JOYY (NASDAQ:YY) Shares Gap Down - Here's Why

Shares of JOYY Inc. (NASDAQ:YY - Get Free Report) gapped down before the market opened on Friday . The stock had previously closed at $40.90, but opened at $39.10. JOYY shares last traded at $39.98, with a volume of 90,262 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on YY shares. Benchmark reiterated a "hold" rating on shares of JOYY in a report on Thursday, August 29th. JPMorgan Chase & Co. boosted their price target on shares of JOYY from $30.00 to $35.00 and gave the company a "neutral" rating in a research report on Tuesday, September 3rd.

JOYY Stock Down 0.6 %

The firm's fifty day moving average price is $35.63 and its two-hundred day moving average price is $33.93. The stock has a market capitalization of $2.19 billion, a PE ratio of 12.28 and a beta of 0.27.

Institutional Trading of JOYY

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Point72 Hong Kong Ltd raised its position 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 buying an additional 552,082 shares during the last quarter. Krane Funds Advisors LLC grew its stake in 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 valued at $42,561,000 after acquiring an additional 134,394 shares in the last quarter. Canada Pension Plan Investment Board grew its stake in JOYY by 10.0% during the second 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. FMR LLC boosted its holdings in shares of JOYY by 4.3% during the 3rd quarter. FMR LLC now owns 678,551 shares of the information services provider's stock valued at $24,591,000 after purchasing an additional 28,126 shares during the last quarter. Finally, Whitefort Capital Management LP increased its holdings in shares of JOYY by 168.3% in the third quarter. Whitefort Capital Management LP now owns 565,878 shares of the information services provider's stock worth $20,507,000 after purchasing an additional 354,932 shares during the last quarter. Hedge funds and other institutional investors own 36.83% of the company's stock.

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.