Balyasny Asset Management L.P. Invests $285,000 in JOYY Inc. (NASDAQ:YY)

Balyasny Asset Management L.P. acquired a new stake in shares of JOYY Inc. (NASDAQ:YY - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 6,813 shares of the information services provider's stock, valued at approximately $285,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. SBI Securities Co. Ltd. bought a new position in JOYY in the 4th quarter worth $25,000. Global Retirement Partners LLC increased its stake in shares of JOYY by 71.5% in the fourth quarter. Global Retirement Partners LLC now owns 1,072 shares of the information services provider's stock worth $45,000 after purchasing an additional 447 shares in the last quarter. Rhumbline Advisers increased its stake in shares of JOYY by 63.0% in the fourth 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 increased its stake in shares of JOYY by 54.8% in the fourth 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. increased its stake in shares of JOYY by 25.8% in the fourth 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. 36.83% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Benchmark upgraded shares of JOYY from a "hold" rating to a "buy" rating in a report on Tuesday, February 25th. StockNews.com began coverage on JOYY in a research report on Monday. They set a "hold" rating for the company.

JOYY Price Performance

Shares of JOYY stock traded up $0.33 during trading on Tuesday, reaching $42.53. 180,961 shares of the stock traded hands, compared to its average volume of 494,107. The company has a market capitalization of $2.29 billion, a price-to-earnings ratio of 12.85 and a beta of 0.21. The business has a fifty day simple moving average of $41.76 and a two-hundred day simple moving average of $41.84. JOYY Inc. has a 52-week low of $27.88 and a 52-week high of $55.31.

JOYY Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 30th. Shareholders of record on Thursday, April 17th were paid a $0.93 dividend. This is a boost from JOYY's previous quarterly dividend of $0.20. This represents a $3.72 dividend on an annualized basis and a dividend yield of 8.75%. The ex-dividend date was Thursday, April 17th. JOYY's dividend payout ratio (DPR) is presently -120.00%.

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.