Mirae Asset Global Investments Co. Ltd. Sells 550 Shares of JOYY Inc. (NASDAQ:YY)

Mirae Asset Global Investments Co. Ltd. cut its holdings in JOYY Inc. (NASDAQ:YY) by 33.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,085 shares of the information services provider’s stock after selling 550 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in JOYY were worth $41,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Moody Aldrich Partners LLC purchased a new position in JOYY in the third quarter valued at approximately $332,000. Blue Trust Inc. lifted its stake in JOYY by 182.2% in the third quarter. Blue Trust Inc. now owns 4,510 shares of the information services provider’s stock valued at $163,000 after purchasing an additional 2,912 shares during the last quarter. Creative Planning purchased a new position in JOYY in the third quarter valued at approximately $209,000. Ritholtz Wealth Management purchased a new position in JOYY in the third quarter valued at approximately $794,000. Finally, Handelsbanken Fonder AB purchased a new position in JOYY in the third quarter valued at approximately $272,000. 36.83% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

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

JOYY Price Performance

JOYY stock opened at $33.80 on Wednesday. JOYY Inc. has a one year low of $27.88 and a one year high of $43.20. The business has a fifty day moving average price of $34.98 and a 200-day moving average price of $33.38. The firm has a market capitalization of $1.93 billion, a P/E ratio of 8.20 and a beta of 0.25.

JOYY (NASDAQ:YY) last posted its quarterly earnings data on Tuesday, August 27th. The information services provider reported $1.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.27. The company had revenue of $565.13 million during the quarter, compared to analyst estimates of $556.82 million. JOYY had a return on equity of 4.98% and a net margin of 9.53%. Sell-side analysts expect that JOYY Inc. will post 3.4 earnings per share for the current fiscal year.

JOYY Profile

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.