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

Shares of Tuya Inc. (NYSE:TUYA) gapped up prior to trading on Friday . The stock had previously closed at $2.19, but opened at $2.30. Tuya shares last traded at $2.27, with a volume of 567,853 shares traded.

Tuya Trading Up 4.8 %

The business has a 50-day moving average price of $1.77 and a 200-day moving average price of $1.63. The firm has a market cap of $1.16 billion, a P/E ratio of -76.50 and a beta of 0.42.

Hedge Funds Weigh In On Tuya

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. XTX Topco Ltd acquired a new position in Tuya in the 2nd quarter worth approximately $27,000. Centiva Capital LP purchased a new position in shares of Tuya in the third quarter worth about $63,000. Paloma Partners Management Co acquired a new position in shares of Tuya during the 3rd quarter worth approximately $73,000. Quadrature Capital Ltd purchased a new position in shares of Tuya during the 3rd quarter worth $92,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Tuya in the 3rd quarter valued at approximately $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.