Wellington Management Group LLP Takes Position in JOYY Inc. $YY

Wellington Management Group LLP acquired a new position in JOYY Inc. (NASDAQ:YY) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 230,366 shares of the information services provider’s stock, valued at approximately $9,572,000. Wellington Management Group LLP owned about 0.43% of JOYY as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in YY. Ameriprise Financial Inc. raised its position in JOYY by 3.6% in the second 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 period. Pinnacle Holdings LLC purchased a new position in shares of JOYY during the second quarter worth $32,000. Raymond James Financial Inc. acquired a new stake in shares of JOYY in the second quarter valued at $62,000. AXA S.A. grew its stake in shares of JOYY by 21.6% in the second quarter. AXA S.A. now owns 13,792 shares of the information services provider’s stock valued at $573,000 after buying an additional 2,446 shares in the last quarter. Finally, Geode Capital Management LLC raised 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 buying an additional 3,102 shares during the period. Hedge funds and other institutional investors own 36.83% of the company’s stock.

JOYY Stock Up 0.5%

NASDAQ:YY opened at $75.00 on Wednesday. The company has a fifty day simple moving average of $72.64 and a two-hundred day simple moving average of $65.40. The company has a market cap of $4.04 billion, a price-to-earnings ratio of 22.66 and a beta of 0.21. JOYY Inc. has a 52 week low of $30.91 and a 52 week high of $55.30.

Wall Street Analysts Forecast Growth

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

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.