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

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

Wall Street Analyst Weigh In

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

Tuya Trading Down 5.7%

The company has a 50-day moving average of $2.52 and a 200-day moving average of $2.63. The company has a market capitalization of $1.38 billion, a price-to-earnings ratio of 63.89 and a beta of 0.46.

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

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Acadian Asset Management LLC increased its holdings in shares of Tuya by 35.4% in the first quarter. Acadian Asset Management LLC now owns 3,824,150 shares of the company's stock valued at $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 increased its holdings 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 valued at $2,474,000 after purchasing an additional 256,418 shares during the period. Goldman Sachs Group Inc. grew its holdings in Tuya by 75.2% during the first quarter. Goldman Sachs Group Inc. now owns 368,011 shares of the company's stock worth $1,115,000 after acquiring an additional 157,978 shares during the period. Nomura Holdings Inc. acquired a new stake in Tuya during the first quarter worth about $85,000. Finally, Canada Pension Plan Investment Board acquired a new stake in Tuya during the first quarter worth about $4,453,000. 11.47% of the stock is owned by institutional investors and hedge funds.

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.