JOYY Inc. (NASDAQ:YY) Short Interest Update

JOYY Inc. (NASDAQ:YY) was the recipient of a significant decline in short interest in the month of August. As of August 31st, there was short interest totalling 1,230,000 shares, a decline of 28.1% from the August 15th total of 1,710,000 shares. Based on an average daily volume of 350,800 shares, the days-to-cover ratio is presently 3.5 days. Approximately 3.0% of the shares of the company are sold short.

JOYY Stock Performance

NASDAQ:YY opened at $36.18 on Friday. JOYY has a 52 week low of $27.88 and a 52 week high of $43.20. The firm’s 50-day simple moving average is $34.30 and its 200 day simple moving average is $32.63. The firm has a market cap of $2.07 billion, a price-to-earnings ratio of 6.81 and a beta of 0.24.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. JPMorgan Chase & Co. upped their price target on shares of JOYY from $30.00 to $35.00 and gave the company a “neutral” rating in a research note on Tuesday, September 3rd. Benchmark reiterated a “hold” rating on shares of JOYY in a research note on Thursday, August 29th.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Canada Pension Plan Investment Board raised its stake in JOYY by 1,758.1% in the first quarter. Canada Pension Plan Investment Board now owns 664,326 shares of the information services provider’s stock valued at $20,428,000 after purchasing an additional 628,573 shares in the last quarter. Point72 Hong Kong Ltd lifted its holdings in shares of JOYY by 22.3% during the 2nd quarter. Point72 Hong Kong Ltd now owns 3,022,665 shares of the information services provider’s stock worth $90,952,000 after acquiring an additional 552,082 shares during the period. Jupiter Asset Management Ltd. boosted its position in shares of JOYY by 356.3% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 480,000 shares of the information services provider’s stock worth $14,443,000 after acquiring an additional 374,800 shares in the last quarter. Yunqi Capital Ltd increased its stake in JOYY by 52.8% in the first quarter. Yunqi Capital Ltd now owns 783,202 shares of the information services provider’s stock valued at $24,083,000 after acquiring an additional 270,564 shares during the last quarter. Finally, LSV Asset Management raised its position in JOYY by 780.9% during the second quarter. LSV Asset Management now owns 232,552 shares of the information services provider’s stock valued at $6,997,000 after purchasing an additional 206,152 shares in the last quarter. 36.83% of the stock is owned by institutional investors.

About JOYY

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.