JOYY Inc. (NASDAQ:YY) Shares Sold by OVERSEA CHINESE BANKING Corp Ltd

OVERSEA CHINESE BANKING Corp Ltd decreased its position in shares of JOYY Inc. (NASDAQ:YY) by 6.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 9,651 shares of the information services provider’s stock after selling 653 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd’s holdings in JOYY were worth $350,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Canada Pension Plan Investment Board raised its stake in 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 raised its stake in shares of JOYY by 22.3% during the second quarter. Point72 Hong Kong Ltd now owns 3,022,665 shares of the information services provider’s stock valued at $90,952,000 after purchasing an additional 552,082 shares in the last quarter. Jupiter Asset Management Ltd. lifted 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 worth $14,443,000 after purchasing an additional 374,800 shares during the period. Yunqi Capital Ltd increased its stake in JOYY by 52.8% during the 1st quarter. Yunqi Capital Ltd now owns 783,202 shares of the information services provider’s stock valued at $24,083,000 after buying an additional 270,564 shares during the period. Finally, LSV Asset Management raised its position in shares of JOYY by 780.9% during the 2nd quarter. LSV Asset Management now owns 232,552 shares of the information services provider’s stock worth $6,997,000 after buying an additional 206,152 shares in the last quarter. Institutional investors own 36.83% of the company’s stock.

JOYY Price Performance

Shares of YY opened at $35.81 on Thursday. The firm’s 50 day moving average is $34.94 and its 200-day moving average is $33.41. JOYY Inc. has a 12-month low of $27.88 and a 12-month high of $43.20. The stock has a market capitalization of $2.05 billion, a P/E ratio of 8.69 and a beta of 0.25.

JOYY (NASDAQ:YY) last posted its quarterly earnings results 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. JOYY had a net margin of 9.53% and a return on equity of 4.98%. The firm had revenue of $565.13 million for the quarter, compared to analyst estimates of $556.82 million. As a group, equities research analysts forecast that JOYY Inc. will post 3.4 EPS for the current fiscal year.

Analysts Set New Price Targets

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

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.