Tuya (NYSE:TUYA) Shares Down 5.7% - Time to Sell?

Shares of Tuya Inc. Sponsored ADR (NYSE:TUYA - Get Free Report) were down 5.7% during trading on Wednesday . The company traded as low as $2.52 and last traded at $2.56. Approximately 861,671 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 3,068,017 shares. The stock had previously closed at $2.71.

Analyst Upgrades and Downgrades

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

Tuya Stock 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 business's 50-day simple moving average is $2.53 and its two-hundred day simple moving average is $2.64.

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. The firm had revenue of $74.69 million for the quarter, compared to analysts' expectations of $73.20 million. Tuya had a return on equity of 2.22% and a net margin of 6.28%.

Hedge Funds Weigh In On Tuya

A number of large investors have recently modified their holdings of the company. Boothbay Fund Management LLC lifted its holdings in shares of Tuya by 46.0% in the 4th quarter. Boothbay Fund Management LLC now owns 20,000 shares of the company's stock worth $36,000 after purchasing an additional 6,300 shares in the last quarter. Baader Bank Aktiengesellschaft bought a new position in Tuya during the 1st quarter valued at $32,000. Sei Investments Co. lifted its stake in Tuya by 37.5% during the 4th quarter. Sei Investments Co. now owns 58,726 shares of the company's stock valued at $105,000 after acquiring an additional 16,010 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in Tuya by 157.9% during the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 29,200 shares of the company's stock valued at $52,000 after acquiring an additional 17,877 shares in the last quarter. Finally, Diametric Capital LP lifted its stake in Tuya by 12.6% during the 4th quarter. Diametric Capital LP now owns 160,853 shares of the company's stock valued at $288,000 after acquiring an additional 17,990 shares in the last quarter. 11.47% of the stock is currently owned by institutional investors.

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.