AI Squared Management Ltd Makes New Investment in JOYY Inc. (NASDAQ:YY)

AI Squared Management Ltd acquired a new stake in shares of JOYY Inc. (NASDAQ:YY) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 247,604 shares of the information services provider’s stock, valued at approximately $10,362,000. JOYY comprises 10.6% of AI Squared Management Ltd’s investment portfolio, making the stock its 2nd largest holding. AI Squared Management Ltd owned approximately 0.46% of JOYY at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in YY. Yunqi Capital Ltd grew its position in JOYY by 102.3% during the 4th quarter. Yunqi Capital Ltd now owns 1,710,987 shares of the information services provider’s stock worth $71,605,000 after purchasing an additional 865,285 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of JOYY by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 1,129,472 shares of the information services provider’s stock worth $47,268,000 after buying an additional 13,560 shares during the period. FMR LLC grew 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. Whitefort Capital Management LP increased its position in shares of JOYY by 168.3% in the 3rd quarter. Whitefort Capital Management LP now owns 565,878 shares of the information services provider’s stock valued at $20,507,000 after acquiring an additional 354,932 shares during the period. Finally, E Fund Management Co. Ltd. raised its stake in JOYY by 50.5% in the 4th quarter. E Fund Management Co. Ltd. now owns 156,688 shares of the information services provider’s stock worth $6,557,000 after acquiring an additional 52,590 shares during the last quarter. Institutional investors and hedge funds own 36.83% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on YY. StockNews.com downgraded shares of JOYY from a “buy” rating to a “hold” rating in a report on Thursday, March 6th. Benchmark upgraded shares of JOYY from a “hold” rating to a “buy” rating in a research note on Tuesday, February 25th.

JOYY Stock Up 1.3 %

Shares of YY opened at $42.50 on Tuesday. The company has a market capitalization of $2.29 billion, a price-to-earnings ratio of 12.84 and a beta of 0.21. JOYY Inc. has a 52 week low of $27.88 and a 52 week high of $55.31. The stock’s 50-day moving average price is $46.10 and its 200-day moving average price is $40.14.

JOYY Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Thursday, April 17th will be given a $0.93 dividend. This represents a $3.72 annualized dividend and a yield of 8.75%. The ex-dividend date of this dividend is Thursday, April 17th. This is a positive change from JOYY’s previous quarterly dividend of $0.20. JOYY’s dividend payout ratio is currently -120.00%.

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.