AQR Capital Management LLC Makes New $1.66 Million Investment in JOYY Inc. (NASDAQ:YY)

AQR Capital Management LLC bought a new stake in JOYY Inc. (NASDAQ:YY) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 55,156 shares of the information services provider’s stock, valued at approximately $1,660,000. AQR Capital Management LLC owned about 0.09% of JOYY as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of YY. Point72 Hong Kong Ltd increased its holdings in shares of JOYY by 22.3% during the 2nd quarter. Point72 Hong Kong Ltd now owns 3,022,665 shares of the information services provider’s stock worth $90,952,000 after buying an additional 552,082 shares during the last quarter. Krane Funds Advisors LLC increased its stake in JOYY by 10.5% during the second quarter. Krane Funds Advisors LLC now owns 1,414,457 shares of the information services provider’s stock worth $42,561,000 after acquiring an additional 134,394 shares during the last quarter. Goldman Sachs Group Inc. raised its position in JOYY by 4.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,008,508 shares of the information services provider’s stock valued at $40,038,000 after purchasing an additional 45,232 shares during the period. Yunqi Capital Ltd lifted its stake in shares of JOYY by 52.8% in the 1st quarter. Yunqi Capital Ltd now owns 783,202 shares of the information services provider’s stock valued at $24,083,000 after purchasing an additional 270,564 shares during the last quarter. Finally, Canada Pension Plan Investment Board lifted its position in JOYY by 10.0% in the second quarter. Canada Pension Plan Investment Board now owns 730,800 shares of the information services provider’s stock valued at $21,990,000 after buying an additional 66,474 shares during the last quarter. 36.83% of the stock is owned by hedge funds and other institutional investors.

JOYY Stock Performance

Shares of YY opened at $34.54 on Thursday. The company’s 50-day simple moving average is $34.99 and its 200-day simple moving average is $33.17. JOYY Inc. has a 1 year low of $27.88 and a 1 year high of $43.20. The stock has a market capitalization of $2.05 billion, a PE ratio of 6.50 and a beta of 0.24.

JOYY (NASDAQ:YY) last released its earnings results on Tuesday, August 27th. The information services provider reported $1.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.81 by $0.27. The company had revenue of $565.13 million for the quarter, compared to analyst estimates of $556.82 million. JOYY had a net margin of 9.53% and a return on equity of 4.98%. On average, sell-side analysts predict that JOYY Inc. will post 3.4 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. JPMorgan Chase & Co. lifted their price target on shares of JOYY from $30.00 to $35.00 and gave the company a “neutral” rating in a research report on Tuesday, September 3rd. Benchmark reissued a “hold” rating on shares of JOYY in a research report on Thursday, August 29th.

JOYY 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.