Tuya (NYSE:TUYA) Stock Price Up 5.1% – Still a Buy?

Tuya Inc. Sponsored ADR (NYSE:TUYA) traded up 5.1% during trading on Friday . The stock traded as high as $2.33 and last traded at $2.3640. 607,094 shares traded hands during mid-day trading, a decline of 60% from the average session volume of 1,516,037 shares. The stock had previously closed at $2.25.

Analyst Ratings Changes

Separately, Jefferies Financial Group reaffirmed a “buy” rating and set a $3.69 price objective on shares of Tuya in a report on Tuesday, March 3rd. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $3.69.

Tuya Price Performance

The firm has a market cap of $1.30 billion, a price-to-earnings ratio of 26.59 and a beta of 0.41. The business has a fifty day simple moving average of $2.28 and a 200 day simple moving average of $2.31.

Tuya (NYSE:TUYA) last issued its quarterly earnings results on Monday, March 2nd. The company reported $0.03 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.03. Tuya had a return on equity of 5.75% and a net margin of 17.99%.The firm had revenue of $84.49 million for the quarter, compared to analyst estimates of $79.53 million.

Tuya Dividend Announcement

The firm also recently announced a dividend, which will be paid on Tuesday, April 21st. Stockholders of record on Wednesday, March 18th will be issued a dividend of $0.0605 per share. The ex-dividend date of this dividend is Wednesday, March 18th.

Hedge Funds Weigh In On Tuya

Several hedge funds and other institutional investors have recently modified their holdings of the business. Natixis Advisors LLC acquired a new position in Tuya during the third quarter worth about $246,000. SBI Securities Co. Ltd. raised its holdings in Tuya by 329.9% in the 3rd quarter. SBI Securities Co. Ltd. now owns 29,480 shares of the company’s stock valued at $73,000 after acquiring an additional 22,622 shares during the last quarter. New York State Common Retirement Fund purchased a new position in Tuya in the 3rd quarter worth approximately $51,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Tuya by 45.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 816,519 shares of the company’s stock worth $2,474,000 after purchasing an additional 256,418 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of Tuya by 75.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 368,011 shares of the company’s stock worth $1,115,000 after purchasing an additional 157,978 shares during the last quarter. 11.47% of the stock is owned by hedge funds and other institutional investors.

About Tuya

Tuya Inc is a global Internet of Things (IoT) platform provider that enables brands, OEMs and developers to create smart products and solutions. The company offers a suite of cloud services, connectivity modules and software development kits designed to support the full lifecycle of IoT devices. Tuya’s platform is built to facilitate rapid prototyping, secure device management and scalable data analytics, with an emphasis on interoperable solutions for smart homes, commercial buildings and industrial applications.

At the core of Tuya’s offering is its IoT operating system, which integrates device hardware, network protocols and application-level services into a unified framework.