Tuya (NYSE:TUYA) Shares Gap Up – Here’s Why

Tuya Inc. (NYSE:TUYA) shares gapped up prior to trading on Tuesday . The stock had previously closed at $1.61, but opened at $1.66. Tuya shares last traded at $1.62, with a volume of 62,463 shares trading hands.

Tuya Stock Performance

The company’s fifty day moving average price is $1.59 and its 200-day moving average price is $1.64. The stock has a market cap of $814.59 million, a P/E ratio of -53.67 and a beta of 0.37.

Tuya (NYSE:TUYA) last announced its quarterly earnings data on Monday, August 26th. The company reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.02. The business had revenue of $73.28 million during the quarter, compared to the consensus estimate of $69.36 million. Tuya had a negative net margin of 5.55% and a negative return on equity of 0.58%.

Institutional Trading of Tuya

Several institutional investors and hedge funds have recently made changes to their positions in the business. Barclays PLC grew its stake in Tuya by 3.6% in the 3rd quarter. Barclays PLC now owns 270,843 shares of the company’s stock worth $447,000 after acquiring an additional 9,307 shares in the last quarter. XTX Topco Ltd purchased a new stake in shares of Tuya in the second quarter valued at approximately $27,000. Geode Capital Management LLC grew its stake in Tuya by 14.5% in the third quarter. Geode Capital Management LLC now owns 133,150 shares of the company’s stock worth $220,000 after purchasing an additional 16,821 shares in the last quarter. Centiva Capital LP purchased a new position in Tuya during the 3rd quarter worth $63,000. Finally, Paloma Partners Management Co bought a new stake in Tuya during the 3rd quarter valued at $73,000. 11.47% of the stock is currently owned by 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.