Wellington Management Group LLP Invests $9.57 Million in JOYY Inc. $YY

Wellington Management Group LLP bought a new position in shares of JOYY Inc. (NASDAQ:YY) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 230,366 shares of the information services provider’s stock, valued at approximately $9,572,000.

Several other large investors have also recently bought and sold shares of YY. Royal Bank of Canada raised its stake in JOYY by 25.6% in the first quarter. Royal Bank of Canada now owns 46,843 shares of the information services provider’s stock valued at $1,966,000 after buying an additional 9,543 shares in the last quarter. Millennium Management LLC increased its holdings in shares of JOYY by 127.8% in the 1st quarter. Millennium Management LLC now owns 123,242 shares of the information services provider’s stock valued at $5,174,000 after acquiring an additional 69,132 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of JOYY by 4.5% in the 2nd quarter. Geode Capital Management LLC now owns 71,579 shares of the information services provider’s stock valued at $2,974,000 after acquiring an additional 3,102 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of JOYY by 375.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 110,472 shares of the information services provider’s stock worth $4,590,000 after acquiring an additional 87,261 shares in the last quarter. Finally, Hsbc Holdings PLC lifted its stake in JOYY by 139.2% during the second quarter. Hsbc Holdings PLC now owns 12,118 shares of the information services provider’s stock worth $504,000 after purchasing an additional 7,053 shares during the last quarter. Hedge funds and other institutional investors own 36.83% of the company’s stock.

JOYY Stock Performance

YY opened at $75.00 on Wednesday. The business’s 50-day simple moving average is $72.64 and its 200-day simple moving average is $65.40. JOYY Inc. has a one year low of $30.91 and a one year high of $55.30. The stock has a market capitalization of $4.04 billion, a P/E ratio of 22.66 and a beta of 0.21.

Wall Street Analysts Forecast Growth

Separately, The Goldman Sachs Group raised JOYY to a “buy” rating in a report on Wednesday, August 12th. Two investment analysts have rated the stock with a Buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $66.00.

About JOYY

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.