Sumitomo Mitsui Trust Group Inc. Purchases New Stake in JOYY Inc. $YY

Sumitomo Mitsui Trust Group Inc. purchased a new stake in shares of JOYY Inc. (NASDAQ:YY) during the third quarter, Holdings Channel reports. The institutional investor purchased 93,685 shares of the information services provider’s stock, valued at approximately $3,893,000.

A number of other institutional investors also recently modified their holdings of the business. Pinnacle Holdings LLC purchased a new position in JOYY in the 2nd quarter valued at approximately $32,000. Vise Technologies Inc. purchased a new stake in shares of JOYY during the third quarter worth $311,000. Public Employees Retirement System of Ohio purchased a new stake in shares of JOYY during the second quarter worth $8,973,000. Finally, Wellington Management Group LLP bought a new position in shares of JOYY in the second quarter worth $9,572,000. 36.83% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

JOYY Stock Performance

NASDAQ YY traded up $0.91 on Friday, hitting $80.91. The stock had a trading volume of 269,003 shares, compared to its average volume of 523,246. The firm has a 50-day moving average of $79.41 and a 200-day moving average of $68.59. JOYY Inc. has a 52-week low of $30.91 and a 52-week high of $55.30. The company has a market capitalization of $4.36 billion, a price-to-earnings ratio of 24.44 and a beta of 0.21.

JOYY Company Profile

JOYY Inc (NASDAQ:YY) is a global technology company that develops social media, live-streaming, short-form video, instant messaging and online entertainment platforms. The company was formerly known as YY Inc and adopted the JOYY name in 2019 as it expanded its focus beyond its original Chinese live-streaming business.

Its principal products include Bigo Live, a live-streaming platform; Likee, a short-form video and social networking application; imo, an instant messaging and voice and video communication service; and Hago, a social gaming and entertainment platform.