Tuya (NYSE:TUYA) Sees Unusually-High Trading Volume – Should You Buy?

Tuya Inc. Sponsored ADR (NYSE:TUYA) shares saw an uptick in trading volume on Monday . 1,852,594 shares were traded during trading, an increase of 143% from the previous session’s volume of 762,719 shares.The stock last traded at $2.4350 and had previously closed at $2.20.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on TUYA. Jefferies Financial Group reaffirmed a “buy” rating and set a $3.61 price objective on shares of Tuya in a research note on Tuesday, November 25th. Weiss Ratings restated a “hold (c)” rating on shares of Tuya in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $3.61.

Tuya Trading Up 8.0%

The company has a market capitalization of $1.29 billion, a price-to-earnings ratio of 29.69 and a beta of 0.45. The company has a 50 day moving average price of $2.20 and a 200 day moving average price of $2.38.

Tuya (NYSE:TUYA) last posted its quarterly earnings results on Monday, November 24th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.01). Tuya had a net margin of 15.14% and a return on equity of 4.84%. The firm had revenue of $82.49 million during the quarter, compared to the consensus estimate of $81.62 million. During the same quarter in the prior year, the business earned $0.04 EPS.

Tuya Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 20th. Investors of record on Thursday, September 11th were paid a dividend of $0.054 per share. The ex-dividend date of this dividend was Thursday, September 11th. This represents a $0.22 dividend on an annualized basis and a dividend yield of 9.1%. Tuya’s payout ratio is 50.00%.

Hedge Funds Weigh In On Tuya

Several institutional investors have recently modified their holdings of TUYA. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in 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 during the last quarter. Goldman Sachs Group Inc. raised its holdings in Tuya by 75.2% in the first quarter. Goldman Sachs Group Inc. now owns 368,011 shares of the company’s stock worth $1,115,000 after purchasing an additional 157,978 shares during the period. Natixis Advisors LLC acquired a new stake in Tuya in the third quarter worth $246,000. SBI Securities Co. Ltd. boosted its position in shares of Tuya by 329.9% during the third quarter. SBI Securities Co. Ltd. now owns 29,480 shares of the company’s stock worth $73,000 after purchasing an additional 22,622 shares in the last quarter. Finally, New York State Common Retirement Fund acquired a new position in shares of Tuya in the 3rd quarter valued at $51,000. 11.47% of the stock is currently owned by institutional investors and hedge funds.

Tuya Company Profile

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.