Tuya (NYSE:TUYA) Shares Gap Down to $1.67

Tuya Inc. (NYSE:TUYA) gapped down prior to trading on Tuesday . The stock had previously closed at $1.67, but opened at $1.63. Tuya shares last traded at $1.73, with a volume of 16,894 shares changing hands.

Analysts Set New Price Targets

Separately, The Goldman Sachs Group upgraded shares of Tuya from a “neutral” rating to a “buy” rating in a research report on Monday, January 8th.

Tuya Price Performance

The stock’s 50-day moving average price is $1.80 and its 200 day moving average price is $1.87.

Tuya (NYSE:TUYA) last released its quarterly earnings data on Tuesday, February 27th. The company reported ($0.01) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.01). Tuya had a negative net margin of 26.23% and a negative return on equity of 4.66%. The firm had revenue of $64.41 million during the quarter, compared to analysts’ expectations of $61.94 million. Sell-side analysts anticipate that Tuya Inc. will post -0.04 EPS for the current fiscal year.

Institutional Investors Weigh In On Tuya

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Russell Investments Group Ltd. acquired a new stake in Tuya during the fourth quarter worth about $73,000. Krane Funds Advisors LLC boosted its stake in Tuya by 12.6% during the third quarter. Krane Funds Advisors LLC now owns 341,122 shares of the company’s stock worth $529,000 after buying an additional 38,115 shares during the period. California Public Employees Retirement System boosted its stake in Tuya by 10.5% during the fourth quarter. California Public Employees Retirement System now owns 459,742 shares of the company’s stock worth $1,057,000 after buying an additional 43,778 shares during the period. IvyRock Asset Management HK Ltd purchased a new position in Tuya during the fourth quarter worth about $322,000. Finally, Carmignac Gestion boosted its stake in Tuya by 24.2% during the fourth quarter. Carmignac Gestion now owns 4,890,200 shares of the company’s stock worth $11,247,000 after buying an additional 952,100 shares during the period. 11.47% of the stock is currently owned by institutional investors and hedge funds.

About Tuya

Tuya Inc offers Internet of Things (IoT) cloud development platform in the People's Republic of China and internationally. The company provides IoT platform-as-a-service that enables brands, original equipment manufacturers, 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.