Tuya (NASDAQ:TUYA) Shares Gap Down to $20.76

Tuya Inc. (NASDAQ:TUYA) shares gapped down prior to trading on Thursday . The stock had previously closed at $20.76, but opened at $20.00. Tuya shares last traded at $20.32, with a volume of 1,004 shares.

A number of equities research analysts have recently weighed in on TUYA shares. Morgan Stanley assumed coverage on shares of Tuya in a report on Monday, April 12th. They issued an “overweight” rating and a $26.00 price objective for the company. Bank of America raised shares of Tuya from a “neutral” rating to a “buy” rating and reduced their price objective for the company from $25.00 to $22.00 in a research report on Thursday, May 20th. Finally, Zacks Investment Research downgraded shares of Tuya from a “hold” rating to a “sell” rating in a research report on Tuesday.

The business’s fifty day moving average is $22.26.

Tuya (NASDAQ:TUYA) last issued its quarterly earnings results on Thursday, May 13th. The company reported ($0.15) earnings per share (EPS) for the quarter. The company had revenue of $56.87 million during the quarter. On average, research analysts predict that Tuya Inc. will post -0.18 EPS for the current fiscal year.

Several hedge funds have recently added to or reduced their stakes in TUYA. Kirkoswald Asset Management LLC purchased a new stake in shares of Tuya during the first quarter worth about $137,000. Tudor Investment Corp Et Al acquired a new position in Tuya in the first quarter valued at approximately $206,000. Yiheng Capital Management L.P. acquired a new position in Tuya in the first quarter valued at approximately $254,000. Rokos Capital Management LLP acquired a new position in Tuya in the first quarter valued at approximately $264,000. Finally, Davidson Kempner Capital Management LP acquired a new position in shares of Tuya during the 1st quarter worth approximately $444,000. Hedge funds and other institutional investors own 7.51% of the company’s stock.

About Tuya (NASDAQ:TUYA)

Tuya Inc operates an Internet of Things (IoT) cloud platform worldwide. It provides IoT cloud platform that delivers a suite of offerings, including Platform-as-a-Service (PaaS) and Software-as-a-Service (SaaS) to original equipment manufacturers, industry operators, and system integrators. The company's IoT PaaS enables businesses and developers to develop, launch, manage, and monetize software-enabled devices and services; and industry SaaS offering enables businesses to deploy, connect, and manage various types of smart devices.

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