter worth $29,000. Farther Finance Advisors LLC acquired a new stake in shares of JOYY in the 3rd quarter worth $35,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of JOYY in the 3rd quarter worth $87,000. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of JOYY in the third quarter valued at about $142,000. 36.83% of the stock is owned by institutional investors and hedge funds.

About JOYY

JOYY Inc (NASDAQ: JOYY) is a China-based technology company that develops and operates social media and live-streaming platforms. The company’s core business centers on real-time interactive video services and short-form social content, enabling users to create, share and monetize live and recorded audio-visual content. JOYY’s platforms are designed to connect creators and viewers through features such as live chat, virtual gifting and subscription-based interactions.

Products and services provided by JOYY include consumer-facing mobile and web applications that support live entertainment, social networking and short-form video consumption.