Tuya (NYSE:TUYA) Shares Down 2.5%

Shares of Tuya Inc. (NYSE:TUYA) fell 2.5% on Friday . The company traded as low as $1.59 and last traded at $1.59. 29,813 shares traded hands during trading, a decline of 89% from the average session volume of 264,729 shares. The stock had previously closed at $1.63.

Analysts Set New Price Targets

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

Tuya Stock Performance

The business’s 50-day moving average is $1.80 and its 200 day moving average is $1.86.

Tuya (NYSE:TUYA) last announced its earnings results on Tuesday, February 27th. The company reported ($0.01) EPS for the quarter, hitting the consensus estimate of ($0.01). Tuya had a negative net margin of 26.23% and a negative return on equity of 4.66%. The company had revenue of $64.41 million for the quarter, compared to analysts’ expectations of $61.94 million. On average, analysts anticipate that Tuya Inc. will post -0.04 EPS for the current year.

Hedge Funds Weigh In On Tuya

Hedge funds have recently added to or reduced their stakes in the stock. Krane Funds Advisors LLC increased its stake in Tuya by 12.6% during the 3rd quarter. Krane Funds Advisors LLC now owns 341,122 shares of the company’s stock worth $529,000 after acquiring an additional 38,115 shares during the period. Envestnet Asset Management Inc. increased its stake in Tuya by 81.0% during the 4th quarter. Envestnet Asset Management Inc. now owns 27,385 shares of the company’s stock worth $63,000 after acquiring an additional 12,252 shares during the period. American Century Companies Inc. increased its stake in Tuya by 71.4% during the 1st quarter. American Century Companies Inc. now owns 29,178 shares of the company’s stock worth $56,000 after acquiring an additional 12,155 shares during the period. Goldman Sachs Group Inc. bought a new position in Tuya during the 4th quarter worth $46,000. Finally, Y Intercept Hong Kong Ltd acquired a new stake in shares of Tuya in the 2nd quarter valued at $38,000. 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.