Tuya (NYSE:TUYA) Shares Gap Up to $1.61

Shares of Tuya Inc. (NYSE:TUYA) gapped up prior to trading on Friday . The stock had previously closed at $1.61, but opened at $1.68. Tuya shares last traded at $1.68, with a volume of 29,301 shares changing hands.

Analysts Set New Price Targets

Separately, The Goldman Sachs Group raised shares of Tuya from a “neutral” rating to a “buy” rating in a report on Monday, January 8th.

Tuya Stock Performance

The stock has a market capitalization of $877.64 million, a P/E ratio of -15.82 and a beta of 0.33. The company’s fifty day simple moving average is $1.80 and its two-hundred day simple moving average is $1.87.

Tuya (NYSE:TUYA) last released its quarterly earnings results on Tuesday, February 27th. The company reported ($0.01) earnings per share for the quarter, meeting the consensus estimate of ($0.01). The firm had revenue of $64.41 million for the quarter, compared to analysts’ expectations of $61.94 million. Tuya had a negative net margin of 26.23% and a negative return on equity of 4.66%. On average, research analysts predict that Tuya Inc. will post -0.04 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in TUYA. Carmignac Gestion increased its holdings in shares of Tuya by 24.2% during the fourth quarter. Carmignac Gestion now owns 4,890,200 shares of the company’s stock worth $11,247,000 after purchasing an additional 952,100 shares during the period. IvyRock Asset Management HK Ltd acquired a new stake in shares of Tuya during the 4th quarter worth approximately $322,000. California Public Employees Retirement System boosted its position in shares of Tuya by 10.5% during the 4th quarter. California Public Employees Retirement System now owns 459,742 shares of the company’s stock worth $1,057,000 after acquiring an additional 43,778 shares in the last quarter. Krane Funds Advisors LLC boosted its position in shares of Tuya by 12.6% during the 3rd quarter. Krane Funds Advisors LLC now owns 341,122 shares of the company’s stock worth $529,000 after acquiring an additional 38,115 shares in the last quarter. Finally, Russell Investments Group Ltd. acquired a new stake in shares of Tuya during the 4th quarter worth approximately $73,000. 11.47% of the stock is owned by institutional investors.

About Tuya

Tuya Inc offers Internet of Things (IoT) cloud development platform in the People's Republic of China and internationally. The company provides IoT platform-as-a-service that enables brands, original equipment manufacturers, and developers to develop, launch, manage, and monetize software-enabled smart devices and services; and industry software-as-a-service, which enables businesses to deploy, connect, and manage various types of smart devices.