Tuya (NYSE:TUYA) Stock Price Down 2.7%

Shares of Tuya Inc. (NYSE:TUYA) traded down 2.7% during mid-day trading on Thursday . The company traded as low as $1.77 and last traded at $1.77. 82,086 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 292,685 shares. The stock had previously closed at $1.82.

Wall Street Analyst Weigh In

TUYA has been the subject of a number of analyst reports. The Goldman Sachs Group raised shares of Tuya from a “neutral” rating to a “buy” rating in a report on Monday, January 8th. Morgan Stanley upgraded shares of Tuya from an “equal weight” rating to an “overweight” rating and set a $2.70 price objective for the company in a research note on Wednesday, November 29th.

Tuya Stock Performance

The stock’s 50-day simple moving average is $1.83 and its 200 day simple moving average is $1.84. The company has a market capitalization of $882.68 million, a PE ratio of -16.55 and a beta of 0.35.

Tuya (NYSE:TUYA) last released its earnings results on Tuesday, February 27th. The company reported ($0.01) EPS for the quarter, hitting the consensus estimate of ($0.01). Tuya had a negative net margin of 26.23% and a negative return on equity of 4.66%. The company had revenue of $64.41 million during the quarter, compared to analysts’ expectations of $61.94 million. On average, analysts expect that Tuya Inc. will post -0.04 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Alpine Global Management LLC acquired a new stake in shares of Tuya during the fourth quarter worth $36,000. Y Intercept Hong Kong Ltd acquired a new stake in shares of Tuya during the second quarter worth $38,000. Goldman Sachs Group Inc. acquired a new stake in shares of Tuya during the fourth quarter worth $46,000. Hsbc Holdings PLC increased its holdings in shares of Tuya by 66.7% in the 3rd quarter. Hsbc Holdings PLC now owns 22,476 shares of the company’s stock worth $35,000 after acquiring an additional 8,996 shares during the period. Finally, Envestnet Asset Management Inc. grew its stake in shares of Tuya by 81.0% in the fourth quarter. Envestnet Asset Management Inc. now owns 27,385 shares of the company’s stock worth $63,000 after acquiring an additional 12,252 shares during the last quarter. 11.47% of the stock is currently owned by hedge funds and other institutional investors.

About Tuya

Tuya Inc offers Internet of Things (IoT) cloud development platform in the People's Republic of China and internationally. The company provides IoT platform-as-a-service that enables brands, original equipment manufacturers, 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.