5 Tech Stocks to Buy According to Billionaire James Dinan

2. JOYY Inc. (NASDAQ:YY)

York Capital Management’s Stake Value: $37,942,000
Percent of York Capital Management’s 13F Portfolio: 4.25%
Number of Hedge Fund Holders: 24

JOYY Inc. (NASDAQ:YY) is a Singaporean technology company that provides internet-related services to its consumers. The company also offers a video-based social media platform for social networking. It ranks second on our list of the best tech stocks to buy according to billionaire James Dinan. 

York Capital Management increased its stake by 36% in JOYY Inc. (NASDAQ:YY) in Q2 2021. The hedge fund now owns 575,147 shares in the company, valued at over $37.9 million. JOYY Inc. (NASDAQ:YY) represents 4.25% of the fund’s 13F portfolio. In Q2 2021, the company posted an EPS of -$0.01, beating the estimates by $0.12. JOYY Inc. (NASDAQ:YY) reported revenue for the quarter at $661.7 million, up 39.7% from the prior-year quarter. This July, China Renaissance initiated its coverage on JOYY Inc. (NASDAQ:YY) with a ‘Buy’ rating and a $125 price target. 

As of Q2 2021, 24 hedge funds tracked by Insider Monkey have positions in JOYY Inc. (NASDAQ:YY), compared with 20 in the previous quarter. These stakes are valued at over $340 million. Citadel Investment Group is the company’s leading shareholder with shares worth $100.2 million. 

Tao Value mentioned JOYY Inc. (NASDAQ:YY) in its first-quarter 2021 investor letter. Here is what the firm has to say: 

“We exited YY after 3.5 years near all-time high. The annualized return (13~%) yet is below expectation, especially compared to founder CEO David Xueling Li’s net worth (mainly in YY shares) ballooning from $1.1B in 2018 to $2.3B in 2021. On value realization, I think YY did a good job, acquiring Bigo, spinning off then selling Huya & selling YY Live to Baidu. But as a minority shareholder, we were treated unfairly. E.g. the Bigo deal (for buying shares from executives including Li) was done by YY stock when the price was severely depressed, causing significant dilution for our ownership. We learned our lessons and will evaluate more rigorously in management’s partnership mindset in the future.”