E Fund Management Co. Ltd. Lowers Stock Position in JOYY Inc. (NASDAQ:YY)

E Fund Management Co. Ltd. trimmed its position in shares of JOYY Inc. (NASDAQ:YY) by 86.5% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 40,532 shares of the information services provider’s stock after selling 259,646 shares during the period. E Fund Management Co. Ltd. owned approximately 0.06% of JOYY worth $1,245,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Assetmark Inc. purchased a new position in JOYY in the first quarter valued at about $37,000. PNC Financial Services Group Inc. grew its position in shares of JOYY by 31.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,435 shares of the information services provider’s stock worth $45,000 after buying an additional 343 shares in the last quarter. Meitav Investment House Ltd. bought a new stake in shares of JOYY in the second quarter worth $77,000. Tower Research Capital LLC TRC boosted its stake in JOYY by 30.7% during the 1st quarter. Tower Research Capital LLC TRC now owns 4,325 shares of the information services provider’s stock valued at $135,000 after acquiring an additional 1,017 shares during the last quarter. Finally, Ensign Peak Advisors Inc grew its holdings in JOYY by 33.3% during the 1st quarter. Ensign Peak Advisors Inc now owns 4,600 shares of the information services provider’s stock worth $143,000 after acquiring an additional 1,150 shares in the last quarter. 36.83% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Benchmark reaffirmed a “buy” rating and set a $49.00 target price on shares of JOYY in a report on Thursday, August 31st. StockNews.com started coverage on shares of JOYY in a report on Thursday, October 5th. They issued a “hold” rating on the stock. Finally, BOCOM International downgraded JOYY from a “buy” rating to a “neutral” rating in a research report on Wednesday, August 30th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $41.50.

JOYY Trading Down 2.2 %

JOYY stock traded down $0.94 during mid-day trading on Tuesday, hitting $41.02. 113,654 shares of the company’s stock were exchanged, compared to its average volume of 549,810. JOYY Inc. has a 1-year low of $24.12 and a 1-year high of $43.20. The stock has a 50 day moving average of $39.97 and a two-hundred day moving average of $34.48. The stock has a market cap of $2.54 billion, a P/E ratio of 12.58 and a beta of 0.52.

JOYY (NASDAQ:YY) last released its quarterly earnings data on Tuesday, August 29th. The information services provider reported $1.20 earnings per share for the quarter, beating the consensus estimate of $0.10 by $1.10. JOYY had a return on equity of 4.60% and a net margin of 13.81%. The company had revenue of $547.33 million for the quarter, compared to analyst estimates of $540.69 million. As a group, research analysts predict that JOYY Inc. will post 2.13 EPS for the current fiscal year.

JOYY Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 13th. Stockholders of record on Tuesday, September 26th were paid a $0.20 dividend. The ex-dividend date of this dividend was Monday, September 25th. This represents a $0.80 annualized dividend and a dividend yield of 1.95%. JOYY’s dividend payout ratio (DPR) is currently 24.16%.

JOYY Company Profile

JOYY Inc, together with its subsidiaries, operates social media platforms that offer users engaging and experience across various video-based social platforms. The company operates Bigo Live, a social live streaming platform that allows users to live stream specific moments, such as showcase talents, socialize, and connect with other users worldwide; Likee, a short-form video social platform that focuses on enabling users to create short-form video; Hago, a multiuser social networking platform that provides casual games; imo, an instant messaging application with functions, including video calls and other communication tools, such as group calls, document sharing, etc.; and Shopline, a smart commerce enabler that provides an integrated omnichannel platform for merchants to create and grow brands online and reach customers.