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JOYY (YY) Stock Jumps 9.3%: Will It Continue to Soar?

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JOYY (YY - Free Report) shares soared 9.3% in the last trading session to close at $128.91. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 25.8% gain over the past four weeks.

JOYY is riding on the accelerated usage of Internet-based media and entertainment platform. The company is benefiting from its diversified content offerings, increased content consumption, and higher Internet speed and penetration, and technological advancement.

Price and Consensus

Price Consensus Chart for JOYY

This social media company is expected to post quarterly earnings of $1.09 per share in its upcoming report, which represents a year-over-year change of +13.5%. Revenues are expected to be $1.01 billion, down 8% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

For JOYY, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on YY going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank 3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

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