Tuya Inc. Sponsored ADR (NYSE:TUYA) Short Interest Down 34.6% in August

Key Points

• Tuya Inc. experienced a significant decrease in short interest of 34.6% in August, with total short interest dropping from 3,930,000 shares to 2,570,000 shares.
• The company has declared a quarterly dividend of $0.054 per share, representing an annualized dividend of $0.22 and a yield of 8.6%.
• Currently, Tuya has a Buy rating from one analyst, with an average target price of $3.49, despite a downgrade to "hold" from another research firm.

Tuya Inc. Sponsored ADR (NYSE:TUYA - Get Free Report) was the target of a significant decrease in short interest during the month of August. As of August 15th, there was short interest totaling 2,570,000 shares, adecreaseof34.6% from the July 31st total of 3,930,000 shares. Based on an average daily volume of 1,890,000 shares, the days-to-cover ratio is presently 1.4 days. Currently,0.6% of the shares of the company are short sold. Currently,0.6% of the shares of the company are short sold. Based on an average daily volume of 1,890,000 shares, the days-to-cover ratio is presently 1.4 days.

Tuya Stock Performance

Shares of Tuya stock traded up $0.04 on Friday, hitting $2.52. 1,944,219 shares of the company's stock were exchanged, compared to its average volume of 1,830,937. The stock has a market capitalization of $1.36 billion, a PE ratio of 50.31 and a beta of 0.47. Tuya has a 1 year low of $1.28 and a 1 year high of $4.63. The company has a 50-day simple moving average of $2.48 and a 200-day simple moving average of $2.67.

Tuya Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 20th. Stockholders of record on Thursday, September 11th will be issued a $0.054 dividend. The ex-dividend date is Thursday, September 11th. This represents a $0.22 annualized dividend and a dividend yield of 8.6%. Tuya's payout ratio is currently 80.00%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Baader Bank Aktiengesellschaft acquired a new stake in Tuya during the first quarter worth about $32,000. Numerai GP LLC purchased a new stake in shares of Tuya during the 4th quarter worth approximately $41,000. Cubist Systematic Strategies LLC lifted its position in shares of Tuya by 36.8% during the 4th quarter. Cubist Systematic Strategies LLC now owns 90,571 shares of the company's stock worth $162,000 after buying an additional 24,377 shares during the last quarter. Nomura Holdings Inc. purchased a new stake in Tuya in the 1st quarter valued at $85,000. Finally, Belvedere Trading LLC acquired a new position in Tuya in the 1st quarter valued at $120,000. Institutional investors and hedge funds own 11.47% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Jefferies Financial Group assumed coverage on Tuya in a research report on Tuesday, August 5th. They set a "buy" rating and a $3.49 target price on the stock. Wall Street Zen downgraded Tuya from a "buy" rating to a "hold" rating in a research note on Saturday, August 30th. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average target price of $3.49.

Tuya Company 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.

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