Tuya Inc. (NASDAQ:TUYA)’s share price dropped 3.7% during trading on Tuesday . The stock traded as low as $19.78 and last traded at $19.83. Approximately 1,293 shares were traded during trading, a decline of 100% from the average daily volume of 1,087,316 shares. The stock had previously closed at $20.60.
A number of equities analysts have recently weighed in on TUYA shares. Morgan Stanley assumed coverage on shares of Tuya in a research note on Monday, April 12th. They issued an “overweight” rating and a $26.00 price target on the stock. Bank of America upgraded Tuya from a “neutral” rating to a “buy” rating and reduced their price target for the company from $25.00 to $22.00 in a report on Thursday, May 20th. Finally, Zacks Investment Research downgraded Tuya from a “hold” rating to a “sell” rating in a report on Tuesday.
The stock’s fifty day moving average price is $22.26.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Caas Capital Management LP bought a new stake in Tuya during the first quarter valued at about $9,655,000. JPMorgan Chase & Co. acquired a new stake in Tuya in the 1st quarter valued at approximately $89,683,000. Penserra Capital Management LLC bought a new position in Tuya in the 1st quarter worth approximately $15,137,000. Franklin Resources Inc. acquired a new position in shares of Tuya during the first quarter worth approximately $630,000. Finally, Rokos Capital Management LLP bought a new stake in shares of Tuya in the first quarter valued at approximately $264,000. Hedge funds and other institutional investors own 7.51% of the company’s stock.
About Tuya (NASDAQ:TUYA)
Tuya Inc operates an Internet of Things (IoT) cloud platform worldwide. It provides IoT cloud platform that delivers a suite of offerings, including Platform-as-a-Service (PaaS) and Software-as-a-Service (SaaS) to original equipment manufacturers, industry operators, and system integrators. The company's IoT PaaS enables businesses and developers to develop, launch, manage, and monetize software-enabled devices and services; and industry SaaS offering enables businesses to deploy, connect, and manage various types of smart devices.
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