Tuya (NYSE:TUYA) Shares Gap Up Following Dividend Announcement

Key Points

• Tuya Inc. announced a dividend of $0.054 per share, resulting in shares gapping up from $2.64 to $2.80 prior to trading on Wednesday.
• The dividend payment, amounting to an annualized total of $0.22 and a yield of 8.3%, is set for October 13th for stockholders of record as of September 11th.
• Research analysts have mixed views on Tuya, with Wall Street Zen downgrading its rating to "buy" but maintaining an average target price of $3.49.

Tuya Inc. Sponsored ADR (NYSE:TUYA - Get Free Report) gapped up prior to trading on Wednesday following a dividend announcement from the company. The stock had previously closed at $2.64, but opened at $2.80. Tuya shares last traded at $2.59, with a volume of 2,779,615 shares traded. The newly announced dividend which will be paid on Monday, October 13th. Stockholders of record on Thursday, September 11th will be given a $0.054 dividend. This represents a $0.22 dividend on an annualized basis and a dividend yield of 8.3%.

Analyst Ratings Changes

Several research analysts have recently issued reports on TUYA shares. Wall Street Zen lowered Tuya from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 22nd. Jefferies Financial Group started coverage on Tuya in a research report on Tuesday, August 5th. They issued a "buy" rating and a $3.49 target price for the company. One investment analyst has rated the stock with a Buy rating, According to data from MarketBeat, the company has an average rating of "Buy" and an average price target of $3.49.

Tuya Price Performance

The company has a market cap of $1.41 billion, a P/E ratio of 64.94 and a beta of 0.46. The company's 50-day moving average is $2.44 and its two-hundred day moving average is $2.70.

Institutional Investors Weigh In On Tuya

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Barclays PLC boosted its stake in Tuya by 60.5% in the 4th quarter. Barclays PLC now owns 434,814 shares of the company's stock worth $778,000 after purchasing an additional 163,971 shares during the period. Price T Rowe Associates Inc. MD bought a new stake in shares of Tuya in the 4th quarter valued at approximately $2,292,000. Boothbay Fund Management LLC grew its stake in shares of Tuya by 46.0% during the fourth quarter. Boothbay Fund Management LLC now owns 20,000 shares of the company's stock valued at $36,000 after buying an additional 6,300 shares during the last quarter. Northern Trust Corp grew its stake in shares of Tuya by 108.0% during the fourth quarter. Northern Trust Corp now owns 423,721 shares of the company's stock valued at $758,000 after buying an additional 220,056 shares during the last quarter. Finally, BNP Paribas Financial Markets bought a new position in shares of Tuya during the fourth quarter valued at approximately $121,000. Institutional investors 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.

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