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

JOYY Inc. (NASDAQ:YY) was the recipient of unusually large options trading on Wednesday. Stock investors purchased 2,276 put options on the stock. This is an increase of 1,341% compared to the average volume of 158 put options.

Institutional Investors Weigh In On JOYY

Institutional investors and hedge funds have recently bought and sold shares of the company. Canada Pension Plan Investment Board lifted its stake 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 worth $21,990,000 after purchasing an additional 66,474 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of JOYY by 45.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 99,748 shares of the information services provider’s stock worth $3,615,000 after buying an additional 31,341 shares during the period. Krane Funds Advisors LLC lifted its stake in shares of JOYY by 10.5% during the second 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 period. Cape Ann Asset Management Ltd grew its holdings in shares of JOYY by 47.8% during 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 buying an additional 154,200 shares during the last quarter. Finally, FMR LLC increased its position in shares of JOYY by 4.3% in the 3rd quarter. FMR LLC now owns 678,551 shares of the information services provider’s stock valued at $24,591,000 after acquiring an additional 28,126 shares during the period. 36.83% of the stock is owned by institutional investors.

JOYY Stock Performance

JOYY stock traded down $0.50 during mid-day trading on Wednesday, hitting $38.68. The company’s stock had a trading volume of 922,801 shares, compared to its average volume of 483,468. JOYY has a one year low of $27.88 and a one year high of $42.76. The stock has a market cap of $2.08 billion, a PE 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.

Wall Street Analysts Forecast Growth

YY has been the topic of a number of research reports. Benchmark restated a “hold” rating on shares of JOYY in a report on Thursday, August 29th. JPMorgan Chase & Co. boosted their price objective on JOYY from $30.00 to $35.00 and gave the stock a “neutral” rating in a research note on Tuesday, September 3rd.

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.