Ritholtz Wealth Management Buys New Position in JOYY Inc. (NASDAQ:YY)

Ritholtz Wealth Management purchased a new position in shares of JOYY Inc. (NASDAQ:YY) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 21,899 shares of the information services provider’s stock, valued at approximately $794,000.

Other hedge funds also recently modified their holdings of the company. Canada Pension Plan Investment Board boosted its position in shares of JOYY by 1,758.1% during the 1st quarter. Canada Pension Plan Investment Board now owns 664,326 shares of the information services provider’s stock valued at $20,428,000 after acquiring an additional 628,573 shares in the last quarter. Point72 Hong Kong Ltd lifted its position 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 buying an additional 552,082 shares during the period. Jupiter Asset Management Ltd. boosted its stake in JOYY by 356.3% in the 2nd quarter. Jupiter Asset Management Ltd. now owns 480,000 shares of the information services provider’s stock valued at $14,443,000 after buying an additional 374,800 shares in the last quarter. Yunqi Capital Ltd grew its position 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 period. Finally, LSV Asset Management lifted its holdings in shares of 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 acquiring an additional 206,152 shares during the period. 36.83% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have commented on YY shares. Benchmark restated a “hold” rating on shares of JOYY in a research report on Thursday, August 29th. JPMorgan Chase & Co. boosted their target price on JOYY from $30.00 to $35.00 and gave the stock a “neutral” rating in a report on Tuesday, September 3rd.

JOYY Trading Down 2.5 %

JOYY stock opened at $35.60 on Tuesday. The firm has a market capitalization of $2.11 billion, a P/E ratio of 6.70 and a beta of 0.24. The business has a 50-day moving average of $35.18 and a 200-day moving average of $33.31. JOYY Inc. has a 1 year low of $27.88 and a 1 year high of $43.20.

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

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.