Tuya (NYSE:TUYA) Sees Strong Trading Volume – Time to Buy?

Tuya Inc. Sponsored ADR (NYSE:TUYA) shares saw unusually-strong trading volume on Tuesday . Approximately 4,074,196 shares were traded during mid-day trading, an increase of 224% from the previous session’s volume of 1,257,224 shares.The stock last traded at $2.4550 and had previously closed at $2.32.

Analysts Set New Price Targets

Separately, Jefferies Financial Group reissued a “buy” rating and set a $3.61 price objective on shares of Tuya in a report on Tuesday, November 25th. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $3.61.

Tuya Stock Performance

The firm’s 50-day simple moving average is $2.19 and its 200 day simple moving average is $2.32. The company has a market cap of $1.33 billion, a P/E ratio of 30.69 and a beta of 0.45.

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

Institutional Trading of Tuya

A number of hedge funds have recently modified their holdings of TUYA. New York State Common Retirement Fund acquired a new position in Tuya during the third quarter valued at approximately $51,000. SBI Securities Co. Ltd. raised its holdings in Tuya by 329.9% in 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 during the period. Natixis Advisors LLC bought a new position in shares of Tuya during the third quarter worth $246,000. Goldman Sachs Group Inc. grew its holdings in shares of Tuya by 75.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 368,011 shares of the company’s stock valued at $1,115,000 after buying an additional 157,978 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Tuya by 45.8% in 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 valued at $2,474,000 after buying an additional 256,418 shares in the last quarter. 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.