Tuya (NYSE:TUYA) Trading Up 8.3% – What’s Next?

Tuya Inc. Sponsored ADR (NYSE:TUYA) shares rose 8.3% on Friday . The stock traded as high as $2.30 and last traded at $2.2950. Approximately 1,049,686 shares traded hands during mid-day trading, a decline of 5% from the average daily volume of 1,109,987 shares. The stock had previously closed at $2.12.

Wall Street Analyst Weigh In

Separately, Jefferies Financial Group reaffirmed a “buy” rating and set a $3.61 price target on shares of Tuya in a research note on Tuesday, November 25th. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $3.61.

Tuya Price Performance

The firm has a market capitalization of $1.19 billion, a P/E ratio of 27.44 and a beta of 0.45. The firm has a 50-day moving average price of $2.18 and a two-hundred day moving average price of $2.32.

Tuya (NYSE:TUYA) last posted its quarterly 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 previous year, the company posted $0.04 earnings per share.

Institutional Trading of Tuya

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

Tuya Company Profile

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.