JOYY (NASDAQ:YY) Stock Price Passes Above 200-Day Moving Average – Here’s Why

JOYY Inc. (NASDAQ:YY)’s share price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $59.70 and traded as high as $70.1250. JOYY shares last traded at $68.5650, with a volume of 216,540 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, Morgan Stanley set a $66.00 price target on JOYY in a research note on Monday, November 24th. Two equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, JOYY has an average rating of “Buy” and a consensus price target of $66.00.

JOYY Price Performance

The firm has a market cap of $3.69 billion, a price-to-earnings ratio of 20.71 and a beta of 0.21. The firm’s 50 day moving average price is $65.46 and its two-hundred day moving average price is $59.70.

Hedge Funds Weigh In On JOYY

Several institutional investors have recently bought and sold shares of YY. Farther Finance Advisors LLC lifted its stake in shares of JOYY by 5,718.2% in the 2nd quarter. Farther Finance Advisors LLC now owns 640 shares of the information services provider’s stock worth $27,000 after acquiring an additional 629 shares during the period. Raymond James Financial Inc. purchased a new position in JOYY during the second quarter worth about $62,000. Leading Securities Co Ltd acquired a new stake in JOYY in the second quarter valued at about $71,000. Campbell & CO Investment Adviser LLC acquired a new stake in JOYY in the second quarter valued at about $235,000. Finally, Qtron Investments LLC purchased a new stake in JOYY in the 2nd quarter valued at approximately $249,000. 36.83% of the stock is owned by institutional investors and hedge funds.

About JOYY

JOYY Inc (NASDAQ:YY) is a global technology-driven social media company specializing in video-based content creation and real-time social entertainment. The company develops and operates platforms that enable users to broadcast live video, engage with audiences and participate in interactive social communities. Its flagship global products include Bigo Live, a live-streaming application, and Likee, a short-video creation and sharing platform, which collectively support real-time interaction through virtual gifting and in-app social features.

Originally founded in Guangzhou, China in 2005 by David Xueling Li under the name YY Inc, the company pioneered real-time group communication and live streaming services in its domestic market.