Tuya (NYSE:TUYA) Trading Up 0.7% – Here’s Why

Shares of Tuya Inc. Sponsored ADR (NYSE:TUYA) were up 0.7% on Wednesday . The company traded as high as $2.23 and last traded at $2.2050. Approximately 730,728 shares changed hands during trading, a decline of 29% from the average daily volume of 1,028,114 shares. The stock had previously closed at $2.19.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on TUYA. Weiss Ratings reissued a “hold (c)” rating on shares of Tuya in a research note on Wednesday, October 8th. Wall Street Zen lowered shares of Tuya from a “buy” rating to a “hold” rating in a research report on Saturday, August 30th. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $3.61 price objective on shares of Tuya in a research note on Tuesday, November 25th. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $3.61.

Tuya Trading Up 0.7%

The company’s 50 day moving average is $2.26 and its 200 day moving average is $2.42. The company has a market cap of $1.19 billion, a PE ratio of 27.57 and a beta of 0.45.

Tuya (NYSE:TUYA) last issued its earnings results on Monday, November 24th. The company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.01). Tuya had a return on equity of 4.84% and a net margin of 15.14%.The company had revenue of $82.49 million during the quarter, compared to the consensus estimate of $81.62 million. During the same quarter in the prior year, the company earned $0.04 earnings per share.

Tuya Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, October 20th. Shareholders of record on Thursday, September 11th were given a dividend of $0.054 per share. The ex-dividend date of this dividend was Thursday, September 11th. This represents a $0.22 dividend on an annualized basis and a yield of 9.8%.

Hedge Funds Weigh In On Tuya

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. New York State Common Retirement Fund purchased a new position in shares of Tuya during the third quarter valued at $51,000. SBI Securities Co. Ltd. grew its holdings in Tuya by 329.9% during the 3rd quarter. SBI Securities Co. Ltd. now owns 29,480 shares of the company’s stock worth $73,000 after acquiring an additional 22,622 shares in the last quarter. Nomura Holdings Inc. purchased a new position in Tuya during the 1st quarter valued at about $85,000. Russell Investments Group Ltd. purchased a new position in Tuya during the 1st quarter valued at about $244,000. Finally, Natixis Advisors LLC bought a new stake in shares of Tuya in the 3rd quarter valued at about $246,000. Institutional investors own 11.47% of the company’s stock.

About Tuya

Tuya Inc offers purpose-built Internet of Things (IoT) cloud development platform in the People's Republic of China and internationally. The company provides platform-as-a-service that enables business, original equipment manufacturers, brands, 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.