Tuya (NYSE:TUYA) Shares Gap Down to $2.95

Tuya Inc. (NYSE:TUYAGet Rating)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $2.95, but opened at $2.87. Tuya shares last traded at $2.90, with a volume of 2,093 shares trading hands.

TUYA has been the subject of a number of recent research reports. Zacks Investment Research cut shares of Tuya from a “hold” rating to a “sell” rating in a research report on Tuesday, March 22nd. Morgan Stanley cut shares of Tuya from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $9.20 to $7.20 in a research report on Monday, February 21st. Finally, The Goldman Sachs Group started coverage on shares of Tuya in a research report on Monday. They set a “neutral” rating for the company.

The stock has a market capitalization of $1.72 billion and a price-to-earnings ratio of -7.37. The business’s 50-day moving average is $4.04. The company has a debt-to-equity ratio of 0.01, a quick ratio of 10.35 and a current ratio of 10.92.

Several institutional investors have recently bought and sold shares of the business. Jane Street Group LLC boosted its holdings in shares of Tuya by 14.7% during the 3rd quarter. Jane Street Group LLC now owns 12,654 shares of the company’s stock worth $115,000 after buying an additional 1,621 shares in the last quarter. Vident Investment Advisory LLC lifted its holdings in shares of Tuya by 10.7% in the 4th quarter. Vident Investment Advisory LLC now owns 20,575 shares of the company’s stock worth $129,000 after purchasing an additional 1,997 shares in the last quarter. Bank of America Corp DE lifted its holdings in shares of Tuya by 146.6% in the 4th quarter. Bank of America Corp DE now owns 4,123 shares of the company’s stock worth $27,000 after purchasing an additional 2,451 shares in the last quarter. Daiwa Securities Group Inc. lifted its holdings in shares of Tuya by 35.0% in the 4th quarter. Daiwa Securities Group Inc. now owns 32,842 shares of the company’s stock worth $205,000 after purchasing an additional 8,508 shares in the last quarter. Finally, Trexquant Investment LP bought a new position in shares of Tuya in the 3rd quarter worth $93,000. Hedge funds and other institutional investors own 7.65% of the company’s stock.

About Tuya (NYSE: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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