Tuya (NYSE:TUYA) Shares Down 6.8% - What's Next?

Tuya Inc. (NYSE:TUYA - Get Free Report)'s stock price fell 6.8% during trading on Friday . The stock traded as low as $2.56 and last traded at $2.55. 322,886 shares changed hands during trading, a decline of 83% from the average session volume of 1,914,824 shares. The stock had previously closed at $2.73.

Analyst Ratings Changes

Separately, Wall Street Zen downgraded Tuya from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 22nd.

Tuya Price Performance

The firm has a market capitalization of $1.41 billion, a price-to-earnings ratio of -86.83 and a beta of 0.47. The business has a fifty day moving average price of $2.39 and a two-hundred day moving average price of $2.54.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Acadian Asset Management LLC grew its position in 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 purchasing an additional 999,862 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Tuya by 45.8% in 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 during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Tuya by 75.2% in the first quarter. Goldman Sachs Group Inc. now owns 368,011 shares of the company's stock worth $1,115,000 after buying an additional 157,978 shares during the last quarter. Nomura Holdings Inc. acquired a new stake in Tuya during the first quarter worth about $85,000. Finally, Canada Pension Plan Investment Board purchased a new position in Tuya during the first quarter valued at approximately $4,453,000. 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.