JOYY (NASDAQ:YY) Shares Gap Down – Here’s Why

JOYY Inc. (NASDAQ:YY)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $39.18, but opened at $37.68. JOYY shares last traded at $38.68, with a volume of 922,801 shares.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on YY. Benchmark reaffirmed a “hold” rating on shares of JOYY in a report on Thursday, August 29th. JPMorgan Chase & Co. boosted their price target on shares of JOYY from $30.00 to $35.00 and gave the company a “neutral” rating in a report on Tuesday, September 3rd.

JOYY Price Performance

The company has a market capitalization of $2.06 billion, a price-to-earnings ratio of 11.84 and a beta of 0.27. The business has a fifty day moving average price of $36.22 and a 200 day moving average price of $34.34.

Hedge Funds Weigh In On JOYY

Several institutional investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC grew its stake in shares of JOYY by 1.2% during the third quarter. Geode Capital Management LLC now owns 72,152 shares of the information services provider’s stock valued at $2,615,000 after purchasing an additional 877 shares during the last quarter. Public Employees Retirement System of Ohio bought a new stake in JOYY during the 3rd quarter worth about $4,383,000. Whitefort Capital Management LP boosted its stake in shares of JOYY by 168.3% in the 3rd quarter. Whitefort Capital Management LP now owns 565,878 shares of the information services provider’s stock valued at $20,507,000 after purchasing an additional 354,932 shares during the last quarter. Athos Capital Ltd grew its position in shares of JOYY by 9.4% during the 3rd quarter. Athos Capital Ltd now owns 54,900 shares of the information services provider’s stock worth $1,990,000 after buying an additional 4,700 shares during the period. Finally, Hhlr Advisors LTD. bought a new position in JOYY in the third quarter valued at approximately $1,087,000. 36.83% of the stock is owned by institutional investors.

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.