Tuya (NYSE:TUYA) Shares Up 1.8% - What's Next?

Shares of Tuya Inc. Sponsored ADR (NYSE:TUYA - Get Free Report) shot up 1.8% on Friday . The company traded as high as $2.60 and last traded at $2.59. 1,300,674 shares traded hands during mid-day trading, a decline of 6% from the average session volume of 1,381,061 shares. The stock had previously closed at $2.54.

Wall Street Analyst Weigh In

A number of research firms have weighed in on TUYA. Wall Street Zen lowered Tuya from a "buy" rating to a "hold" rating in a research note on Saturday, August 30th. Weiss Ratings reiterated a "hold (c)" rating on shares of Tuya in a research note on Saturday, September 27th. Finally, Jefferies Financial Group initiated coverage on Tuya in a research report on Tuesday, August 5th. They set a "buy" rating and a $3.49 price target on the stock. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, Tuya currently has a consensus rating of "Moderate Buy" and a consensus target price of $3.49.

Tuya Trading Up 1.8%

The business has a 50-day moving average price of $2.51 and a 200-day moving average price of $2.52. The firm has a market cap of $1.40 billion, a P/E ratio of 51.71 and a beta of 0.46.

Tuya Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, October 20th. Shareholders of record on Thursday, September 11th will be paid a $0.054 dividend. This represents a $0.22 annualized dividend and a yield of 8.4%. The ex-dividend date is Thursday, September 11th.

Hedge Funds Weigh In On Tuya

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Baader Bank Aktiengesellschaft purchased a new position in Tuya in the first quarter valued at about $32,000. Nomura Holdings Inc. purchased a new position in Tuya in the first quarter valued at about $85,000. Belvedere Trading LLC purchased a new position in Tuya in the first quarter valued at about $120,000. Russell Investments Group Ltd. purchased a new position in Tuya in the first quarter valued at about $244,000. Finally, Virtu Financial LLC grew its stake in Tuya by 312.3% in the first quarter. Virtu Financial LLC now owns 92,828 shares of the company's stock valued at $281,000 after purchasing an additional 70,315 shares during the last quarter. Hedge funds and other 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.