Tuya Inc. Sponsored ADR (NYSE:TUYA) Sees Significant Growth in Short Interest

Key Points

• Tuya Inc. reported a significant increase in short interest of 27.2%, reaching 3,270,000 shares as of August 31st.
• Despite a recent downgrade from Wall Street Zen to a "hold" rating, Tuya maintains an overall average rating of "Buy" with a consensus target price of $3.49.
• Tuya's quarterly dividend, scheduled for October 20th, will be $0.054 per share, representing an annual yield of 8.3%.

Tuya Inc. Sponsored ADR (NYSE:TUYA - Get Free Report) was the target of a significant increase in short interest in the month of August. As of August 31st, there was short interest totaling 3,270,000 shares, an increase of 27.2% from the August 15th total of 2,570,000 shares. Approximately 0.7% of the company's stock are sold short. Based on an average daily trading volume, of 1,830,000 shares, the short-interest ratio is presently 1.8 days. Based on an average daily trading volume, of 1,830,000 shares, the short-interest ratio is presently 1.8 days. Approximately 0.7% of the company's stock are sold short.

Hedge Funds Weigh In On Tuya

A number of hedge funds have recently made changes to their positions in TUYA. Principal Financial Group Inc. bought a new position in shares of Tuya in the first quarter valued at approximately $22,385,000. Allianz Asset Management GmbH bought a new position in shares of Tuya during the first quarter worth $12,101,000. Acadian Asset Management LLC boosted its holdings in Tuya by 35.4% during the 1st quarter. Acadian Asset Management LLC now owns 3,824,150 shares of the company's stock valued at $11,569,000 after acquiring an additional 999,862 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in shares of Tuya during the 1st quarter worth $7,198,000. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Tuya by 40.1% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,143,529 shares of the company's stock valued at $6,495,000 after purchasing an additional 613,238 shares during the period. 11.47% of the stock is currently owned by institutional investors.

Tuya Trading Down 0.4%

Shares of NYSE TUYA traded down $0.01 during mid-day trading on Friday, reaching $2.62. The company had a trading volume of 1,734,667 shares, compared to its average volume of 2,029,221. The company has a 50-day moving average price of $2.51 and a two-hundred day moving average price of $2.60. Tuya has a 1-year low of $1.28 and a 1-year high of $4.63. The stock has a market cap of $1.41 billion, a PE ratio of 52.41 and a beta of 0.47.

Tuya Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 20th. Stockholders of record on Thursday, September 11th will be given a $0.054 dividend. This represents a $0.22 dividend on an annualized basis and a dividend yield of 8.2%. The ex-dividend date of this dividend is Thursday, September 11th.

Analysts Set New Price Targets

Several research firms have recently commented on TUYA. Wall Street Zen cut Tuya from a "buy" rating to a "hold" rating in a research note on Saturday, August 30th. Jefferies Financial Group began coverage on shares of Tuya in a report on Tuesday, August 5th. They issued a "buy" rating and a $3.49 price target on the stock. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $3.49.

About Tuya

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.