Millennium Management LLC Sells 301,798 Shares of JOYY Inc. (NASDAQ:YY)

Millennium Management LLC reduced its stake in JOYY Inc. (NASDAQ:YY) by 67.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 147,503 shares of the information services provider’s stock after selling 301,798 shares during the period. Millennium Management LLC’s holdings in JOYY were worth $4,438,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in YY. Atlas Capital Advisors LLC acquired a new position in JOYY during the second quarter valued at approximately $29,000. EverSource Wealth Advisors LLC acquired a new position in JOYY during the second quarter valued at approximately $52,000. Blue Trust Inc. raised its position in JOYY by 22,728.6% during the second quarter. Blue Trust Inc. now owns 1,598 shares of the information services provider’s stock valued at $49,000 after purchasing an additional 1,591 shares in the last quarter. AXA S.A. raised its position in JOYY by 29.3% during the second quarter. AXA S.A. now owns 11,863 shares of the information services provider’s stock valued at $357,000 after purchasing an additional 2,690 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale raised its position in JOYY by 53.3% during the first quarter. DekaBank Deutsche Girozentrale now owns 7,751 shares of the information services provider’s stock valued at $233,000 after purchasing an additional 2,694 shares in the last quarter. 36.83% of the stock is currently owned by institutional investors.

JOYY Stock Performance

Shares of NASDAQ:YY opened at $36.53 on Friday. The company has a fifty day moving average of $35.12 and a 200-day moving average of $33.23. The company has a market capitalization of $2.17 billion, a PE ratio of 6.88 and a beta of 0.24. JOYY Inc. has a 52-week low of $27.88 and a 52-week high of $43.20.

JOYY (NASDAQ:YY) last issued its quarterly earnings data on Tuesday, August 27th. The information services provider reported $1.08 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.27. JOYY had a net margin of 9.53% and a return on equity of 4.98%. The company had revenue of $565.13 million for the quarter, compared to analysts’ expectations of $556.82 million. On average, equities analysts forecast that JOYY Inc. will post 3.4 EPS for the current fiscal year.

Analysts Set New Price Targets

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

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.