Tuya (NYSE:TUYA) Stock Price Down 2.4% – Should You Sell?

Tuya Inc. Sponsored ADR (NYSE:TUYA)’s stock price fell 2.4% during mid-day trading on Thursday . The stock traded as low as $2.22 and last traded at $2.2250. 306,056 shares traded hands during trading, a decline of 53% from the average session volume of 646,744 shares. The stock had previously closed at $2.28.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on TUYA shares. Weiss Ratings reissued a “hold (c)” rating on shares of Tuya in a research report on Wednesday, October 8th. Jefferies Financial Group reiterated a “buy” rating and issued a $3.61 target price 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 assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $3.61.

Tuya Stock Performance

The stock has a market cap of $1.20 billion, a P/E ratio of 27.82 and a beta of 0.45. The business has a 50 day simple moving average of $2.20 and a 200-day simple moving average of $2.38.

Tuya (NYSE:TUYA) last released 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). The business had revenue of $82.49 million for the quarter, compared to the consensus estimate of $81.62 million. Tuya had a return on equity of 4.84% and a net margin of 15.14%.During the same quarter in the previous year, the firm earned $0.04 earnings per share.

Tuya Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, October 20th. Stockholders of record on Thursday, September 11th were given a dividend of $0.054 per share. This represents a $0.22 dividend on an annualized basis and a dividend yield of 9.7%. The ex-dividend date of this dividend was Thursday, September 11th.

Institutional Investors Weigh In On Tuya

Several large investors have recently modified their holdings of TUYA. New York State Common Retirement Fund purchased a new position in Tuya in the third quarter valued at approximately $51,000. SBI Securities Co. Ltd. lifted its position in shares of Tuya by 329.9% during the 3rd quarter. SBI Securities Co. Ltd. now owns 29,480 shares of the company’s stock valued at $73,000 after buying an additional 22,622 shares during the last quarter. Natixis Advisors LLC bought a new position in shares of Tuya during the 3rd quarter worth $246,000. Goldman Sachs Group Inc. grew its stake in shares of Tuya by 75.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 368,011 shares of the company’s stock worth $1,115,000 after acquiring an additional 157,978 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Tuya by 45.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 816,519 shares of the company’s stock worth $2,474,000 after acquiring an additional 256,418 shares during the last quarter. Hedge funds and other institutional investors own 11.47% of the company’s stock.

About Tuya

Tuya Inc is a global Internet of Things (IoT) platform provider that enables brands, OEMs and developers to create smart products and solutions. The company offers a suite of cloud services, connectivity modules and software development kits designed to support the full lifecycle of IoT devices. Tuya’s platform is built to facilitate rapid prototyping, secure device management and scalable data analytics, with an emphasis on interoperable solutions for smart homes, commercial buildings and industrial applications.

At the core of Tuya’s offering is its IoT operating system, which integrates device hardware, network protocols and application-level services into a unified framework.