Mirae Asset Global Investments Co. Ltd. Lowers Stock Holdings in JOYY Inc. (NASDAQ:YY)

Mirae Asset Global Investments Co. Ltd. lowered its stake in JOYY Inc. (NASDAQ:YY) by 33.6% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 1,085 shares of the information services provider’s stock after selling 550 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in JOYY were worth $41,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of YY. Atlas Capital Advisors LLC purchased a new position in shares of JOYY in the second quarter worth about $29,000. Blue Trust Inc. increased its holdings in JOYY by 22,728.6% during the 2nd quarter. Blue Trust Inc. now owns 1,598 shares of the information services provider’s stock valued at $49,000 after purchasing an additional 1,591 shares during the period. EverSource Wealth Advisors LLC purchased a new position in JOYY during the 2nd quarter valued at about $52,000. Northwestern Mutual Wealth Management Co. increased its holdings in JOYY by 12.9% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,634 shares of the information services provider’s stock valued at $79,000 after purchasing an additional 300 shares during the period. Finally, Headlands Technologies LLC increased its holdings in JOYY by 967.6% during the 1st quarter. Headlands Technologies LLC now owns 3,918 shares of the information services provider’s stock valued at $120,000 after purchasing an additional 3,551 shares during the period. Hedge funds and other institutional investors own 36.83% of the company’s stock.

JOYY Stock Performance

JOYY stock opened at $33.80 on Wednesday. The stock’s 50 day simple moving average is $34.98 and its two-hundred day simple moving average is $33.38. The stock has a market cap of $1.93 billion, a price-to-earnings ratio of 8.20 and a beta of 0.25. JOYY Inc. has a fifty-two week low of $27.88 and a fifty-two week high of $43.20.

JOYY (NASDAQ:YY) last posted its quarterly earnings data on Tuesday, August 27th. The information services provider reported $1.08 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.27. The business had revenue of $565.13 million for the quarter, compared to analysts’ expectations of $556.82 million. JOYY had a return on equity of 4.98% and a net margin of 9.53%. On average, analysts predict that JOYY Inc. will post 3.4 earnings per share for the current year.

Analyst Upgrades and Downgrades

YY has been the topic of a number of research analyst reports. Benchmark restated a “hold” rating on shares of JOYY in a report on Thursday, August 29th. JPMorgan Chase & Co. boosted their price target on JOYY from $30.00 to $35.00 and gave the company a “neutral” rating in a report on Tuesday, September 3rd.

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.