Tuya (NYSE:TUYA) Shares Up 5% - Here's Why

Tuya Inc. Sponsored ADR (NYSE:TUYA - Get Free Report)'s stock price was up 5% during trading on Tuesday . The stock traded as high as $2.66 and last traded at $2.65. Approximately 486,349 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 2,034,747 shares. The stock had previously closed at $2.52.

Analysts Set New Price Targets

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

Tuya Price Performance

The firm has a market cap of $1.34 billion, a price-to-earnings ratio of 62.27 and a beta of 0.46. The firm's 50 day moving average price is $2.53 and its two-hundred day moving average price is $2.64.

Tuya (NYSE:TUYA - Get Free Report) last announced its quarterly earnings data on Tuesday, May 20th. The company reported $0.02 EPS for the quarter, meeting analysts' consensus estimates of $0.02. Tuya had a net margin of 6.28% and a return on equity of 2.22%. The firm had revenue of $74.69 million during the quarter, compared to the consensus estimate of $73.20 million.

Institutional Trading of Tuya

A number of institutional investors have recently added to or reduced their stakes in the business. Principal Financial Group Inc. purchased a new stake in Tuya during the 1st quarter worth $22,385,000. Allianz Asset Management GmbH purchased a new stake in shares of Tuya during the first quarter worth about $12,101,000. Acadian Asset Management LLC increased its position in shares of Tuya by 35.4% during the first quarter. Acadian Asset Management LLC now owns 3,824,150 shares of the company's stock worth $11,569,000 after acquiring an additional 999,862 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in shares of Tuya during the first quarter worth about $7,198,000. Finally, Arrowstreet Capital Limited Partnership increased its position in shares of Tuya by 497.0% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,144,103 shares of the company's stock worth $3,838,000 after acquiring an additional 1,784,940 shares during the last quarter. 11.47% of the stock is owned by hedge funds and other institutional investors.

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.