E Fund Management Co. Ltd. Has $5.95 Million Holdings in JOYY Inc. (NASDAQ:YY)

Key Points

• E Fund Management Co. Ltd. reduced its stake in JOYY Inc. by 9.6%, selling 15,007 shares to own approximately 141,681 shares valued at $5,948,000.
• JOYY's stock has a market capitalization of $2.72 billion and is currently trading around $50.44, with a 52 week low of $30.91 and a high of $55.31.
• Wall Street analysts have issued a hold rating on JOYY, indicating a cautious outlook on the stock's future performance.

E Fund Management Co. Ltd. cut its holdings in JOYY Inc. (NASDAQ:YY - Free Report) by 9.6% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 141,681 shares of the information services provider's stock after selling 15,007 shares during the quarter. E Fund Management Co. Ltd. owned approximately 0.26% of JOYY worth $5,948,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Raiffeisen Bank International AG bought a new position in JOYY in the fourth quarter valued at about $85,000. BI Asset Management Fondsmaeglerselskab A S raised its position in 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 valued at $104,000 after purchasing an additional 883 shares during the last quarter. Kathmere Capital Management LLC bought a new position in JOYY in the first quarter valued at about $217,000. D Orazio & Associates Inc. bought a new position in JOYY in the first quarter valued at about $235,000. Finally, Asset Management One Co. Ltd. bought a new position in JOYY in the first quarter valued at about $253,000. 36.83% of the stock is owned by institutional investors and hedge funds.

JOYY Price Performance

Shares of YY remained flat at $50.37 during mid-day trading on Friday. The stock had a trading volume of 221,568 shares, compared to its average volume of 523,246. JOYY Inc. has a 52 week low of $30.91 and a 52 week high of $55.31. The company has a market capitalization of $2.71 billion, a PE ratio of 15.22 and a beta of 0.21. The stock has a 50 day simple moving average of $51.18 and a 200 day simple moving average of $46.59.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen began coverage on JOYY in a research report on Monday, May 19th. They issued a "hold" rating for the company.

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.