Tuya (NYSE:TUYA) Sees Large Volume Increase – Still a Buy?

Tuya Inc. Sponsored ADR (NYSE:TUYA) shares saw strong trading volume on Tuesday . 4,074,196 shares changed hands during mid-day trading, an increase of 224% from the previous session’s volume of 1,257,224 shares.The stock last traded at $2.4550 and had previously closed at $2.32.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group reissued a “buy” rating and issued a $3.61 price target on shares of Tuya in a research note on Tuesday, November 25th. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, Tuya currently has an average rating of “Moderate Buy” and an average target price of $3.61.

Tuya Price Performance

The company has a market cap of $1.33 billion, a price-to-earnings ratio of 30.69 and a beta of 0.45. The firm has a fifty day simple moving average of $2.19 and a 200 day simple moving average of $2.32.

Tuya (NYSE:TUYA) last posted its quarterly earnings data on Monday, November 24th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.01). The firm had revenue of $82.49 million for the quarter, compared to the consensus estimate of $81.62 million. Tuya had a return on equity of 4.84% and a net margin of 15.14%.During the same period in the prior year, the company posted $0.04 earnings per share.

Institutional Trading of Tuya

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TUYA. Natixis Advisors LLC acquired a new position in shares of Tuya during the third quarter worth approximately $246,000. SBI Securities Co. Ltd. increased its position in 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 during the period. New York State Common Retirement Fund acquired a new position in shares of Tuya during the third quarter valued at about $51,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake 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 buying an additional 256,418 shares during the period. Finally, Goldman Sachs Group Inc. lifted its stake in shares of 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 buying an additional 157,978 shares during the period. Institutional investors and hedge funds own 11.47% of the company’s stock.

Tuya Company Profile

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.