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

Tuya Inc. (NYSE:TUYA) gapped up prior to trading on Tuesday . The stock had previously closed at $1.61, but opened at $1.66. Tuya shares last traded at $1.62, with a volume of 62,463 shares traded.

Tuya Trading Up 0.3 %

The company has a market cap of $814.59 million, a PE ratio of -53.67 and a beta of 0.37. The business’s 50 day moving average is $1.59 and its two-hundred day moving average is $1.64.

Tuya (NYSE:TUYA) last released its quarterly earnings data on Monday, August 26th. The company reported $0.01 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.02. The firm had revenue of $73.28 million during the quarter, compared to analyst estimates of $69.36 million. Tuya had a negative return on equity of 0.58% and a negative net margin of 5.55%.

Institutional Investors Weigh In On Tuya

Several institutional investors and hedge funds have recently modified their holdings of TUYA. Acadian Asset Management LLC raised its stake in Tuya by 59.2% during the second quarter. Acadian Asset Management LLC now owns 665,730 shares of the company’s stock valued at $1,132,000 after purchasing an additional 247,592 shares in the last quarter. XTX Topco Ltd bought a new position in shares of Tuya in the 2nd quarter valued at about $27,000. Connor Clark & Lunn Investment Management Ltd. increased its stake in Tuya by 91.2% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 633,686 shares of the company’s stock worth $1,046,000 after acquiring an additional 302,261 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Tuya by 60.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 350,116 shares of the company’s stock valued at $578,000 after purchasing an additional 132,200 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Tuya in the 3rd quarter valued at approximately $116,000. 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.