388,376 Shares in JOYY Inc. (NASDAQ:YY) Acquired by Wealthquest Corp

Key Points

• Wealthquest Corp has acquired a new stake in JOYY Inc., purchasing 388,376 shares valued at approximately $16.1 million, making it the 26th largest position in their portfolio.
• Other institutional investors, such as Harvest Fund Management and OVERSEA CHINESE BANKING Corp Ltd, have significantly increased their holdings in JOYY Inc. during the first quarter.
• JOYY's stock is currently trading at around $50.48, with a market cap of $2.72 billion, a P/E ratio of 15.25, and has seen a gain in interest from analysts, receiving a "hold" rating from Wall Street Zen.

Wealthquest Corp purchased a new stake in shares of JOYY Inc. (NASDAQ:YY - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 388,376 shares of the information services provider's stock, valued at approximately $16,137,000. JOYY accounts for 0.7% of Wealthquest Corp's portfolio, making the stock its 26th largest holding. Wealthquest Corp owned approximately 0.72% of JOYY at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. OLP CAPITAL MANAGEMENT Ltd bought a new position in JOYY during the 4th quarter valued at $57,840,000. OVERSEA CHINESE BANKING Corp Ltd raised its holdings in shares of JOYY by 4,414.1% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 435,878 shares of the information services provider's stock worth $18,111,000 after acquiring an additional 426,222 shares in the last quarter. BNP Paribas Financial Markets purchased a new stake in shares of JOYY during the fourth quarter worth $15,448,000. D. E. Shaw & Co. Inc. raised its holdings in JOYY by 1,793.9% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 304,355 shares of the information services provider's stock valued at $12,737,000 after buying an additional 288,285 shares in the last quarter. Finally, Krane Funds Advisors LLC increased its stake in shares of JOYY by 12.0% in the fourth quarter. Krane Funds Advisors LLC now owns 1,500,081 shares of the information services provider's stock worth $62,778,000 after purchasing an additional 160,545 shares during the period. Hedge funds and other institutional investors own 36.83% of the company's stock.

Analysts Set New Price Targets

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

JOYY Stock Performance

JOYY stock traded up $0.32 during midday trading on Monday, reaching $50.52. 295,067 shares of the stock were exchanged, compared to its average volume of 523,246. The company's fifty day moving average is $50.42 and its 200-day moving average is $46.16. The firm has a market cap of $2.72 billion, a PE ratio of 15.26 and a beta of 0.21. JOYY Inc. has a 52 week low of $30.91 and a 52 week high of $55.31.

About JOYY

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.