Carmignac Gestion Cuts Holdings in Tuya Inc. Sponsored ADR $TUYA

Key Points

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Carmignac Gestion lessened its holdings in Tuya Inc. Sponsored ADR (NYSE:TUYA - Free Report) by 24.4% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 3,038,244 shares of the company's stock after selling 980,728 shares during the period. Carmignac Gestion owned 0.56% of Tuya worth $9,211,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the business. Principal Financial Group Inc. bought a new position in shares of Tuya during the 1st quarter valued at about $22,385,000. Allianz Asset Management GmbH purchased a new position in shares of Tuya during the first quarter worth approximately $12,101,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in shares of Tuya during the first quarter worth approximately $7,198,000. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Tuya by 40.1% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,143,529 shares of the company's stock worth $6,495,000 after acquiring an additional 613,238 shares during the period. Finally, Millennium Management LLC increased its position in shares of Tuya by 35.4% during the fourth quarter. Millennium Management LLC now owns 1,992,779 shares of the company's stock worth $3,567,000 after acquiring an additional 521,515 shares during the period. Hedge funds and other institutional investors own 11.47% of the company's stock.

Tuya Trading Up 3.2%

Shares of NYSE TUYA traded up $0.0750 during midday trading on Thursday, reaching $2.3950. The company had a trading volume of 1,826,101 shares, compared to its average volume of 1,217,615. The business's 50-day simple moving average is $2.44 and its 200 day simple moving average is $2.71. The stock has a market cap of $1.29 billion, a P/E ratio of 59.89 and a beta of 0.46. Tuya Inc. Sponsored ADR has a 1 year low of $1.28 and a 1 year high of $4.63.

Tuya (NYSE:TUYA - Get Free Report) last issued its earnings results on Tuesday, May 20th. The company reported $0.02 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.02. Tuya had a net margin of 6.28% and a return on equity of 2.22%. The firm had revenue of $74.69 million during the quarter, compared to analysts' expectations of $73.20 million.

Wall Street Analysts Forecast Growth

TUYA has been the topic of a number of recent research reports. Wall Street Zen downgraded shares of Tuya from a "strong-buy" rating to a "buy" rating in a research note on Thursday, May 22nd. Jefferies Financial Group began coverage on shares of Tuya in a research note on Tuesday, August 5th. They issued a "buy" rating and a $3.49 target price for the company. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, Tuya presently has an average rating of "Buy" and a consensus target price of $3.49.

Tuya Profile

Tuya Inc offers purpose-built Internet of Things (IoT) cloud development platform in the People's Republic of China and internationally. The company provides platform-as-a-service that enables business, original equipment manufacturers, brands, 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.