Tuya (NYSE:TUYA) Shares Gap Down – Here’s What Happened

Shares of Tuya Inc. (NYSE:TUYA) gapped down prior to trading on Friday . The stock had previously closed at $3.68, but opened at $3.41. Tuya shares last traded at $3.45, with a volume of 738,888 shares traded.

Tuya Stock Performance

The firm has a market capitalization of $1.81 billion, a P/E ratio of -113.17 and a beta of 0.48. The stock’s 50 day simple moving average is $2.46 and its 200 day simple moving average is $1.91.

Tuya (NYSE:TUYA) last issued its earnings results on Wednesday, February 26th. The company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.01). The company had revenue of $82.06 million during the quarter, compared to the consensus estimate of $81.40 million. Tuya had a negative return on equity of 0.58% and a negative net margin of 5.55%.

Hedge Funds Weigh In On Tuya

A number of hedge funds have recently added to or reduced their stakes in the stock. Public Employees Retirement System of Ohio grew its stake in Tuya by 88.4% in the 4th quarter. Public Employees Retirement System of Ohio now owns 249,459 shares of the company’s stock worth $447,000 after acquiring an additional 117,076 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Tuya by 60.0% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 560,101 shares of the company’s stock valued at $1,003,000 after purchasing an additional 209,985 shares in the last quarter. Wexford Capital LP bought a new position in shares of Tuya during the fourth quarter valued at approximately $341,000. Two Sigma Advisers LP boosted its stake in shares of Tuya by 250.7% during the fourth quarter. Two Sigma Advisers LP now owns 404,300 shares of the company’s stock valued at $724,000 after purchasing an additional 289,000 shares in the last quarter. Finally, Two Sigma Investments LP boosted its stake in shares of Tuya by 423.9% during the fourth quarter. Two Sigma Investments LP now owns 784,622 shares of the company’s stock valued at $1,404,000 after purchasing an additional 634,849 shares in the last quarter. 11.47% of the stock is currently owned by institutional investors.

About Tuya

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.