JOYY (NASDAQ:YY) Trading Down 8.2% - Here's What Happened

JOYY Inc. (NASDAQ:YY - Get Free Report) shares fell 8.2% on Wednesday . The stock traded as low as $47.67 and last traded at $47.82. 355,014 shares traded hands during mid-day trading, a decline of 24% from the average session volume of 464,591 shares. The stock had previously closed at $52.08.

Analysts Set New Price Targets

Several brokerages have weighed in on YY. StockNews.com upgraded shares of JOYY from a "hold" rating to a "buy" rating in a research note on Wednesday. Benchmark raised shares of JOYY from a "hold" rating to a "buy" rating in a report on Tuesday, February 25th.

JOYY Price Performance

The stock's fifty day simple moving average is $43.91 and its 200-day simple moving average is $38.70. The firm has a market cap of $2.52 billion, a PE ratio of 14.14 and a beta of 0.28.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Yunqi Capital Ltd raised its holdings in shares of JOYY by 102.3% during the fourth quarter. Yunqi Capital Ltd now owns 1,710,987 shares of the information services provider's stock worth $71,605,000 after purchasing an additional 865,285 shares during the last quarter. Krane Funds Advisors LLC raised its holdings in shares of JOYY by 12.0% during the fourth quarter. Krane Funds Advisors LLC now owns 1,500,081 shares of the information services provider's stock worth $62,778,000 after purchasing an additional 160,545 shares during the last quarter. OLP CAPITAL MANAGEMENT Ltd purchased a new position in shares of JOYY during the fourth quarter worth $57,840,000. Vanguard Group Inc. increased its holdings in JOYY by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 1,129,472 shares of the information services provider's stock valued at $47,268,000 after buying an additional 13,560 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its holdings in JOYY by 1.7% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 825,299 shares of the information services provider's stock valued at $34,539,000 after buying an additional 13,710 shares in the last quarter. Hedge funds and other institutional investors own 36.83% of the company's stock.

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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.