Tuya (NYSE:TUYA) Shares Gap Up – Here’s Why

Shares of Tuya Inc. (NYSE:TUYA) gapped up before the market opened on Monday . The stock had previously closed at $2.50, but opened at $2.61. Tuya shares last traded at $2.70, with a volume of 372,470 shares.

Wall Street Analyst Weigh In

Separately, Wall Street Zen cut Tuya from a “strong-buy” rating to a “buy” rating in a report on Thursday, May 22nd.

Tuya Trading Up 5.4%

The firm has a 50-day simple moving average of $2.39 and a 200-day simple moving average of $2.54. The firm has a market cap of $1.42 billion, a P/E ratio of -87.83 and a beta of 0.47.

Tuya (NYSE:TUYA) last announced its earnings results on Tuesday, May 20th. The company reported $0.02 earnings per share for the quarter, hitting the consensus estimate of $0.02. Tuya had a negative return on equity of 0.58% and a negative net margin of 5.55%. The firm had revenue of $74.69 million for the quarter, compared to the consensus estimate of $73.20 million.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of TUYA. Principal Financial Group Inc. purchased a new position in shares of Tuya during the first quarter worth $22,385,000. Allianz Asset Management GmbH purchased a new position in shares of Tuya in the 1st quarter valued at about $12,101,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in Tuya in the 1st quarter worth about $7,198,000. Arrowstreet Capital Limited Partnership grew its holdings in Tuya by 497.0% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,144,103 shares of the company’s stock valued at $3,838,000 after purchasing an additional 1,784,940 shares during the period. Finally, Canada Pension Plan Investment Board purchased a new stake in shares of Tuya in the first quarter valued at approximately $4,453,000. 11.47% of the stock is owned by institutional investors and hedge funds.

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.