Tuya (NYSE:TUYA) Shares Gap Up – Still a Buy?

Tuya Inc. (NYSE:TUYA)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $1.61, but opened at $1.66. Tuya shares last traded at $1.62, with a volume of 62,463 shares trading hands.

Tuya Price Performance

The stock’s 50-day moving average is $1.60 and its 200 day moving average is $1.64. The company has a market cap of $837.29 million, a PE ratio of -55.33 and a beta of 0.37.

Tuya (NYSE:TUYA) last posted its quarterly earnings results on Monday, August 26th. The company reported $0.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.02. The business had revenue of $73.28 million during the quarter, compared to analysts’ expectations of $69.36 million. Tuya had a negative net margin of 5.55% and a negative return on equity of 0.58%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. XTX Topco Ltd purchased a new position in shares of Tuya in the second quarter worth $27,000. Centiva Capital LP purchased a new position in shares of Tuya in the third quarter worth $63,000. Paloma Partners Management Co acquired a new stake in shares of Tuya in the third quarter worth $73,000. Quadrature Capital Ltd acquired a new stake in shares of Tuya in the third quarter worth $92,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Tuya in the third quarter worth $116,000. Hedge funds and other institutional investors own 11.47% of the company’s stock.

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.