Tuya (NYSE:TUYA) Stock Price Up 0.2% - Here's Why

Key Points

• Shares rose 0.2% to $2.4950 during mid-day trading with volume down about 40% versus average (529,675 vs. 883,888 shares).
• Jefferies reiterated a "Buy" rating with a $3.69 price target, and the consensus from analysts is a Moderate Buy with an average price target of $3.69.
• Tuya reported quarterly EPS of $0.03 on $84.49 million in revenue and announced a $0.0605 dividend payable April 21 (record/ex-dividend date March 18); market cap is roughly $1.36 billion with a P/E of 27.73.

Shares of Tuya Inc. Sponsored ADR (NYSE:TUYA - Get Free Report) shot up 0.2% during mid-day trading on Monday . The stock traded as high as $2.50 and last traded at $2.4950. 529,675 shares changed hands during trading, a decline of 40% from the average session volume of 883,888 shares. The stock had previously closed at $2.49.

Analyst Upgrades and Downgrades

Separately, Jefferies Financial Group restated a "buy" rating and issued a $3.69 price target on shares of Tuya in a research report on Tuesday, March 3rd. One equities research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $3.69.

Tuya Trading Up 0.2%

The company has a market cap of $1.36 billion, a price-to-earnings ratio of 27.73 and a beta of 0.44. The stock has a 50 day moving average price of $2.37 and a two-hundred day moving average price of $2.29.

Tuya (NYSE:TUYA - Get Free Report) last announced its quarterly earnings data on Saturday, February 14th. The company reported $0.03 EPS for the quarter. Tuya had a return on equity of 5.75% and a net margin of 17.99%.The business had revenue of $84.49 million during the quarter. On average, equities analysts forecast that Tuya Inc. Sponsored ADR will post 0.1 EPS for the current fiscal year.

Tuya Dividend Announcement

The business also recently announced a dividend, which will be paid on Tuesday, April 21st. Stockholders of record on Wednesday, March 18th will be given a dividend of $0.0605 per share. The ex-dividend date is Wednesday, March 18th.

Institutional Trading of Tuya

A number of hedge funds have recently modified their holdings of TUYA. Natixis Advisors LLC bought a new position in Tuya during the 3rd quarter worth approximately $246,000. SBI Securities Co. Ltd. increased its stake in Tuya by 329.9% in the third quarter. SBI Securities Co. Ltd. now owns 29,480 shares of the company's stock valued at $73,000 after purchasing an additional 22,622 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in 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 purchasing an additional 256,418 shares during the period. Goldman Sachs Group Inc. raised its holdings in 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 purchasing an additional 157,978 shares during the period. Finally, SG Americas Securities LLC bought a new position in shares of Tuya during the first quarter worth $128,000. 11.47% of the stock is currently owned by institutional investors and hedge funds.

About Tuya

Tuya Inc is a global Internet of Things (IoT) platform provider that enables brands, OEMs and developers to create smart products and solutions. The company offers a suite of cloud services, connectivity modules and software development kits designed to support the full lifecycle of IoT devices. Tuya’s platform is built to facilitate rapid prototyping, secure device management and scalable data analytics, with an emphasis on interoperable solutions for smart homes, commercial buildings and industrial applications.

At the core of Tuya’s offering is its IoT operating system, which integrates device hardware, network protocols and application-level services into a unified framework.

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