Tuya (NYSE:TUYA) Stock Price Up 5.1% – Here’s What Happened

Tuya Inc. Sponsored ADR (NYSE:TUYA)’s share price was up 5.1% on Friday . The stock traded as high as $2.33 and last traded at $2.3640. Approximately 607,094 shares were traded during mid-day trading, a decline of 60% from the average daily volume of 1,516,037 shares. The stock had previously closed at $2.25.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group reissued a “buy” rating and set a $3.69 price objective on shares of Tuya in a research note on Tuesday, March 3rd. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $3.69.

Tuya Price Performance

The firm has a market capitalization of $1.28 billion, a PE ratio of 26.28 and a beta of 0.41. The business’s 50 day moving average is $2.27 and its two-hundred day moving average is $2.32.

Tuya (NYSE:TUYA) last issued its quarterly earnings results on Monday, March 2nd. The company reported $0.03 EPS for the quarter, hitting analysts’ consensus estimates of $0.03. The firm had revenue of $84.49 million for the quarter, compared to analyst estimates of $79.53 million. Tuya had a net margin of 17.99% and a return on equity of 5.75%.

Tuya Announces Dividend

The company also recently declared a dividend, which will be paid on Tuesday, April 21st. Shareholders of record on Wednesday, March 18th will be given a dividend of $0.0605 per share. The ex-dividend date is Wednesday, March 18th.

Hedge Funds Weigh In On Tuya

Hedge funds and other institutional investors have recently modified their holdings of the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in 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 worth $2,474,000 after purchasing an additional 256,418 shares during the last quarter. Goldman Sachs Group Inc. grew 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 last quarter. Natixis Advisors LLC bought a new position in shares of Tuya during the third quarter valued at about $246,000. SBI Securities Co. Ltd. increased its holdings in shares of Tuya by 329.9% in the third 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 during the period. Finally, New York State Common Retirement Fund purchased a new position in shares of Tuya in the third quarter worth about $51,000. 11.47% of the stock is currently owned by hedge funds and other institutional investors.

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.