Tuya (NYSE:TUYA) Shares Gap Up – Should You Buy?

Tuya Inc. (NYSE:TUYA) shares gapped up prior to trading on Wednesday . The stock had previously closed at $1.83, but opened at $1.99. Tuya shares last traded at $1.91, with a volume of 2,038,280 shares trading hands.

Tuya Price Performance

The company’s 50 day simple moving average is $1.65 and its 200 day simple moving average is $1.62. The company has a market capitalization of $917.98 million, a PE ratio of -60.67 and a beta of 0.45.

Institutional Trading of Tuya

Several institutional investors and hedge funds have recently made changes to their positions in TUYA. XTX Topco Ltd purchased a new stake in Tuya in the second quarter valued at approximately $27,000. Centiva Capital LP purchased a new stake in Tuya in the 3rd quarter valued at $63,000. Paloma Partners Management Co acquired a new stake in Tuya during the 3rd quarter worth $73,000. Quadrature Capital Ltd purchased a new position in Tuya during the 3rd quarter worth $92,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in Tuya in the third quarter valued at $116,000. 11.47% of the stock is owned by hedge funds and other institutional investors.

Tuya Company Profile

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.