Public Employees Retirement System of Ohio Makes New Investment in JOYY Inc. $YY

Public Employees Retirement System of Ohio bought a new stake in JOYY Inc. (NASDAQ:YY) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 135,973 shares of the information services provider’s stock, valued at approximately $8,973,000.

A number of other hedge funds have also recently made changes to their positions in YY. Pinnacle Holdings LLC bought a new stake in shares of JOYY during the second quarter worth about $32,000. Raymond James Financial Inc. bought a new position in JOYY in the 2nd quarter valued at approximately $62,000. Ameriprise Financial Inc. boosted its position in JOYY by 3.6% during the 2nd quarter. Ameriprise Financial Inc. now owns 6,338 shares of the information services provider’s stock worth $263,000 after buying an additional 218 shares during the period. Nomura Holdings Inc. acquired a new stake in JOYY during the 2nd quarter worth approximately $399,000. Finally, Hsbc Holdings PLC grew its holdings in JOYY by 139.2% during the 2nd quarter. Hsbc Holdings PLC now owns 12,118 shares of the information services provider’s stock worth $504,000 after acquiring an additional 7,053 shares during the last quarter. 36.83% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

JOYY Stock Performance

JOYY stock opened at $74.53 on Tuesday. The firm has a market cap of $4.01 billion, a price-to-earnings ratio of 22.52 and a beta of 0.21. JOYY Inc. has a 52-week low of $30.91 and a 52-week high of $55.30. The firm has a 50 day moving average price of $71.65 and a two-hundred day moving average price of $64.88.

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.