AI Squared Management Ltd Takes $10.36 Million Position in JOYY Inc. (NASDAQ:YY)

AI Squared Management Ltd purchased a new stake in JOYY Inc. (NASDAQ:YY - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 247,604 shares of the information services provider's stock, valued at approximately $10,362,000. JOYY accounts for about 10.6% of AI Squared Management Ltd's holdings, making the stock its 2nd biggest position. AI Squared Management Ltd owned 0.46% of JOYY as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in YY. Loomis Sayles & Co. L P bought a new stake in JOYY in the third quarter valued at $25,000. SBI Securities Co. Ltd. acquired a new stake in shares of JOYY during the 4th quarter worth about $25,000. Global Retirement Partners LLC increased its position in shares of JOYY by 71.5% during the 4th quarter. Global Retirement Partners LLC now owns 1,072 shares of the information services provider's stock worth $45,000 after purchasing an additional 447 shares in the last quarter. Rhumbline Advisers lifted its holdings in JOYY by 63.0% during the 4th quarter. Rhumbline Advisers now owns 1,319 shares of the information services provider's stock valued at $55,000 after purchasing an additional 510 shares during the last quarter. Finally, Aprio Wealth Management LLC acquired a new position in JOYY in the fourth quarter valued at about $202,000. Institutional investors and hedge funds own 36.83% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on YY. Benchmark raised shares of JOYY from a "hold" rating to a "buy" rating in a report on Tuesday, February 25th. StockNews.com cut JOYY from a "buy" rating to a "hold" rating in a report on Thursday, March 6th.

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JOYY Trading Down 2.5 %

NASDAQ YY traded down $1.08 on Friday, hitting $41.55. 642,007 shares of the company were exchanged, compared to its average volume of 477,699. JOYY Inc. has a 1-year low of $27.88 and a 1-year high of $55.31. The firm has a 50 day moving average of $46.18 and a two-hundred day moving average of $40.30. The company has a market cap of $2.24 billion, a P/E ratio of 12.55 and a beta of 0.21.

JOYY Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Thursday, April 17th will be given a dividend of $0.93 per share. This represents a $3.72 dividend on an annualized basis and a dividend yield of 8.95%. This is a positive change from JOYY's previous quarterly dividend of $0.20. The ex-dividend date is Thursday, April 17th. JOYY's dividend payout ratio is presently -120.00%.

JOYY Company 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.