Zacks Investment Research Upgrades Tuya (NYSE:TUYA) to “Hold”

Tuya (NYSE:TUYAGet Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Wednesday, Zacks.com reports.

According to Zacks, “Tuya Inc. pioneered a purpose-built IoT cloud platform which delivers a full suite of offerings, including Platform-as-a-Servic and Software-as-a-Service to businesses and developers. Tuya Inc. is based in HANGZHOU, China. “

A number of other equities research analysts have also weighed in on the stock. Morgan Stanley lowered shares of Tuya from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $9.20 to $7.20 in a report on Monday, February 21st. The Goldman Sachs Group initiated coverage on shares of Tuya in a research report on Monday, April 18th. They issued a “neutral” rating on the stock.

Shares of NYSE:TUYA traded up $0.07 during midday trading on Wednesday, hitting $2.79. The stock had a trading volume of 41,627 shares, compared to its average volume of 1,330,756. The company’s 50-day moving average price is $2.87 and its 200-day moving average price is $4.72. The company has a market capitalization of $1.37 billion, a P/E ratio of -6.92 and a beta of -0.70. The company has a quick ratio of 10.35, a current ratio of 10.92 and a debt-to-equity ratio of 0.01. Tuya has a fifty-two week low of $1.75 and a fifty-two week high of $26.65.

Several institutional investors and hedge funds have recently made changes to their positions in TUYA. Virtu Financial LLC raised its holdings in Tuya by 150.6% during the 1st quarter. Virtu Financial LLC now owns 32,919 shares of the company’s stock valued at $97,000 after buying an additional 19,782 shares during the last quarter. Jane Street Group LLC purchased a new stake in shares of Tuya in the 1st quarter worth about $243,000. Quantbot Technologies LP grew its position in shares of Tuya by 3,190.9% in the 1st quarter. Quantbot Technologies LP now owns 31,000 shares of the company’s stock worth $91,000 after buying an additional 30,058 shares during the period. State Street Corp grew its position in shares of Tuya by 14.0% in the 1st quarter. State Street Corp now owns 605,128 shares of the company’s stock worth $1,791,000 after buying an additional 74,192 shares during the period. Finally, Vident Investment Advisory LLC grew its position in shares of Tuya by 182.4% in the 1st quarter. Vident Investment Advisory LLC now owns 58,100 shares of the company’s stock worth $172,000 after buying an additional 37,525 shares during the period. Hedge funds and other institutional investors own 9.05% of the company’s stock.

Tuya Company Profile (Get Rating)

Tuya Inc operates an Internet of Things (IoT) cloud platform worldwide. It provides IoT cloud platform that delivers a suite of offerings, including Platform-as-a-Service (PaaS) and Software-as-a-Service (SaaS) to original equipment manufacturers, industry operators, and system integrators. The company's IoT PaaS enables businesses and developers to develop, launch, manage, and monetize software-enabled devices and services; and industry SaaS offering enables businesses to deploy, connect, and manage various types of smart devices.

Recommended Stories

Get a free copy of the Zacks research report on Tuya (TUYA)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Tuya Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tuya and related companies with MarketBeat.com's FREE daily email newsletter.