Janney Montgomery Scott LLC Invests $739,000 in JOYY Inc. $YY

Key Points

• Janney Montgomery Scott LLC has invested approximately $739,000 in JOYY Inc. by acquiring 17,778 shares during the second quarter.
• Other institutional investors have significantly increased their positions in JOYY, with BRIGHT VALLEY CAPITAL Ltd increasing ownership by 249.2% in the first quarter.
• Citigroup restated a "buy" rating on JOYY shares, contributing to an average rating of "Buy" from analysts, reflecting positive sentiment about the stock's performance.

Janney Montgomery Scott LLC bought a new position in shares of JOYY Inc. (NASDAQ:YY - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 17,778 shares of the information services provider's stock, valued at approximately $739,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. BRIGHT VALLEY CAPITAL Ltd increased its position in JOYY by 249.2% in the 1st quarter. BRIGHT VALLEY CAPITAL Ltd now owns 1,312,841 shares of the information services provider's stock valued at $55,113,000 after acquiring an additional 936,841 shares during the period. Vontobel Holding Ltd. increased its position in JOYY by 34.1% in the 1st quarter. Vontobel Holding Ltd. now owns 7,835 shares of the information services provider's stock valued at $329,000 after acquiring an additional 1,992 shares during the period. QRG Capital Management Inc. increased its position in JOYY by 45.1% in the 1st quarter. QRG Capital Management Inc. now owns 9,585 shares of the information services provider's stock valued at $402,000 after acquiring an additional 2,980 shares during the period. Asset Management One Co. Ltd. acquired a new position in JOYY in the 1st quarter valued at about $253,000. Finally, Caxton Associates LLP acquired a new position in JOYY in the 1st quarter valued at about $2,612,000. Institutional investors and hedge funds own 36.83% of the company's stock.

Analysts Set New Price Targets

Separately, Citigroup restated a "buy" rating on shares of JOYY in a research report on Tuesday, September 2nd. Two research analysts have rated the stock with a Buy rating, According to data from MarketBeat, JOYY presently has an average rating of "Buy".

JOYY Price Performance

Shares of NASDAQ:YY opened at $56.18 on Thursday. The business's 50 day simple moving average is $56.80 and its 200-day simple moving average is $49.93. The firm has a market capitalization of $3.02 billion, a price-to-earnings ratio of 16.97 and a beta of 0.21. JOYY Inc. has a 12 month low of $30.91 and a 12 month high of $55.31.

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.

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