Point72 Hong Kong Ltd Cuts Position in JOYY Inc. (NASDAQ:YY)

Point72 Hong Kong Ltd reduced its stake in shares of JOYY Inc. (NASDAQ:YY) by 17.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,502,473 shares of the information services provider’s stock after selling 309,813 shares during the quarter. JOYY comprises approximately 3.8% of Point72 Hong Kong Ltd’s holdings, making the stock its 4th largest position. Point72 Hong Kong Ltd’s holdings in JOYY were worth $62,879,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. acquired a new stake in JOYY in the 4th quarter valued at approximately $25,000. Global Retirement Partners LLC increased its holdings in shares of JOYY by 71.5% during the fourth quarter. Global Retirement Partners LLC now owns 1,072 shares of the information services provider’s stock valued at $45,000 after purchasing an additional 447 shares during the period. Rhumbline Advisers increased its holdings in shares of JOYY by 63.0% during the fourth quarter. Rhumbline Advisers now owns 1,319 shares of the information services provider’s stock valued at $55,000 after purchasing an additional 510 shares during the period. BI Asset Management Fondsmaeglerselskab A S raised its stake in shares of JOYY by 54.8% during 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 in the last quarter. Finally, Aprio Wealth Management LLC acquired a new stake in JOYY in the fourth quarter worth about $202,000. 36.83% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. StockNews.com started coverage on shares of JOYY in a research note on Sunday. They set a “hold” rating on the stock. Benchmark upgraded shares of JOYY from a “hold” rating to a “buy” rating in a report on Tuesday, February 25th.

JOYY Trading Down 1.0%

Shares of JOYY stock opened at $42.45 on Thursday. JOYY Inc. has a 52 week low of $27.88 and a 52 week high of $55.31. The stock has a market cap of $2.29 billion, a PE ratio of 12.82 and a beta of 0.21. The company’s 50-day moving average price is $42.13 and its two-hundred day moving average price is $41.55.

JOYY Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 30th. Investors of record on Thursday, April 17th were issued a $0.93 dividend. This is an increase from JOYY’s previous quarterly dividend of $0.20. This represents a $3.72 dividend on an annualized basis and a dividend yield of 8.76%. The ex-dividend date of this dividend was Thursday, April 17th. JOYY’s payout ratio is presently -120.00%.

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.