JOYY (NASDAQ:YY) Trading Down 4.7% – Should You Sell?

JOYY Inc. (NASDAQ:YY) dropped 4.7% on Thursday . The company traded as low as $39.79 and last traded at $39.88. Approximately 280,199 shares traded hands during mid-day trading, a decline of 44% from the average daily volume of 499,252 shares. The stock had previously closed at $41.85.

JOYY Stock Down 5.0 %

The company has a market capitalization of $2.14 billion, a price-to-earnings ratio of 12.01 and a beta of 0.27. The stock has a fifty day moving average price of $37.61 and a two-hundred day moving average price of $35.21.

Hedge Funds Weigh In On JOYY

Institutional investors and hedge funds have recently modified their holdings of the company. LSV Asset Management lifted its position in JOYY by 780.9% during the second quarter. LSV Asset Management now owns 232,552 shares of the information services provider’s stock worth $6,997,000 after buying an additional 206,152 shares during the period. Jupiter Asset Management Ltd. raised its stake in JOYY by 356.3% during the second quarter. Jupiter Asset Management Ltd. now owns 480,000 shares of the information services provider’s stock worth $14,443,000 after purchasing an additional 374,800 shares during the period. NINE MASTS CAPITAL Ltd acquired a new position in shares of JOYY in the 2nd quarter valued at $2,283,000. Krane Funds Advisors LLC increased its holdings in shares of JOYY by 10.5% during 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 buying an additional 134,394 shares during the last quarter. Finally, Hsbc Holdings PLC raised its position in shares of JOYY by 39.5% in the 2nd quarter. Hsbc Holdings PLC now owns 25,124 shares of the information services provider’s stock worth $755,000 after buying an additional 7,120 shares during the period. Hedge funds and other institutional investors own 36.83% of the company’s stock.

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.