Tuya (NYSE:TUYA) Shares Gap Down on Disappointing Earnings

Tuya Inc. Sponsored ADR (NYSE:TUYA)’s stock price gapped down prior to trading on Tuesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $2.14, but opened at $2.01. Tuya shares last traded at $2.2740, with a volume of 702,716 shares trading hands.

The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.01). Tuya had a return on equity of 2.93% and a net margin of 9.11%.The firm had revenue of $82.49 million for the quarter, compared to analysts’ expectations of $81.62 million. During the same period last year, the firm earned $0.04 EPS.

Tuya Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, October 20th. Investors of record on Thursday, September 11th were paid a $0.054 dividend. The ex-dividend date was Thursday, September 11th. This represents a $0.22 annualized dividend and a dividend yield of 9.3%. Tuya’s payout ratio is 80.00%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on TUYA. Jefferies Financial Group started coverage on Tuya in a research note on Tuesday, August 5th. They set a “buy” rating and a $3.49 price objective for the company. Wall Street Zen downgraded shares of Tuya from a “buy” rating to a “hold” rating in a research report on Saturday, August 30th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Tuya in a report on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, Tuya has an average rating of “Moderate Buy” and a consensus target price of $3.49.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Baader Bank Aktiengesellschaft acquired a new stake in Tuya during the first quarter worth about $32,000. New York State Common Retirement Fund bought a new position in shares of Tuya during the third quarter valued at approximately $51,000. Nomura Holdings Inc. acquired a new stake in shares of Tuya during the 1st quarter worth approximately $85,000. SBI Securities Co. Ltd. lifted its holdings in shares of Tuya by 329.9% in the 3rd quarter. SBI Securities Co. Ltd. now owns 29,480 shares of the company’s stock worth $73,000 after purchasing an additional 22,622 shares during the last quarter. Finally, Belvedere Trading LLC bought a new stake in shares of Tuya in the 1st quarter worth approximately $120,000. 11.47% of the stock is owned by institutional investors and hedge funds.

Tuya Trading Up 8.2%

The firm has a market cap of $1.25 billion, a price-to-earnings ratio of 45.49 and a beta of 0.45. The stock has a 50-day moving average of $2.36 and a 200-day moving average of $2.46.

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.