Tuya Inc. (NYSE:TUYA) Sees Large Decline in Short Interest

Tuya Inc. (NYSE:TUYA - Get Free Report) saw a significant drop in short interest during the month of May. As of May 15th, there was short interest totalling 4,130,000 shares, a drop of 12.9% from the April 30th total of 4,740,000 shares. Based on an average trading volume of 3,060,000 shares, the days-to-cover ratio is currently 1.3 days. Currently, 0.9% of the shares of the company are sold short.

Tuya Stock Performance

NYSE TUYA traded up $0.07 on Friday, hitting $2.74. 1,919,371 shares of the stock traded hands, compared to its average volume of 1,897,337. Tuya has a 12 month low of $1.28 and a 12 month high of $4.63. The business's fifty day moving average is $2.37 and its two-hundred day moving average is $2.50. The firm has a market capitalization of $1.48 billion, a price-to-earnings ratio of -91.33 and a beta of 0.47.

Tuya (NYSE:TUYA - Get Free Report) last issued its quarterly earnings data on Tuesday, May 20th. The company reported $0.02 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.02. Tuya had a negative return on equity of 0.58% and a negative net margin of 5.55%. The company had revenue of $74.69 million for the quarter, compared to the consensus estimate of $73.20 million.

Analysts Set New Price Targets

Separately, Wall Street Zen lowered Tuya from a "strong-buy" rating to a "buy" rating in a report on Thursday, May 22nd.

Hedge Funds Weigh In On Tuya

Large investors have recently bought and sold shares of the stock. Catalina Capital Group LLC purchased a new position in shares of Tuya during the fourth quarter valued at approximately $29,000. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Tuya by 141.5% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,530,291 shares of the company's stock valued at $2,739,000 after buying an additional 896,605 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in shares of Tuya by 157.9% during the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 29,200 shares of the company's stock valued at $52,000 after buying an additional 17,877 shares during the period. Virtu Financial LLC purchased a new position in shares of Tuya during the fourth quarter valued at approximately $40,000. Finally, Sei Investments Co. increased its stake in shares of Tuya by 37.5% during the fourth quarter. Sei Investments Co. now owns 58,726 shares of the company's stock valued at $105,000 after buying an additional 16,010 shares during the period. 11.47% of the stock is owned by hedge funds and other institutional investors.

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.