Public Employees Retirement System of Ohio Takes $8.97 Million Position in JOYY Inc. $YY

Key Points

• Public Employees Retirement System of Ohio acquired 135,973 JOYY shares worth approximately $8.97 million, representing a 0.25% stake. Institutional investors and hedge funds collectively own 36.83% of the company.
• Other institutions also adjusted their positions, including HSBC Holdings, which increased its JOYY holdings by 139.2%, while several firms initiated new stakes during the second quarter.
• Goldman Sachs upgraded JOYY to “Buy,” and all three tracked analysts rate the stock a Buy, with an average price target of $66.00.

Public Employees Retirement System of Ohio purchased a new position in shares of JOYY Inc. (NASDAQ:YY - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 135,973 shares of the information services provider's stock, valued at approximately $8,973,000. Public Employees Retirement System of Ohio owned 0.25% of JOYY at the end of the most recent quarter.

Several other large investors have also made changes to their positions in YY. Pinnacle Holdings LLC acquired a new position in JOYY during the second quarter valued at approximately $32,000. Raymond James Financial Inc. acquired a new stake in shares of JOYY in the 2nd quarter valued at $62,000. Ameriprise Financial Inc. increased its stake in shares of JOYY by 3.6% in the 2nd quarter. Ameriprise Financial Inc. now owns 6,338 shares of the information services provider's stock valued at $263,000 after purchasing an additional 218 shares during the last quarter. Nomura Holdings Inc. bought a new position in shares of JOYY in the 2nd quarter valued at $399,000. Finally, Hsbc Holdings PLC raised its holdings in shares of JOYY by 139.2% during the 2nd quarter. Hsbc Holdings PLC now owns 12,118 shares of the information services provider's stock worth $504,000 after buying an additional 7,053 shares in the last quarter. Institutional investors and hedge funds own 36.83% of the company's stock.

Wall Street Analyst Weigh In

Separately, The Goldman Sachs Group upgraded JOYY to a "buy" rating in a research report on Wednesday, August 12th. Three research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $66.00.

JOYY Price Performance

YY stock opened at $74.53 on Tuesday. The company has a 50 day simple moving average of $71.65 and a 200 day simple moving average of $64.88. The stock has a market cap of $4.01 billion, a price-to-earnings ratio of 22.52 and a beta of 0.21. JOYY Inc. has a 1 year low of $30.91 and a 1 year high of $55.30.

JOYY Company Profile

JOYY Inc NASDAQ: YY is a global technology-driven social media company specializing in video-based content creation and real-time social entertainment. The company develops and operates platforms that enable users to broadcast live video, engage with audiences and participate in interactive social communities. Its flagship global products include Bigo Live, a live-streaming application, and Likee, a short-video creation and sharing platform, which collectively support real-time interaction through virtual gifting and in-app social features.

Originally founded in Guangzhou, China in 2005 by David Xueling Li under the name YY Inc, the company pioneered real-time group communication and live streaming services in its domestic market.

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