Tuya (NYSE:TUYA) Sees Large Volume Increase

Tuya Inc. (NYSE:TUYA) shares saw unusually-strong trading volume on Tuesday . Approximately 135,071 shares were traded during trading, a decline of 53% from the previous session’s volume of 290,372 shares.The stock last traded at $1.92 and had previously closed at $1.86.

Analysts Set New Price Targets

Several equities research analysts have weighed in on TUYA shares. Morgan Stanley upgraded Tuya from an “equal weight” rating to an “overweight” rating and set a $2.70 target price for the company in a research note on Wednesday, November 29th. The Goldman Sachs Group upgraded Tuya from a “neutral” rating to a “buy” rating in a research report on Monday, January 8th.

Tuya Trading Down 1.1 %

The stock’s 50-day moving average is $1.83 and its 200-day moving average is $1.84.

Tuya (NYSE:TUYA) last posted its earnings results on Tuesday, February 27th. The company reported ($0.01) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.01). Tuya had a negative net margin of 26.23% and a negative return on equity of 4.66%. The firm had revenue of $64.41 million for the quarter, compared to analysts’ expectations of $61.94 million. Analysts anticipate that Tuya Inc. will post -0.04 earnings per share for the current year.

Institutional Trading of Tuya

A number of hedge funds have recently made changes to their positions in the company. Citigroup Inc. increased its position in Tuya by 5.9% during the 1st quarter. Citigroup Inc. now owns 1,252,448 shares of the company’s stock valued at $3,707,000 after purchasing an additional 69,753 shares during the period. BlackRock Inc. lifted its stake in Tuya by 16.5% in the first quarter. BlackRock Inc. now owns 397,054 shares of the company’s stock valued at $1,176,000 after buying an additional 56,172 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Tuya by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 7,144,723 shares of the company’s stock worth $21,149,000 after buying an additional 240,097 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Tuya by 4.3% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 279,649 shares of the company’s stock worth $828,000 after buying an additional 11,645 shares during the period. Finally, Renaissance Technologies LLC bought a new stake in shares of Tuya in the 1st quarter valued at $279,000. 11.47% of the stock is owned by institutional investors and hedge funds.

Tuya Company Profile

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