Sumitomo Mitsui Trust Group Inc. Acquires New Position in JOYY Inc. $YY

Sumitomo Mitsui Trust Group Inc. acquired a new stake in JOYY Inc. (NASDAQ:YY) in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund acquired 93,685 shares of the information services provider’s stock, valued at approximately $3,893,000. Sumitomo Mitsui Trust Group Inc. owned approximately 0.17% of JOYY as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the stock. Vise Technologies Inc. acquired a new stake in JOYY in the third quarter worth $311,000. Wellington Management Group LLP acquired a new position in shares of JOYY during the second quarter valued at about $9,572,000. Public Employees Retirement System of Ohio bought a new position in shares of JOYY during the 2nd quarter worth about $8,973,000. Finally, Pinnacle Holdings LLC bought a new position in shares of JOYY during the 2nd quarter worth about $32,000. Institutional investors and hedge funds own 36.83% of the company’s stock.

Analyst Ratings Changes

Separately, The Goldman Sachs Group upgraded JOYY to a “buy” rating in a research note on Wednesday, August 12th. Two equities research analysts have rated the stock with a Buy rating. Based on data from MarketBeat.com, JOYY currently has a consensus rating of “Buy” and a consensus target price of $66.00.

JOYY Trading Up 1.1%

Shares of YY traded up $0.91 on Friday, reaching $80.91. 269,003 shares of the company’s stock traded hands, compared to its average volume of 523,246. The stock has a market cap of $4.36 billion, a PE ratio of 24.44 and a beta of 0.21. The stock’s 50 day simple moving average is $79.41 and its two-hundred day simple moving average is $68.59. JOYY Inc. has a 52-week low of $30.91 and a 52-week high of $55.30.

JOYY Company Profile

JOYY Inc (NASDAQ:YY) is a global technology company that develops social media, live-streaming, short-form video, instant messaging and online entertainment platforms. The company was formerly known as YY Inc and adopted the JOYY name in 2019 as it expanded its focus beyond its original Chinese live-streaming business.

Its principal products include Bigo Live, a live-streaming platform; Likee, a short-form video and social networking application; imo, an instant messaging and voice and video communication service; and Hago, a social gaming and entertainment platform.