Point72 Hong Kong Ltd Trims Holdings in JOYY Inc. (NASDAQ:YY)

Point72 Hong Kong Ltd decreased its holdings in JOYY Inc. (NASDAQ:YY - Free Report) by 40.0% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,812,286 shares of the information services provider's stock after selling 1,210,379 shares during the quarter. JOYY comprises approximately 4.5% of Point72 Hong Kong Ltd's portfolio, making the stock its 3rd biggest position. Point72 Hong Kong Ltd owned 3.17% of JOYY worth $65,677,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in YY. Krane Funds Advisors LLC lifted its holdings in shares of JOYY by 10.5% during the second quarter. Krane Funds Advisors LLC now owns 1,414,457 shares of the information services provider's stock worth $42,561,000 after purchasing an additional 134,394 shares during the period. Canada Pension Plan Investment Board grew its position in JOYY by 10.0% during the 2nd quarter. Canada Pension Plan Investment Board now owns 730,800 shares of the information services provider's stock worth $21,990,000 after acquiring an additional 66,474 shares during the last quarter. FMR LLC increased its position in shares of JOYY by 4.3% during the third quarter. FMR LLC now owns 678,551 shares of the information services provider's stock worth $24,591,000 after acquiring an additional 28,126 shares in the last quarter. Jupiter Asset Management Ltd. boosted its stake in JOYY by 356.3% in the 2nd 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 during the period. Finally, Cape Ann Asset Management Ltd increased its position in JOYY by 47.8% in the 3rd quarter. Cape Ann Asset Management Ltd now owns 476,900 shares of the information services provider's stock valued at $17,283,000 after acquiring an additional 154,200 shares during the period. Institutional investors own 36.83% of the company's stock.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Benchmark restated a "hold" rating on shares of JOYY in a research note on Thursday, August 29th. JPMorgan Chase & Co. increased their target price on JOYY from $30.00 to $35.00 and gave the stock a "neutral" rating in a research note on Tuesday, September 3rd.

JOYY Price Performance

Shares of NASDAQ YY traded up $0.15 during mid-day trading on Friday, hitting $38.85. 391,535 shares of the company's stock traded hands, compared to its average volume of 393,494. The company has a market capitalization of $2.22 billion, a P/E ratio of 11.74 and a beta of 0.25. The company's 50-day moving average is $35.21 and its two-hundred day moving average is $33.68. JOYY Inc. has a 1 year low of $27.88 and a 1 year high of $40.98.

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.