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

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.

Wall Street Analysts Forecast Growth

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

Tuya Stock Performance

The firm's 50-day simple moving average is $2.53 and its 200 day simple moving average is $2.43. The stock has a market capitalization of $1.31 billion, a P/E ratio of -80.83 and a beta of 0.46.

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

Tuya Dividend Announcement

The company also recently declared a -- dividend, which was paid on Tuesday, April 15th. Stockholders of record on Thursday, March 13th were issued a dividend of $0.0608 per share. This represents a dividend yield of 6.1%. The ex-dividend date of this dividend was Thursday, March 13th. Tuya's dividend payout ratio (DPR) is presently 100.00%.

Hedge Funds Weigh In On Tuya

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