Prudential PLC Invests $44.09 Million in JOYY Inc. (NASDAQ:YY)

Key Points

• Prudential PLC has acquired 1,034,249 shares of JOYY Inc. (NASDAQ: YY), valued at approximately $44 million, representing about 1.92% of the company's total shares.
• JOYY's market capitalization stands at $2.73 billion, with shares currently priced at around $50.65, experiencing a 1-year low of $30.91 and a high of $55.31.
• Recent analyst coverage initiated by Wall Street Zen has issued a "hold" rating for JOYY, indicating a cautious outlook on the stock's performance.

Prudential PLC acquired a new position in shares of JOYY Inc. (NASDAQ:YY - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 1,034,249 shares of the information services provider's stock, valued at approximately $44,090,000. Prudential PLC owned 1.92% of JOYY as of its most recent filing with the SEC.

A number of other hedge funds have also recently made changes to their positions in the stock. OLP CAPITAL MANAGEMENT Ltd purchased a new position in JOYY in the 4th quarter valued at approximately $57,840,000. OVERSEA CHINESE BANKING Corp Ltd lifted its position in shares of JOYY by 4,414.1% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 435,878 shares of the information services provider's stock worth $18,111,000 after purchasing an additional 426,222 shares during the last quarter. Nuveen LLC purchased a new stake in shares of JOYY during the 1st quarter worth $16,926,000. Wealthquest Corp purchased a new stake in shares of JOYY during the 1st quarter worth $16,137,000. Finally, BNP Paribas Financial Markets purchased a new stake in shares of JOYY during the 4th quarter worth $15,448,000. Hedge funds and other institutional investors own 36.83% of the company's stock.

JOYY Price Performance

NASDAQ:YY remained flat at $50.37 during midday trading on Friday. 221,568 shares of the company traded hands, compared to its average volume of 523,246. The stock has a fifty day moving average of $51.18 and a two-hundred day moving average of $46.57. JOYY Inc. has a 12-month low of $30.91 and a 12-month high of $55.31. The firm has a market capitalization of $2.71 billion, a P/E ratio of 15.22 and a beta of 0.21.

Wall Street Analyst Weigh In

Separately, Wall Street Zen started coverage on shares of JOYY in a research report on Monday, May 19th. They set a "hold" rating for the company.

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.