Tuya (NYSE:TUYA) Coverage Initiated by Analysts at Jefferies Financial Group

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 initiated coverage on shares of Tuya (NYSE:TUYA - Free Report) in a research report sent to investors on Tuesday morning, MarketBeat Ratings reports. The brokerage issued a buy rating and a $3.49 target price on the stock.

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

Tuya Stock Performance

Shares of Tuya stock opened at $2.37 on Tuesday. The stock has a market cap of $1.28 billion, a price-to-earnings ratio of 59.14 and a beta of 0.46. Tuya has a one year low of $1.28 and a one year high of $4.63. The stock has a 50 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 quarterly earnings results on Tuesday, May 20th. The company reported $0.02 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.02. The business had revenue of $74.69 million for the quarter, compared to analysts' expectations of $73.20 million. Tuya had a net margin of 6.28% and a return on equity of 2.22%.

Institutional Investors Weigh In On Tuya

A number of large investors have recently added to or reduced their stakes in the stock. Boothbay Fund Management LLC lifted its position in shares of Tuya by 46.0% in the 4th quarter. Boothbay Fund Management LLC now owns 20,000 shares of the company's stock worth $36,000 after purchasing an additional 6,300 shares during the period. Baader Bank Aktiengesellschaft acquired a new stake in shares of Tuya in the 1st quarter worth about $32,000. Sei Investments Co. increased its holdings in Tuya by 37.5% during the 4th quarter. Sei Investments Co. now owns 58,726 shares of the company's stock worth $105,000 after purchasing an additional 16,010 shares in the last quarter. Marshall Wace LLP lifted its holdings in shares of Tuya by 1.8% in the fourth quarter. Marshall Wace LLP now owns 1,204,026 shares of the company's stock valued at $2,155,000 after purchasing an additional 21,424 shares in the last quarter. Finally, Numerai GP LLC purchased a new position in shares of Tuya during the fourth quarter valued at approximately $41,000. Institutional investors and hedge funds own 11.47% of the company's stock.

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.