Tuya (NYSE:TUYA) Sees Strong Trading Volume – Here’s Why

Tuya Inc. Sponsored ADR (NYSE:TUYA) shares saw an uptick in trading volume on Monday . 1,852,594 shares were traded during trading, an increase of 143% from the previous session’s volume of 762,719 shares.The stock last traded at $2.4350 and had previously closed at $2.20.

Wall Street Analysts Forecast Growth

TUYA has been the subject of several recent analyst reports. Weiss Ratings restated a “hold (c)” rating on shares of Tuya in a report on Wednesday, October 8th. Jefferies Financial Group reiterated a “buy” rating and issued a $3.61 price objective on shares of Tuya in a research report on Tuesday, November 25th. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $3.61.

Tuya Trading Up 8.0%

The stock has a market cap of $1.29 billion, a price-to-earnings ratio of 29.69 and a beta of 0.45. The company has a 50 day simple moving average of $2.20 and a 200-day simple moving average of $2.38.

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

Tuya Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, October 20th. Stockholders of record on Thursday, September 11th were paid a dividend of $0.054 per share. This represents a $0.22 annualized dividend and a dividend yield of 9.1%. The ex-dividend date of this dividend was Thursday, September 11th. Tuya’s dividend payout ratio (DPR) is currently 50.00%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Natixis Advisors LLC acquired a new stake in Tuya in the 3rd quarter valued at $246,000. SBI Securities Co. Ltd. grew its stake in Tuya by 329.9% in the third quarter. SBI Securities Co. Ltd. now owns 29,480 shares of the company’s stock valued at $73,000 after purchasing an additional 22,622 shares in the last quarter. New York State Common Retirement Fund bought a new position in Tuya in the third quarter valued at approximately $51,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Tuya by 45.8% during 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 purchasing an additional 256,418 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised 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 purchasing an additional 157,978 shares in the last quarter. Institutional investors and hedge funds 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.