Tuya (NYSE:TUYA) Shares Gap Up to $1.61

Tuya Inc. (NYSE:TUYA)’s share price gapped up before the market opened on Friday . The stock had previously closed at $1.61, but opened at $1.68. Tuya shares last traded at $1.68, with a volume of 29,301 shares.

Wall Street Analysts Forecast Growth

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

Tuya Stock Performance

The company has a 50-day moving average of $1.80 and a 200 day moving average of $1.87.

Tuya (NYSE:TUYA) last issued its quarterly earnings results 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 return on equity of 4.66% and a negative net margin of 26.23%. The firm had revenue of $64.41 million during the quarter, compared to analyst estimates of $61.94 million. As a group, equities research analysts predict that Tuya Inc. will post -0.04 EPS for the current year.

Institutional Investors Weigh In On Tuya

Hedge funds and other institutional investors have recently modified their holdings of the stock. Russell Investments Group Ltd. bought a new position in Tuya during the 4th quarter valued at approximately $73,000. IvyRock Asset Management HK Ltd bought a new position in Tuya during the 4th quarter valued at approximately $322,000. Krane Funds Advisors LLC raised its position in Tuya by 12.6% during the 3rd quarter. Krane Funds Advisors LLC now owns 341,122 shares of the company’s stock valued at $529,000 after purchasing an additional 38,115 shares during the last quarter. California Public Employees Retirement System grew its holdings in shares of Tuya by 10.5% during the 4th quarter. California Public Employees Retirement System now owns 459,742 shares of the company’s stock worth $1,057,000 after acquiring an additional 43,778 shares during the period. Finally, Carmignac Gestion grew its holdings in shares of Tuya by 24.2% during the 4th quarter. Carmignac Gestion now owns 4,890,200 shares of the company’s stock worth $11,247,000 after acquiring an additional 952,100 shares during the period. Institutional investors own 11.47% of the company’s stock.

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.