Handelsbanken Fonder AB Acquires New Stake in JOYY Inc. (NASDAQ:YY)

Handelsbanken Fonder AB bought a new position in shares of JOYY Inc. (NASDAQ:YY) in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 7,500 shares of the information services provider’s stock, valued at approximately $272,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of YY. Point72 Hong Kong Ltd lifted its position in shares of JOYY by 22.3% in the second quarter. Point72 Hong Kong Ltd now owns 3,022,665 shares of the information services provider’s stock worth $90,952,000 after purchasing an additional 552,082 shares in the last quarter. Krane Funds Advisors LLC lifted its position in JOYY by 10.5% during the 2nd quarter. Krane Funds Advisors LLC now owns 1,414,457 shares of the information services provider’s stock worth $42,561,000 after buying an additional 134,394 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of JOYY by 4.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,008,508 shares of the information services provider’s stock worth $40,038,000 after buying an additional 45,232 shares during the last quarter. Yunqi Capital Ltd grew its holdings in shares of JOYY by 52.8% in the 1st 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 in the last quarter. Finally, Canada Pension Plan Investment Board grew its holdings in shares of 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 in the last quarter. Institutional investors and hedge funds own 36.83% of the company’s stock.

JOYY Stock Down 2.5 %

NASDAQ:YY opened at $35.60 on Tuesday. JOYY Inc. has a 12-month low of $27.88 and a 12-month high of $43.20. The stock’s 50 day moving average price is $35.18 and its two-hundred day moving average price is $33.31. The firm has a market capitalization of $2.11 billion, a price-to-earnings ratio of 6.70 and a beta of 0.24.

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, beating 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 analyst estimates of $556.82 million. Equities research analysts expect that JOYY Inc. will post 3.4 EPS for the current year.

Analysts Set New Price Targets

Several research analysts recently commented on YY shares. Benchmark reissued a “hold” rating on shares of JOYY in a research report on Thursday, August 29th. JPMorgan Chase & Co. increased their price objective on JOYY from $30.00 to $35.00 and gave the company 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.