JOYY (NASDAQ:YY) Shares Gap Down – Here’s What Happened

JOYY Inc. (NASDAQ:YY) shares gapped down prior to trading on Wednesday . The stock had previously closed at $39.18, but opened at $37.68. JOYY shares last traded at $38.68, with a volume of 922,801 shares trading hands.

Analysts Set New Price Targets

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

JOYY Stock Performance

The firm’s 50-day moving average is $36.31 and its 200 day moving average is $34.38. The firm has a market capitalization of $1.99 billion, a PE ratio of 11.15 and a beta of 0.27.

Institutional Investors Weigh In On JOYY

Hedge funds have recently made changes to their positions in the business. Point72 Hong Kong Ltd boosted its holdings in shares of JOYY by 22.3% in the 2nd quarter. Point72 Hong Kong Ltd now owns 3,022,665 shares of the information services provider’s stock valued at $90,952,000 after purchasing an additional 552,082 shares during the last quarter. Jupiter Asset Management Ltd. grew its position in JOYY by 356.3% during the second quarter. Jupiter Asset Management Ltd. now owns 480,000 shares of the information services provider’s stock valued at $14,443,000 after acquiring an additional 374,800 shares during the period. Whitefort Capital Management LP raised its holdings in shares of JOYY by 168.3% in the 3rd 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 period. LSV Asset Management lifted its stake in shares of JOYY by 780.9% in the 2nd quarter. LSV Asset Management now owns 232,552 shares of the information services provider’s stock valued at $6,997,000 after purchasing an additional 206,152 shares in the last quarter. Finally, Cape Ann Asset Management Ltd grew its holdings in shares of JOYY by 47.8% during the 3rd quarter. Cape Ann Asset Management Ltd now owns 476,900 shares of the information services provider’s stock worth $17,283,000 after purchasing an additional 154,200 shares during the period. Institutional investors and hedge funds own 36.83% of the company’s stock.

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.