EverSource Wealth Advisors LLC Makes New Investment in JOYY Inc. (NASDAQ:YY)

EverSource Wealth Advisors LLC purchased a new position in JOYY Inc. (NASDAQ:YY) in the 2nd quarter, HoldingsChannel reports. The fund purchased 1,574 shares of the information services provider’s stock, valued at approximately $52,000.

Several other hedge funds have also modified their holdings of the stock. 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 worth $20,428,000 after acquiring an additional 628,573 shares in the last quarter. Jupiter Asset Management Ltd. boosted its holdings in JOYY by 356.3% in the second quarter. Jupiter Asset Management Ltd. now owns 480,000 shares of the information services provider’s stock valued at $14,443,000 after purchasing 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 purchasing an additional 270,564 shares during the last quarter. LSV Asset Management raised its holdings in JOYY by 780.9% during the second quarter. LSV Asset Management now owns 232,552 shares of the information services provider’s stock worth $6,997,000 after purchasing an additional 206,152 shares in the last quarter. Finally, Krane Funds Advisors LLC boosted its holdings in shares of JOYY by 10.5% in the 2nd quarter. Krane Funds Advisors LLC now owns 1,414,457 shares of the information services provider’s stock valued at $42,561,000 after buying an additional 134,394 shares in the last quarter. 36.83% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

JOYY Price Performance

Shares of NASDAQ:YY opened at $37.70 on Friday. The stock has a market cap of $2.24 billion, a P/E ratio of 7.10 and a beta of 0.24. JOYY Inc. has a 1-year low of $27.88 and a 1-year high of $43.20. The firm has a fifty day moving average price of $34.72 and a 200 day moving average price of $32.95.

JOYY (NASDAQ:YY) last announced its earnings results 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. The business had revenue of $565.13 million during the quarter, compared to the consensus estimate of $556.82 million. JOYY had a net margin of 9.53% and a return on equity of 4.98%. Sell-side analysts expect 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.