Tuya (NYSE:TUYA) Shares Gap Up to $1.83

Tuya Inc. (NYSE:TUYA)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $1.83, but opened at $1.88. Tuya shares last traded at $1.84, with a volume of 6,465 shares changing hands.

Analyst Ratings Changes

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

Tuya Trading Down 4.5 %

The firm has a 50-day moving average of $1.81 and a 200-day moving average of $1.86.

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

Hedge Funds Weigh In On Tuya

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Citigroup Inc. grew its position in shares of Tuya by 5.9% in the 1st quarter. Citigroup Inc. now owns 1,252,448 shares of the company’s stock worth $3,707,000 after buying an additional 69,753 shares during the last quarter. BlackRock Inc. grew its position in shares of Tuya by 16.5% in the 1st quarter. BlackRock Inc. now owns 397,054 shares of the company’s stock worth $1,176,000 after buying an additional 56,172 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Tuya by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 7,144,723 shares of the company’s stock worth $21,149,000 after buying an additional 240,097 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Tuya by 4.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 279,649 shares of the company’s stock worth $828,000 after buying an additional 11,645 shares during the last quarter. Finally, Renaissance Technologies LLC bought a new stake in shares of Tuya in the 1st quarter worth approximately $279,000. 11.47% of the stock is currently 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.