Causeway Capital Management LLC Invests $3.69 Million in JOYY Inc. $YY

Key Points

• Causeway Capital Management LLC has invested approximately $3.69 million in JOYY Inc. by acquiring 87,784 shares, representing a 0.16% ownership in the company.
• JOYY's stock price increased by 1.9%, trading at $51.84, with a market capitalization of $2.79 billion and a P/E ratio of 15.66.
• The stock currently holds a consensus rating of "Moderate Buy" among analysts, with an average price target of $35.00.

Causeway Capital Management LLC purchased a new position in shares of JOYY Inc. (NASDAQ:YY - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 87,784 shares of the information services provider's stock, valued at approximately $3,685,000. Causeway Capital Management LLC owned approximately 0.16% of JOYY as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in YY. SVB Wealth LLC acquired a new stake in shares of JOYY during the first quarter worth about $57,000. Raiffeisen Bank International AG purchased a new stake in shares of JOYY during the fourth quarter worth approximately $85,000. Kathmere Capital Management LLC purchased a new stake in shares of JOYY during the first quarter worth approximately $217,000. D Orazio & Associates Inc. purchased a new stake in shares of JOYY during the first quarter worth approximately $235,000. Finally, Asset Management One Co. Ltd. purchased a new stake in shares of JOYY during the first quarter worth approximately $253,000. Institutional investors and hedge funds own 36.83% of the company's stock.

JOYY Stock Up 4.6%

Shares of NASDAQ YY traded up $2.39 during mid-day trading on Friday, hitting $54.06. 623,870 shares of the company were exchanged, compared to its average volume of 523,246. The stock has a 50 day simple moving average of $51.51 and a 200-day simple moving average of $47.02. JOYY Inc. has a 1-year low of $30.91 and a 1-year high of $55.31. The firm has a market cap of $2.91 billion, a price-to-earnings ratio of 16.33 and a beta of 0.21.

Analysts Set New Price Targets

Separately, Wall Street Zen started coverage on shares of JOYY in a research note on Monday, May 19th. They issued a "hold" rating on the stock. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, JOYY has an average rating of "Moderate Buy" and an average target price of $35.00.

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.