Tuya (NYSE:TUYA) Given "Hold (C)" Rating at Weiss Ratings

Key Points

• Tuya's stock has been given a "hold (C)" rating by Weiss Ratings, with an average rating of "Moderate Buy" and a price target of $3.49.
• In mid-day trading, Tuya's shares reached $2.58, with a market cap of $1.40 billion and a price-to-earnings ratio of 51.61.
• Institutional investors have recently increased their stakes in Tuya, with significant new positions by Major firms like Principal Financial Group and Allianz Asset Management.

Tuya (NYSE:TUYA - Get Free Report)'s stock had its "hold (c)" rating reissued by stock analysts at Weiss Ratings in a report released on Wednesday,Weiss Ratings reports.

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

Tuya Stock Performance

Shares of TUYA traded up $0.02 during mid-day trading on Wednesday, hitting $2.58. 625,386 shares of the company's stock were exchanged, compared to its average volume of 2,628,412. The company has a market cap of $1.40 billion, a price-to-earnings ratio of 51.61 and a beta of 0.46. Tuya has a fifty-two week low of $1.46 and a fifty-two week high of $4.63. The stock's 50-day moving average is $2.51 and its 200-day moving average is $2.50.

Institutional Investors Weigh In On Tuya

Hedge funds and other institutional investors have recently bought and sold shares of the business. Principal Financial Group Inc. acquired a new position in Tuya in the 1st quarter valued at about $22,385,000. Allianz Asset Management GmbH acquired a new position in Tuya in the 1st quarter valued at about $12,101,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in Tuya in the 1st quarter valued at about $7,198,000. Canada Pension Plan Investment Board acquired a new position in Tuya in the 1st quarter valued at about $4,453,000. Finally, Acadian Asset Management LLC grew its holdings in Tuya by 35.4% in the 1st quarter. Acadian Asset Management LLC now owns 3,824,150 shares of the company's stock valued at $11,569,000 after buying an additional 999,862 shares during the period. Institutional investors and hedge funds own 11.47% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.