Tuya (NYSE:TUYA) Stock Price Up 5.2% – Here’s Why

Shares of Tuya Inc. Sponsored ADR (NYSE:TUYA) traded up 5.2% during trading on Tuesday . The company traded as high as $1.91 and last traded at $1.9150. 111,515 shares changed hands during trading, a decline of 92% from the average session volume of 1,396,756 shares. The stock had previously closed at $1.82.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “hold (c)” rating on shares of Tuya in a report on Wednesday, April 22nd. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $3.69.

Tuya Stock Performance

The firm has a 50-day simple moving average of $2.04 and a two-hundred day simple moving average of $2.21. The company has a market capitalization of $1.02 billion, a price-to-earnings ratio of 18.75 and a beta of 0.45. The company has a current ratio of 6.94, a quick ratio of 6.65 and a debt-to-equity ratio of 0.01.

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

Tuya Dividend Announcement

The firm also recently announced a dividend, which was paid on Tuesday, April 21st. Shareholders of record on Wednesday, March 18th were given a dividend of $0.0605 per share. The ex-dividend date of this dividend was Wednesday, March 18th.

Institutional Trading of Tuya

Institutional investors and hedge funds have recently made changes to their positions in the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Tuya by 45.8% during 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 acquiring an additional 256,418 shares in the last quarter. Goldman Sachs Group Inc. increased 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 acquiring an additional 157,978 shares during the last quarter. Natixis Advisors LLC bought a new position in shares of Tuya in the 3rd quarter valued at approximately $246,000. Finally, SG Americas Securities LLC bought a new position in shares of Tuya in the 1st quarter valued at approximately $128,000. Institutional investors and hedge funds own 11.47% of the company’s stock.

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.