JOYY (NASDAQ:YY) Shares Gap Down – Here’s What Happened

Shares of JOYY Inc. (NASDAQ:YY) gapped down before the market opened on Wednesday . The stock had previously closed at $39.18, but opened at $37.68. JOYY shares last traded at $38.68, with a volume of 922,801 shares.

Analysts Set New Price Targets

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

JOYY Stock Performance

The stock has a market capitalization of $2.06 billion, a price-to-earnings ratio of 11.84 and a beta of 0.27. The company has a 50-day moving average of $36.22 and a 200-day moving average of $34.34.

Institutional Trading of JOYY

Several large investors have recently added to or reduced their stakes in the stock. Canada Pension Plan Investment Board raised its position in shares of JOYY by 10.0% during the 2nd quarter. Canada Pension Plan Investment Board now owns 730,800 shares of the information services provider’s stock valued at $21,990,000 after acquiring an additional 66,474 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in JOYY by 45.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 99,748 shares of the information services provider’s stock valued at $3,615,000 after purchasing an additional 31,341 shares during the last quarter. Krane Funds Advisors LLC grew its position in JOYY by 10.5% in the 2nd quarter. Krane Funds Advisors LLC now owns 1,414,457 shares of the information services provider’s stock worth $42,561,000 after purchasing an additional 134,394 shares during the last quarter. Cape Ann Asset Management Ltd increased its stake in shares of JOYY by 47.8% in the third quarter. Cape Ann Asset Management Ltd now owns 476,900 shares of the information services provider’s stock valued at $17,283,000 after purchasing an additional 154,200 shares during the period. Finally, FMR LLC raised its holdings in shares of JOYY by 4.3% during the third quarter. FMR LLC now owns 678,551 shares of the information services provider’s stock valued at $24,591,000 after buying an additional 28,126 shares during the last quarter. 36.83% of the stock is currently owned by institutional investors and hedge funds.

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.