Tuya (NYSE:TUYA) Issues Earnings Results

Tuya (NYSE:TUYA) released its earnings results on Monday. The company reported $0.03 EPS for the quarter, hitting the consensus estimate of $0.03, FiscalAI reports. Tuya had a return on equity of 4.84% and a net margin of 15.14%.The business had revenue of $84.49 million for the quarter, compared to the consensus estimate of $79.53 million.

Tuya Stock Performance

Shares of NYSE:TUYA traded down $0.06 during midday trading on Monday, reaching $2.49. 3,962,168 shares of the company’s stock traded hands, compared to its average volume of 1,600,515. Tuya has a one year low of $1.87 and a one year high of $4.17. The company has a market cap of $1.35 billion, a price-to-earnings ratio of 31.13 and a beta of 0.41. The stock has a 50 day moving average of $2.21 and a 200 day moving average of $2.32.

Institutional Trading of Tuya

A number of institutional investors have recently made changes to their positions in the stock. Natixis Advisors LLC purchased a new position in shares of Tuya during the third quarter valued at approximately $246,000. Goldman Sachs Group Inc. lifted its holdings in shares of Tuya by 75.2% during the 1st 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. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Tuya by 45.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 816,519 shares of the company’s stock worth $2,474,000 after buying an additional 256,418 shares during the last quarter. Hedge funds and other institutional investors own 11.47% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Jefferies Financial Group reiterated 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. According to MarketBeat.com, Tuya presently has an average rating of “Moderate Buy” and a consensus price target of $3.61.

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.