Point72 Asset Management L.P. Lowers Holdings in JOYY Inc. (NASDAQ:YY)

Point72 Asset Management L.P. reduced its position in shares of JOYY Inc. (NASDAQ:YY) by 31.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 619,108 shares of the information services provider’s stock after selling 279,804 shares during the quarter. Point72 Asset Management L.P.’s holdings in JOYY were worth $18,629,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. Jupiter Asset Management Ltd. purchased a new position in JOYY in the 1st quarter valued at about $3,235,000. GSA Capital Partners LLP purchased a new position in JOYY in the 1st quarter valued at about $1,162,000. Hsbc Holdings PLC raised its holdings in JOYY by 150.2% in the 4th quarter. Hsbc Holdings PLC now owns 124,682 shares of the information services provider’s stock valued at $4,950,000 after acquiring an additional 74,840 shares during the last quarter. Canada Pension Plan Investment Board raised its holdings in JOYY by 10.0% in the 2nd quarter. Canada Pension Plan Investment Board now owns 730,800 shares of the information services provider’s stock valued at $21,990,000 after acquiring an additional 66,474 shares during the last quarter. Finally, Krane Funds Advisors LLC raised its holdings in 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 acquiring an additional 134,394 shares during the last quarter. 36.83% of the stock is owned by hedge funds and other institutional investors.

JOYY Stock Up 0.2 %

Shares of YY stock opened at $37.70 on Monday. JOYY Inc. has a 52 week low of $27.88 and a 52 week high of $43.20. The stock has a market capitalization of $2.15 billion, a PE ratio of 7.10 and a beta of 0.24. The firm has a 50 day moving average of $34.72 and a two-hundred day moving average of $32.96.

JOYY (NASDAQ:YY) last released its quarterly earnings data on Tuesday, August 27th. The information services provider reported $1.08 earnings per share (EPS) 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 analysts’ expectations of $556.82 million. JOYY had a net margin of 9.53% and a return on equity of 4.98%. Analysts expect that JOYY Inc. will post 3.4 EPS for the current fiscal year.

Analyst Ratings Changes

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

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.