Traders Purchase Large Volume of JOYY Put Options (NASDAQ:YY)

JOYY Inc. (NASDAQ:YY) saw unusually large options trading on Wednesday. Traders acquired 2,276 put options on the stock. This represents an increase of approximately 1,341% compared to the average volume of 158 put options.

Wall Street Analyst Weigh In

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

JOYY Price Performance

YY opened at $37.05 on Thursday. The company has a 50 day simple moving average of $36.27 and a two-hundred day simple moving average of $34.36. The firm has a market cap of $1.99 billion, a P/E ratio of 11.19 and a beta of 0.27. JOYY has a 1-year low of $27.88 and a 1-year high of $42.76.

Institutional Trading of JOYY

Institutional investors and hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC boosted its position in shares of JOYY by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 72,152 shares of the information services provider’s stock valued at $2,615,000 after acquiring an additional 877 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new stake in JOYY during the third quarter valued at $4,383,000. Whitefort Capital Management LP lifted its position in JOYY by 168.3% during the third 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 stake in shares of JOYY by 9.4% in 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 in the last quarter. Finally, Hhlr Advisors LTD. purchased a new position in shares of JOYY in the 3rd quarter worth $1,087,000. 36.83% of the stock is currently 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.