Stock Traders Buy High Volume of JOYY Put Options (NASDAQ:YY)

JOYY Inc. (NASDAQ:YY - Get Free Report) was the recipient of unusually large options trading activity on Wednesday. Stock investors bought 2,276 put options on the stock. This is an increase of 1,341% compared to the average volume of 158 put options.

JOYY Stock Performance

Shares of NASDAQ YY traded down $2.13 during trading hours on Wednesday, hitting $37.05. 3,192,740 shares of the stock were exchanged, compared to its average volume of 493,591. The company's fifty day simple moving average is $36.22 and its two-hundred day simple moving average is $34.34. The company has a market cap of $1.99 billion, a PE ratio of 11.19 and a beta of 0.27. JOYY has a 1-year low of $27.88 and a 1-year high of $42.76.

Wall Street Analysts Forecast Growth

YY has been the subject of a number of recent research reports. JPMorgan Chase & Co. boosted their price objective on shares of JOYY from $30.00 to $35.00 and gave the company a "neutral" rating in a report on Tuesday, September 3rd. Benchmark reissued a "hold" rating on shares of JOYY in a research report on Thursday, August 29th.

Institutional Investors Weigh In On JOYY

Large investors have recently modified their holdings of the company. Loomis Sayles & Co. L P bought a new position in shares of JOYY in the third quarter valued at approximately $25,000. Atlas Capital Advisors LLC purchased a new stake in shares of JOYY in the 2nd quarter valued at $29,000. Blue Trust Inc. increased its stake in JOYY by 22,728.6% in the 2nd quarter. Blue Trust Inc. now owns 1,598 shares of the information services provider's stock worth $49,000 after purchasing an additional 1,591 shares during the period. EverSource Wealth Advisors LLC bought a new stake in shares of JOYY in the second quarter worth about $52,000. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in JOYY by 12.9% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,634 shares of the information services provider's stock worth $79,000 after acquiring an additional 300 shares during the period. 36.83% of the stock is currently owned by institutional investors and hedge funds.

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.