Tuya (NYSE:TUYA) Posts Earnings Results, Beats Expectations By $0.02 EPS

Tuya (NYSE:TUYA – Get Rating) announced its quarterly earnings data on Tuesday. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.02, Fidelity Earnings reports. Tuya had a negative net margin of 58.07% and a negative return on equity of 14.84%. During the same period last year, the business posted ($0.15) earnings per share. Tuya updated its Q2 2022 guidance to EPS.

Tuya stock opened at $2.42 on Thursday. The business’s fifty day simple moving average is $2.67 and its two-hundred day simple moving average is $4.26. The company has a current ratio of 10.92, a quick ratio of 10.35 and a debt-to-equity ratio of 0.01. Tuya has a 12 month low of $1.75 and a 12 month high of $25.75. The company has a market capitalization of $1.19 billion, a price-to-earnings ratio of -6.05 and a beta of -0.72.

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in Tuya by 3.5% during the first quarter. Vanguard Group Inc. now owns 7,144,723 shares of the company’s stock valued at $21,149,000 after buying an additional 240,097 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in Tuya by 2,428.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 4,313,981 shares of the company’s stock valued at $26,962,000 after purchasing an additional 4,143,367 shares in the last quarter. Invesco Ltd. grew its holdings in Tuya by 346.6% during the fourth quarter. Invesco Ltd. now owns 1,749,434 shares of the company’s stock valued at $10,934,000 after purchasing an additional 1,357,684 shares during the period. Citigroup Inc. increased its position in Tuya by 5.9% in the first quarter. Citigroup Inc. now owns 1,252,448 shares of the company’s stock worth $3,707,000 after buying an additional 69,753 shares in the last quarter. Finally, Hsbc Holdings PLC raised its stake in shares of Tuya by 155.7% in the first quarter. Hsbc Holdings PLC now owns 1,147,513 shares of the company’s stock worth $3,431,000 after buying an additional 698,660 shares during the period. Institutional investors own 9.05% of the company’s stock.

Several equities analysts have recently commented on the stock. The Goldman Sachs Group began coverage on shares of Tuya in a research note on Monday, April 18th. They set a “neutral” rating for the company. Morgan Stanley lowered shares of Tuya from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $9.20 to $7.20 in a research note on Monday, February 21st.

Tuya Company Profile (Get Rating)

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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