Tuya (NYSE:TUYA) Shares Up 1.8% – What’s Next?

Tuya Inc. Sponsored ADR (NYSE:TUYA) was up 1.8% on Friday . The stock traded as high as $2.60 and last traded at $2.59. Approximately 1,300,674 shares traded hands during mid-day trading, a decline of 6% from the average daily volume of 1,381,061 shares. The stock had previously closed at $2.54.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on TUYA shares. Weiss Ratings reissued a “hold (c)” rating on shares of Tuya in a report on Saturday, September 27th. Wall Street Zen downgraded Tuya from a “buy” rating to a “hold” rating in a report on Saturday, August 30th. Finally, Jefferies Financial Group started coverage on Tuya in a report on Tuesday, August 5th. They issued a “buy” rating and a $3.49 price target for the company. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $3.49.

Tuya Price Performance

The stock has a market cap of $1.40 billion, a price-to-earnings ratio of 51.71 and a beta of 0.46. The stock has a fifty day moving average of $2.51 and a 200 day moving average of $2.52.

Tuya Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, October 20th. Investors of record on Thursday, September 11th will be given a dividend of $0.054 per share. This represents a $0.22 annualized dividend and a yield of 8.4%. The ex-dividend date is Thursday, September 11th.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of TUYA. Principal Financial Group Inc. purchased a new stake in shares of Tuya in the first quarter valued at approximately $22,385,000. Allianz Asset Management GmbH purchased a new stake in shares of Tuya in the first quarter valued at approximately $12,101,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in shares of Tuya in the first quarter valued at approximately $7,198,000. Canada Pension Plan Investment Board purchased a new stake in shares of Tuya in the first quarter valued at approximately $4,453,000. Finally, Acadian Asset Management LLC increased its position 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 buying an additional 999,862 shares in the last quarter. 11.47% of the stock is currently owned by hedge funds and other 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.