Balyasny Asset Management L.P. Buys New Position in JOYY Inc. (NASDAQ:YY)

Balyasny Asset Management L.P. purchased a new position in JOYY Inc. (NASDAQ:YY - Free Report) during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 6,813 shares of the information services provider's stock, valued at approximately $285,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of YY. SBI Securities Co. Ltd. acquired a new position in JOYY in the 4th quarter worth approximately $25,000. Global Retirement Partners LLC increased its holdings in JOYY by 71.5% in the 4th quarter. Global Retirement Partners LLC now owns 1,072 shares of the information services provider's stock worth $45,000 after buying an additional 447 shares during the period. Rhumbline Advisers boosted its position in JOYY by 63.0% in the 4th quarter. Rhumbline Advisers now owns 1,319 shares of the information services provider's stock worth $55,000 after purchasing an additional 510 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S boosted its position in JOYY by 54.8% in the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 2,495 shares of the information services provider's stock worth $104,000 after purchasing an additional 883 shares in the last quarter. Finally, Blue Trust Inc. boosted its position in JOYY by 25.8% in the 4th quarter. Blue Trust Inc. now owns 5,672 shares of the information services provider's stock worth $237,000 after purchasing an additional 1,162 shares in the last quarter. Institutional investors and hedge funds own 36.83% of the company's stock.

JOYY Price Performance

Shares of NASDAQ:YY traded up $0.60 during midday trading on Friday, reaching $43.75. 190,113 shares of the company's stock were exchanged, compared to its average volume of 497,598. The firm's 50 day simple moving average is $41.39 and its two-hundred day simple moving average is $41.99. The stock has a market cap of $2.36 billion, a price-to-earnings ratio of 13.22 and a beta of 0.21. JOYY Inc. has a fifty-two week low of $27.88 and a fifty-two week high of $55.31.

JOYY Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 30th. Investors of record on Thursday, April 17th were given a dividend of $0.93 per share. This represents a $3.72 dividend on an annualized basis and a dividend yield of 8.50%. This is an increase from JOYY's previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Thursday, April 17th. JOYY's dividend payout ratio (DPR) is presently -120.00%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on YY shares. Benchmark upgraded JOYY from a "hold" rating to a "buy" rating in a research report on Tuesday, February 25th. Wall Street Zen began coverage on JOYY in a research report on Monday. They set a "hold" rating on the stock.

JOYY 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.