Tuya (NYSE:TUYA) Stock Price Up 11% - Should You Buy?

Tuya Inc. (NYSE:TUYA - Get Free Report)'s stock price was up 11% on Tuesday . The stock traded as high as $2.55 and last traded at $2.69. Approximately 395,782 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 1,812,786 shares. The stock had previously closed at $2.42.

Analyst Upgrades and Downgrades

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

Tuya Trading Up 2.1%

The stock has a market capitalization of $1.41 billion, a P/E ratio of -87.53 and a beta of 0.46. The company's 50-day moving average is $2.46 and its two-hundred day moving average is $2.44.

Tuya (NYSE:TUYA - Get Free Report) last released its quarterly earnings results on Tuesday, May 20th. The company reported $0.02 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 for the quarter, compared to the consensus estimate of $73.20 million.

Tuya Announces Dividend

The firm also recently disclosed a -- dividend, which was paid on Tuesday, April 15th. Stockholders of record on Thursday, March 13th were paid a $0.0608 dividend. The ex-dividend date of this dividend was Thursday, March 13th. This represents a dividend yield of 6.1%. Tuya's dividend payout ratio is currently 100.00%.

Hedge Funds Weigh In On Tuya

Hedge funds have recently made changes to their positions in the business. Arrowstreet Capital Limited Partnership grew its stake in shares of Tuya by 497.0% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,144,103 shares of the company's stock worth $3,838,000 after purchasing an additional 1,784,940 shares during the last quarter. Barclays PLC increased its position in shares of Tuya by 60.5% in the fourth quarter. Barclays PLC now owns 434,814 shares of the company's stock worth $778,000 after acquiring an additional 163,971 shares in the last quarter. Wexford Capital LP purchased a new position in shares of Tuya in the fourth quarter worth approximately $341,000. Price T Rowe Associates Inc. MD purchased a new position in shares of Tuya in the fourth quarter worth approximately $2,292,000. Finally, Pictet Asset Management Holding SA increased its position in shares of Tuya by 188.2% in the fourth quarter. Pictet Asset Management Holding SA now owns 292,601 shares of the company's stock worth $524,000 after acquiring an additional 191,085 shares in the last quarter. Institutional investors and hedge funds 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.