Tuya (NYSE:TUYA) Trading 6.6% Higher – Here’s Why

Shares of Tuya Inc. (NYSE:TUYA) shot up 6.6% during mid-day trading on Tuesday . The stock traded as high as $1.72 and last traded at $1.71. 163,577 shares traded hands during trading, a decline of 66% from the average session volume of 483,056 shares. The stock had previously closed at $1.60.

Tuya Trading Up 7.2 %

The company has a market cap of $865.02 million, a PE ratio of -57.17 and a beta of 0.42. The firm has a 50 day moving average of $1.71 and a two-hundred day moving average of $1.61.

Hedge Funds Weigh In On Tuya

Institutional investors and hedge funds have recently modified their holdings of the stock. Jane Street Group LLC grew its position in Tuya by 2,493.1% during the 3rd quarter. Jane Street Group LLC now owns 691,655 shares of the company’s stock valued at $1,141,000 after purchasing an additional 664,982 shares during the last quarter. Acadian Asset Management LLC increased its position in shares of Tuya by 59.2% during the second quarter. Acadian Asset Management LLC now owns 665,730 shares of the company’s stock valued at $1,132,000 after acquiring an additional 247,592 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in Tuya by 91.2% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 633,686 shares of the company’s stock valued at $1,046,000 after acquiring an additional 302,261 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new position in Tuya in the 3rd quarter valued at approximately $772,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Tuya by 60.7% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 350,116 shares of the company’s stock worth $578,000 after purchasing an additional 132,200 shares in the last quarter. 11.47% of the stock is currently owned by institutional investors.

About Tuya

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