Tuya (NYSE:TUYA) Trading Down 4.8% – Here’s Why

Tuya Inc. Sponsored ADR (NYSE:TUYA)’s stock price dropped 4.8% during mid-day trading on Friday . The stock traded as low as $2.0550 and last traded at $2.0950. Approximately 421,428 shares were traded during trading, a decline of 71% from the average daily volume of 1,446,842 shares. The stock had previously closed at $2.20.

Analyst Upgrades and Downgrades

TUYA has been the topic of several research reports. Weiss Ratings restated a “hold (c)” rating on shares of Tuya in a report on Wednesday, April 22nd. Jefferies Financial Group restated a “buy” rating and set a $3.69 price objective on shares of Tuya in a report on Tuesday, March 3rd. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $3.69.

Tuya Stock Performance

The stock has a market capitalization of $1.14 billion, a price-to-earnings ratio of 20.95 and a beta of 0.43. The company has a quick ratio of 6.65, a current ratio of 6.94 and a debt-to-equity ratio of 0.01. The stock’s 50-day simple moving average is $2.24 and its 200 day simple moving average is $2.26.

Tuya (NYSE:TUYA) last announced its earnings results on Tuesday, March 31st. The company reported $0.03 earnings per share (EPS) for the quarter. Tuya had a net margin of 19.10% and a return on equity of 6.20%. The company had revenue of $80.88 million for the quarter. Analysts expect that Tuya Inc. Sponsored ADR will post 0.1 earnings per share for the current fiscal year.

Tuya Dividend Announcement

The firm also recently disclosed a dividend, which was paid on Tuesday, April 21st. Investors of record on Wednesday, March 18th were issued a $0.0605 dividend. The ex-dividend date was Wednesday, March 18th.

Hedge Funds Weigh In On Tuya

Large investors have recently bought and sold shares of the business. New York State Common Retirement Fund bought a new stake in Tuya in the third quarter valued at approximately $51,000. SBI Securities Co. Ltd. increased its position in shares of Tuya by 329.9% during the third quarter. SBI Securities Co. Ltd. now owns 29,480 shares of the company’s stock worth $73,000 after acquiring an additional 22,622 shares in the last quarter. SG Americas Securities LLC bought a new position in Tuya in the first quarter valued at $128,000. Natixis Advisors LLC bought a new position in Tuya in the third quarter valued at $246,000. Finally, Goldman Sachs Group Inc. grew its position in Tuya by 75.2% in the first quarter. Goldman Sachs Group Inc. now owns 368,011 shares of the company’s stock valued at $1,115,000 after purchasing an additional 157,978 shares in the last quarter. 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.