Wall Street Zen Downgrades Tuya (NYSE:TUYA) to Hold

Key Points

• Tuya has been downgraded from a "buy" rating to a "hold" rating by analysts at Wall Street Zen, as reported on Saturday.
• Jefferies Financial Group initiated coverage with a "buy" rating and identified a price target of $3.49 for Tuya's stock.
• Institutional investors have recently increased their holdings in Tuya, with notable purchases including Baader Bank and Boothbay Fund Management.

Tuya (NYSE:TUYA - Get Free Report) was downgraded by Wall Street Zen from a "buy" rating to a "hold" rating in a research report issued on Saturday.

Separately, Jefferies Financial Group initiated coverage on Tuya in a research note on Tuesday, August 5th. They set a "buy" rating and a $3.49 target price on the stock. One analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $3.49.

Tuya Stock Performance

Shares of TUYA traded down $0.04 during mid-day trading on Friday, reaching $2.55. 982,084 shares of the company's stock traded hands, compared to its average volume of 2,817,249. The business's 50-day moving average price is $2.47 and its 200-day moving average price is $2.68. The stock has a market capitalization of $1.37 billion, a P/E ratio of 50.91 and a beta of 0.47. Tuya has a 12 month low of $1.28 and a 12 month high of $4.63.

Hedge Funds Weigh In On Tuya

Hedge funds have recently bought and sold shares of the business. Acadian Asset Management LLC grew its holdings in Tuya by 35.4% during the first quarter. Acadian Asset Management LLC now owns 3,824,150 shares of the company's stock valued at $11,569,000 after purchasing an additional 999,862 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Tuya by 45.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 816,519 shares of the company's stock worth $2,474,000 after buying an additional 256,418 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in Tuya by 75.2% in the first quarter. Goldman Sachs Group Inc. now owns 368,011 shares of the company's stock valued at $1,115,000 after acquiring an additional 157,978 shares during the period. Nomura Holdings Inc. acquired a new position in shares of Tuya in the 1st quarter worth approximately $85,000. Finally, Canada Pension Plan Investment Board acquired a new position in Tuya during the first quarter worth $4,453,000. 11.47% of the stock is owned by institutional investors and hedge funds.

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.