Tuya Inc. Sponsored ADR (NYSE:TUYA) Sees Significant Decrease in Short Interest

Tuya Inc. Sponsored ADR (NYSE:TUYA) was the target of a significant drop in short interest in April. As of April 30th, there was short interest totaling 3,139,925 shares, a drop of 49.2% from the April 15th total of 6,182,017 shares. Based on an average daily trading volume, of 819,505 shares, the days-to-cover ratio is currently 3.8 days. Currently, 0.6% of the shares of the stock are short sold.

Hedge Funds Weigh In On Tuya

Several institutional investors have recently bought and sold shares of TUYA. New York State Common Retirement Fund bought a new stake in shares of Tuya during the third quarter worth $51,000. SBI Securities Co. Ltd. grew its stake in Tuya by 329.9% in the third 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 period. SG Americas Securities LLC acquired a new position in Tuya in the first quarter valued at about $128,000. Natixis Advisors LLC acquired a new position in Tuya in the third quarter valued at about $246,000. Finally, Goldman Sachs Group Inc. boosted its position in shares of Tuya by 75.2% during the first quarter. Goldman Sachs Group Inc. now owns 368,011 shares of the company’s stock worth $1,115,000 after buying an additional 157,978 shares during the period. Institutional investors own 11.47% of the company’s stock.

Tuya Price Performance

Shares of NYSE:TUYA opened at $2.22 on Monday. The business’s 50 day moving average is $2.38 and its 200-day moving average is $2.27. The company has a current ratio of 6.94, a quick ratio of 6.65 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $1.20 billion, a PE ratio of 22.15 and a beta of 0.45. Tuya has a 1-year low of $1.99 and a 1-year high of $2.94.

Tuya (NYSE:TUYA) last announced its quarterly earnings results on Tuesday, March 31st. The company reported $0.03 EPS for the quarter. The business had revenue of $80.88 million for the quarter. Tuya had a return on equity of 6.20% and a net margin of 19.10%. Sell-side analysts predict that Tuya will post 0.1 earnings per share for the current year.

Tuya Announces Dividend

The firm also recently disclosed a dividend, which was paid on Tuesday, April 21st. Shareholders of record on Wednesday, March 18th were given a $0.0605 dividend. The ex-dividend date was Wednesday, March 18th.

Analysts Set New Price Targets

TUYA has been the subject of a number of recent research reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Tuya in a research note on Wednesday, April 22nd. Jefferies Financial Group reissued a “buy” rating and issued a $3.69 price objective on shares of Tuya in a research note on Tuesday, March 3rd. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $3.69.

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.