Tuya (NYSE:TUYA) Shares Down 2.7%

Tuya Inc. (NYSE:TUYA)’s share price was down 2.7% during trading on Thursday . The company traded as low as $1.77 and last traded at $1.77. Approximately 82,086 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 292,685 shares. The stock had previously closed at $1.82.

Analysts Set New Price Targets

A number of equities analysts recently commented on TUYA shares. The Goldman Sachs Group raised shares of Tuya from a “neutral” rating to a “buy” rating in a research note on Monday, January 8th. Morgan Stanley raised Tuya from an “equal weight” rating to an “overweight” rating and set a $2.70 target price for the company in a research report on Wednesday, November 29th.

Tuya Price Performance

The company has a market capitalization of $882.68 million, a price-to-earnings ratio of -16.55 and a beta of 0.35. The stock has a 50 day moving average price of $1.83 and a two-hundred day moving average price of $1.84.

Tuya (NYSE:TUYA) last issued its earnings results on Tuesday, February 27th. The company reported ($0.01) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.01). Tuya had a negative return on equity of 4.66% and a negative net margin of 26.23%. The firm had revenue of $64.41 million for the quarter, compared to analysts’ expectations of $61.94 million. Sell-side analysts forecast that Tuya Inc. will post -0.04 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Alpine Global Management LLC bought a new position in shares of Tuya during the 4th quarter worth approximately $36,000. Y Intercept Hong Kong Ltd bought a new stake in Tuya in the 2nd quarter valued at $38,000. Goldman Sachs Group Inc. bought a new stake in shares of Tuya during the 4th quarter valued at $46,000. Hsbc Holdings PLC lifted its position in shares of Tuya by 66.7% during the 3rd quarter. Hsbc Holdings PLC now owns 22,476 shares of the company’s stock valued at $35,000 after acquiring an additional 8,996 shares during the period. Finally, Envestnet Asset Management Inc. lifted its position in shares of Tuya by 81.0% during the 4th quarter. Envestnet Asset Management Inc. now owns 27,385 shares of the company’s stock valued at $63,000 after acquiring an additional 12,252 shares during the period. Institutional investors and hedge funds own 11.47% of the company’s stock.

About Tuya

Tuya Inc offers Internet of Things (IoT) cloud development platform in the People's Republic of China and internationally. The company provides IoT platform-as-a-service that enables brands, original equipment manufacturers, 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.