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

Key Points

• Tuya Inc. experienced a dramatic increase in short interest of 1,037.5% in July, raising its short interest to 3,490,000 shares from 306,800 shares at the end of June.
• Several institutional investors have recently increased their stakes in Tuya, with notable investments including a new stake valued at $85,000 from Nomura Holdings Inc.
• Despite the surge in short interest, Wall Street analysts have downgraded Tuya's rating from "strong-buy" to "buy" recently, reflecting cautious sentiment towards the stock.

Tuya Inc. Sponsored ADR (NYSE:TUYA - Get Free Report) saw a large increase in short interest in July. As of July 15th, there was short interest totaling 3,490,000 shares, anincreaseof1,037.5% from the June 30th total of 306,800 shares. Based on an average daily trading volume, of 2,070,000 shares, the short-interest ratio is currently 1.7 days. Currently,0.8% of the shares of the stock are sold short. Currently,0.8% of the shares of the stock are sold short. Based on an average daily trading volume, of 2,070,000 shares, the short-interest ratio is currently 1.7 days.

Tuya Stock Down 0.6%

Shares of NYSE:TUYA traded down $0.02 during trading on Wednesday, reaching $2.37. The stock had a trading volume of 1,725,310 shares, compared to its average volume of 2,929,111. The stock has a market cap of $1.28 billion, a P/E ratio of 59.14 and a beta of 0.46. Tuya has a fifty-two week low of $1.28 and a fifty-two week high of $4.63. The business has a fifty day moving average price of $2.49 and a 200-day moving average price of $2.70.

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

Institutional Trading of Tuya

Several institutional investors and hedge funds have recently bought and sold shares of the company. Baader Bank Aktiengesellschaft purchased a new position in shares of Tuya in the first quarter worth approximately $32,000. Boothbay Fund Management LLC grew its position 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 purchasing an additional 6,300 shares during the last quarter. Numerai GP LLC acquired a new stake in shares of Tuya in the fourth quarter worth $41,000. Nomura Holdings Inc. bought a new position in Tuya during the first quarter valued at about $85,000. Finally, Sei Investments Co. lifted its position in Tuya by 37.5% in the fourth quarter. Sei Investments Co. now owns 58,726 shares of the company's stock worth $105,000 after purchasing an additional 16,010 shares during the period. Institutional investors and hedge funds own 11.47% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on TUYA. Wall Street Zen cut Tuya from a "strong-buy" rating to a "buy" rating in a report on Thursday, May 22nd. Jefferies Financial Group initiated coverage on shares of Tuya in a research note on Tuesday. They issued a "buy" rating and a $3.49 price objective for the company.

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.