Tuya (NYSE:TUYA) Shares Gap Up - Time to Buy?

Shares of Tuya Inc. (NYSE:TUYA - Get Free Report) gapped up before the market opened on Wednesday . The stock had previously closed at $2.58, but opened at $2.66. Tuya shares last traded at $2.41, with a volume of 702,952 shares traded.

Analyst Ratings Changes

Separately, Wall Street Zen cut shares of Tuya from a "strong-buy" rating to a "buy" rating in a research note on Thursday.

Tuya Price Performance

The firm has a market cap of $1.31 billion, a PE ratio of -80.83 and a beta of 0.46. The business's 50 day moving average price is $2.53 and its 200 day moving average price is $2.41.

Tuya (NYSE:TUYA - Get Free Report) last released its earnings results on Tuesday, May 20th. The company reported $0.02 EPS for the quarter, hitting analysts' consensus estimates of $0.02. The business had revenue of $74.69 million during the quarter, compared to analysts' expectations of $73.20 million. Tuya had a negative net margin of 5.55% and a negative return on equity of 0.58%.

Tuya Announces Dividend

The firm also recently declared a -- dividend, which was paid on Tuesday, April 15th. Investors of record on Thursday, March 13th were given a dividend of $0.0608 per share. The ex-dividend date of this dividend was Thursday, March 13th. This represents a yield of 6.1%. Tuya's payout ratio is presently 400.00%.

Hedge Funds Weigh In On Tuya

Institutional investors and hedge funds have recently bought and sold shares of the business. Baader Bank Aktiengesellschaft acquired a new position in Tuya during the first quarter worth about $32,000. Catalina Capital Group LLC acquired a new position in Tuya during the fourth quarter worth about $29,000. Boothbay Fund Management LLC boosted its position in Tuya by 46.0% during the fourth quarter. Boothbay Fund Management LLC now owns 20,000 shares of the company's stock worth $36,000 after acquiring an additional 6,300 shares during the last quarter. Virtu Financial LLC acquired a new position in Tuya during the fourth quarter worth about $40,000. Finally, Numerai GP LLC acquired a new position in Tuya during the fourth quarter worth about $41,000. 11.47% of the stock is currently 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.