Connor Clark & Lunn Investment Management Ltd. Raises Position in Tuya Inc. Sponsored ADR (NYSE:TUYA)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in Tuya Inc. by 40.1% during Q1, owning over 2.1 million shares valued at approximately $6.5 million.
• Brokerages have mixed opinions on Tuya, with Jefferies Financial Group initiating coverage with a "buy" rating and a target price of $3.49, while Wall Street Zen downgraded from a "strong-buy" to a "buy" rating.
• Tuya's stock price fluctuated between a 12-month low of $1.28 and a high of $4.63, suggesting a volatile trading environment within the past year.

Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Tuya Inc. Sponsored ADR (NYSE:TUYA - Free Report) by 40.1% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 2,143,529 shares of the company's stock after purchasing an additional 613,238 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.40% of Tuya worth $6,495,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in TUYA. Barclays PLC increased its holdings in Tuya by 60.5% during the 4th quarter. Barclays PLC now owns 434,814 shares of the company's stock worth $778,000 after purchasing an additional 163,971 shares in the last quarter. Marshall Wace LLP increased its holdings in Tuya by 1.8% during the 4th quarter. Marshall Wace LLP now owns 1,204,026 shares of the company's stock worth $2,155,000 after purchasing an additional 21,424 shares in the last quarter. Price T Rowe Associates Inc. MD bought a new stake in Tuya during the 4th quarter worth approximately $2,292,000. Boothbay Fund Management LLC grew its holdings in shares of Tuya by 46.0% in the fourth quarter. Boothbay Fund Management LLC now owns 20,000 shares of the company's stock valued at $36,000 after acquiring an additional 6,300 shares in the last quarter. Finally, Northern Trust Corp grew its holdings in shares of Tuya by 108.0% in the fourth quarter. Northern Trust Corp now owns 423,721 shares of the company's stock valued at $758,000 after acquiring an additional 220,056 shares in the last quarter. 11.47% of the stock is owned by institutional investors.

Tuya Price Performance

Shares of TUYA traded down $0.04 during mid-day trading on Friday, hitting $2.38. The stock had a trading volume of 1,655,238 shares, compared to its average volume of 1,385,015. Tuya Inc. Sponsored ADR has a 52 week low of $1.28 and a 52 week high of $4.63. The business has a fifty day moving average price of $2.48 and a 200-day moving average price of $2.72. The firm has a market cap of $1.28 billion, a P/E ratio of 59.51 and a beta of 0.46.

Tuya (NYSE:TUYA - Get Free Report) last posted 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. The firm had revenue of $74.69 million for the quarter, compared to the consensus estimate of $73.20 million. Tuya had a return on equity of 2.22% and a net margin of 6.28%.

Wall Street Analyst Weigh In

TUYA has been the subject of several recent analyst reports. Jefferies Financial Group initiated coverage on Tuya in a report on Tuesday, August 5th. They issued a "buy" rating and a $3.49 target price for the company. Wall Street Zen lowered Tuya from a "strong-buy" rating to a "buy" rating in a report on Thursday, May 22nd.

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.