Canada Pension Plan Investment Board Acquires 101,173 Shares of JOYY Inc. $YY

Key Points

• The Canada Pension Plan Investment Board increased its stake in JOYY Inc. by 23.7% during the first quarter, acquiring an additional 101,173 shares for a total ownership of about 0.98% valued at $22.2 million.
• Wall Street analysts have given JOYY a consensus rating of "Moderate Buy" with an average target price of $35.00, indicating positive growth outlook.
• JOYY's shares opened at $54.06, reflecting a 4.6% increase with a market capitalization of $2.91 billion and a PE ratio of 16.33.

Canada Pension Plan Investment Board boosted its holdings in shares of JOYY Inc. (NASDAQ:YY - Free Report) by 23.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 528,273 shares of the information services provider's stock after purchasing an additional 101,173 shares during the period. Canada Pension Plan Investment Board owned 0.98% of JOYY worth $22,177,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of YY. Northern Trust Corp increased its holdings in JOYY by 66.0% during the 4th quarter. Northern Trust Corp now owns 94,126 shares of the information services provider's stock valued at $3,939,000 after purchasing an additional 37,435 shares in the last quarter. BNP Paribas Financial Markets acquired a new stake in shares of JOYY in the 4th quarter valued at $15,448,000. Balyasny Asset Management L.P. acquired a new stake in shares of JOYY in the 4th quarter valued at $285,000. BRIGHT VALLEY CAPITAL Ltd increased its stake in shares of JOYY by 46.5% in the 4th quarter. BRIGHT VALLEY CAPITAL Ltd now owns 376,000 shares of the information services provider's stock valued at $15,736,000 after buying an additional 119,369 shares during the period. Finally, Cubist Systematic Strategies LLC acquired a new stake in shares of JOYY in the 4th quarter valued at $2,653,000. 36.83% of the stock is owned by institutional investors and hedge funds.

JOYY Stock Up 1.9%

Shares of JOYY stock traded up $1.13 during trading on Thursday, reaching $59.87. 834,361 shares of the company were exchanged, compared to its average volume of 523,246. JOYY Inc. has a twelve month low of $30.91 and a twelve month high of $55.31. The business has a 50-day moving average price of $51.85 and a 200-day moving average price of $47.20. The firm has a market capitalization of $3.22 billion, a price-to-earnings ratio of 18.09 and a beta of 0.21.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on YY shares. Wall Street Zen started coverage on JOYY in a research note on Monday, May 19th. They issued a "hold" rating for the company. Citigroup reissued a "buy" rating on shares of JOYY in a report on Tuesday. Two analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, JOYY currently has an average rating of "Buy".

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.