OVERSEA CHINESE BANKING Corp Ltd Buys 426,222 Shares of JOYY Inc. (NASDAQ:YY)

OVERSEA CHINESE BANKING Corp Ltd increased its position in JOYY Inc. (NASDAQ:YY - Free Report) by 4,414.1% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 435,878 shares of the information services provider's stock after purchasing an additional 426,222 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd owned approximately 0.81% of JOYY worth $18,111,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. BI Asset Management Fondsmaeglerselskab A S lifted its stake in shares of JOYY by 54.8% in the 4th 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 period. Vontobel Holding Ltd. lifted its stake in shares of 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 purchasing an additional 1,992 shares during the period. Raiffeisen Bank International AG purchased a new position in shares of JOYY in the 4th quarter valued at approximately $85,000. LPL Financial LLC lifted its stake in shares of JOYY by 18.4% in the 4th quarter. LPL Financial LLC now owns 13,419 shares of the information services provider's stock valued at $562,000 after purchasing an additional 2,088 shares during the period. Finally, SIH Partners LLLP lifted its stake in shares of JOYY by 27.2% in the 4th quarter. SIH Partners LLLP now owns 11,700 shares of the information services provider's stock valued at $490,000 after purchasing an additional 2,500 shares during the period. Hedge funds and other institutional investors own 36.83% of the company's stock.

Analyst Upgrades and Downgrades

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

JOYY Stock Performance

YY stock traded down $0.50 during midday trading on Thursday, reaching $54.39. 350,438 shares of the company traded hands, compared to its average volume of 516,625. JOYY Inc. has a 52-week low of $30.91 and a 52-week high of $55.31. The business has a 50 day moving average of $48.36 and a 200-day moving average of $45.13. The firm has a market capitalization of $2.93 billion, a price-to-earnings ratio of 16.43 and a beta of 0.21.

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.