Jefferies Financial Group Begins Coverage on Tuya (NYSE:TUYA)

Key Points

• Jefferies Financial Group has initiated coverage on Tuya (NYSE:TUYA) with a buy rating, indicating positive outlook for the stock.
• Tuya's recent quarterly earnings saw a reported EPS of $0.02, meeting analyst expectations, along with revenues of $74.69 million, surpassing estimates.
• Several institutional investors have significantly increased their stakes in Tuya, with Arrowstreet Capital boosting its holdings by 497% in the fourth quarter.

Jefferies Financial Group assumed coverage on shares of Tuya (NYSE:TUYA - Free Report) in a research note issued to investors on Tuesday, MarketBeat.com reports. The brokerage issued a buy rating and a $3.49 price target on the stock.

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

Tuya Stock Up 2.0%

NYSE TUYA traded up $0.05 on Tuesday, reaching $2.52. The company had a trading volume of 805,657 shares, compared to its average volume of 1,706,883. The stock has a market capitalization of $1.36 billion, a P/E ratio of 63.02 and a beta of 0.46. The company's fifty day moving average is $2.49 and its 200 day moving average is $2.71. Tuya has a 52-week low of $1.28 and a 52-week high of $4.63.

Tuya (NYSE:TUYA - Get Free Report) last released its quarterly 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 during the quarter, compared to analyst estimates of $73.20 million. Tuya had a return on equity of 2.22% and a net margin of 6.28%.

Institutional Investors Weigh In On Tuya

Large investors have recently made changes to their positions in the business. Arrowstreet Capital Limited Partnership increased its position in shares of Tuya by 497.0% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,144,103 shares of the company's stock valued at $3,838,000 after purchasing an additional 1,784,940 shares during the last quarter. Two Sigma Advisers LP increased its position in shares of Tuya by 250.7% during the 4th quarter. Two Sigma Advisers LP now owns 404,300 shares of the company's stock valued at $724,000 after purchasing an additional 289,000 shares during the last quarter. Barclays PLC increased its position in shares of Tuya by 60.5% during the 4th quarter. Barclays PLC now owns 434,814 shares of the company's stock valued at $778,000 after purchasing an additional 163,971 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Tuya by 60.0% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 560,101 shares of the company's stock worth $1,003,000 after acquiring an additional 209,985 shares during the period. Finally, Principal Financial Group Inc. purchased a new stake in Tuya in the 1st quarter worth about $22,385,000. 11.47% of the stock is owned by hedge funds and other institutional investors.

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.