Short Interest in JOYY Inc. (NASDAQ:YY) Decreases By 28.1%

JOYY Inc. (NASDAQ:YY) was the recipient of a significant decline in short interest during 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. Currently, 3.0% of the shares of the stock are short sold. Based on an average trading volume of 350,800 shares, the short-interest ratio is currently 3.5 days.

Institutional Investors Weigh In On JOYY

A number of institutional investors have recently added to or reduced their stakes in YY. Massachusetts Financial Services Co. MA acquired a new position in JOYY during the 4th quarter worth about $4,512,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of JOYY by 11.7% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 22,862 shares of the information services provider’s stock worth $908,000 after acquiring an additional 2,400 shares during the period. Quadrant Capital Group LLC boosted its holdings in JOYY by 8.8% in the fourth quarter. Quadrant Capital Group LLC now owns 4,322 shares of the information services provider’s stock valued at $172,000 after acquiring an additional 349 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S increased its position in JOYY by 16,203.9% during the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 12,391 shares of the information services provider’s stock valued at $492,000 after purchasing an additional 12,315 shares during the period. Finally, Hsbc Holdings PLC raised its holdings in JOYY by 150.2% during the 4th quarter. Hsbc Holdings PLC now owns 124,682 shares of the information services provider’s stock worth $4,950,000 after purchasing an additional 74,840 shares during the last quarter. 36.83% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on YY. JPMorgan Chase & Co. lifted their price target on shares of JOYY from $30.00 to $35.00 and gave the company a “neutral” rating in a report on Tuesday, September 3rd. Benchmark reaffirmed a “hold” rating on shares of JOYY in a research note on Thursday, August 29th.

JOYY Trading Up 0.3 %

NASDAQ:YY opened at $36.18 on Monday. The stock’s 50-day moving average is $34.30 and its 200-day moving average is $32.64. JOYY has a 1-year low of $27.88 and a 1-year high of $43.20. The stock has a market cap of $2.07 billion, a P/E ratio of 6.81 and a beta of 0.24.

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.