Tuya (NYSE:TUYA) Shares Gap Up to $1.61

Tuya Inc. (NYSE:TUYA)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $1.61, but opened at $1.68. Tuya shares last traded at $1.68, with a volume of 29,301 shares.

Wall Street Analyst Weigh In

Separately, The Goldman Sachs Group upgraded shares of Tuya from a “neutral” rating to a “buy” rating in a research report on Monday, January 8th.

Tuya Stock Performance

The business’s 50-day simple moving average is $1.80 and its two-hundred day simple moving average is $1.87.

Tuya (NYSE:TUYA) last announced its quarterly earnings results on Tuesday, February 27th. The company reported ($0.01) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.01). The business had revenue of $64.41 million during the quarter, compared to analysts’ expectations of $61.94 million. Tuya had a negative net margin of 26.23% and a negative return on equity of 4.66%. Equities research analysts anticipate that Tuya Inc. will post -0.04 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in TUYA. Russell Investments Group Ltd. purchased a new position in shares of Tuya in the 4th quarter valued at about $73,000. IvyRock Asset Management HK Ltd purchased a new position in Tuya during the 4th quarter valued at about $322,000. Krane Funds Advisors LLC increased its holdings in Tuya by 12.6% during the 3rd quarter. Krane Funds Advisors LLC now owns 341,122 shares of the company’s stock valued at $529,000 after acquiring an additional 38,115 shares in the last quarter. California Public Employees Retirement System increased its holdings in Tuya by 10.5% during the 4th quarter. California Public Employees Retirement System now owns 459,742 shares of the company’s stock valued at $1,057,000 after acquiring an additional 43,778 shares in the last quarter. Finally, Carmignac Gestion increased its holdings in Tuya by 24.2% during the 4th quarter. Carmignac Gestion now owns 4,890,200 shares of the company’s stock valued at $11,247,000 after acquiring an additional 952,100 shares in the last quarter. Hedge funds and other institutional investors own 11.47% of the company’s stock.

About Tuya

Tuya Inc offers Internet of Things (IoT) cloud development platform in the People's Republic of China and internationally. The company provides IoT platform-as-a-service that enables brands, original equipment manufacturers, and developers to develop, launch, manage, and monetize software-enabled smart devices and services; and industry software-as-a-service, which enables businesses to deploy, connect, and manage various types of smart devices.