Tuya (NYSE:TUYA) Sees Unusually-High Trading Volume – Should You Buy?

Tuya Inc. (NYSE:TUYA) shares saw strong trading volume on Monday . 650,851 shares traded hands during trading, an increase of 19% from the previous session’s volume of 545,195 shares.The stock last traded at $1.97 and had previously closed at $1.85.

Tuya Price Performance

The company has a market cap of $960.86 million, a P/E ratio of -61.67 and a beta of 0.44. The stock has a 50-day moving average of $1.64 and a 200 day moving average of $1.63.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Jane Street Group LLC lifted its stake in Tuya by 2,493.1% during the third quarter. Jane Street Group LLC now owns 691,655 shares of the company’s stock worth $1,141,000 after purchasing an additional 664,982 shares during the last quarter. Acadian Asset Management LLC boosted its stake in Tuya by 59.2% in the second quarter. Acadian Asset Management LLC now owns 665,730 shares of the company’s stock valued at $1,132,000 after buying an additional 247,592 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in Tuya by 91.2% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 633,686 shares of the company’s stock valued at $1,046,000 after acquiring an additional 302,261 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new position in Tuya during the third quarter worth about $772,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Tuya by 60.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 350,116 shares of the company’s stock worth $578,000 after acquiring an additional 132,200 shares during the last quarter. 11.47% of the stock is 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.