Tuya (NYSE:TUYA) Upgraded to Hold by Zacks Investment Research

Tuya (NYSE:TUYA) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Wednesday, Zacks.com reports.

According to Zacks, “Tuya Inc. pioneered a purpose-built IoT cloud platform which delivers a full suite of offerings, including Platform-as-a-Servic and Software-as-a-Service to businesses and developers. Tuya Inc. is based in HANGZHOU, China. “

Separately, Bank of America raised Tuya from a “neutral” rating to a “buy” rating and decreased their price target for the stock from $25.00 to $22.00 in a research note on Thursday, May 20th.

TUYA opened at $10.40 on Wednesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 11.21 and a quick ratio of 10.78. Tuya has a 12 month low of $9.46 and a 12 month high of $27.65. The company has a 50-day simple moving average of $15.82.

Tuya (NYSE:TUYA) last released its quarterly earnings results on Tuesday, August 17th. The company reported ($0.04) EPS for the quarter, hitting the consensus estimate of ($0.04). The company had revenue of $84.66 million for the quarter. As a group, sell-side analysts forecast that Tuya will post -0.17 EPS for the current fiscal year.

Several hedge funds have recently made changes to their positions in the business. Matthews International Capital Management LLC bought a new position in shares of Tuya during the 1st quarter worth approximately $28,791,000. BlackRock Inc. bought a new position in shares of Tuya during the 1st quarter worth approximately $24,947,000. Russell Investments Group Ltd. bought a new position in shares of Tuya during the 1st quarter worth approximately $1,878,000. Barings LLC bought a new position in shares of Tuya during the 1st quarter worth approximately $20,002,000. Finally, JPMorgan Chase & Co. bought a new position in shares of Tuya during the 1st quarter worth approximately $89,683,000. Institutional investors own 8.75% of the company’s stock.

Tuya Company Profile

Tuya Inc operates an Internet of Things (IoT) cloud platform worldwide. It provides IoT cloud platform that delivers a suite of offerings, including Platform-as-a-Service (PaaS) and Software-as-a-Service (SaaS) to original equipment manufacturers, industry operators, and system integrators. The company's IoT PaaS enables businesses and developers to develop, launch, manage, and monetize software-enabled devices and services; and industry SaaS offering enables businesses to deploy, connect, and manage various types of smart devices.

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