Tuya (NYSE:TUYA) Shares Down 10.2% – Time to Sell?

Tuya Inc. (NYSE:TUYA)’s share price was down 10.2% during mid-day trading on Wednesday . The company traded as low as $2.64 and last traded at $2.68. Approximately 948,150 shares were traded during trading, a decline of 39% from the average daily volume of 1,562,590 shares. The stock had previously closed at $2.98.

Tuya Price Performance

The stock’s fifty day simple moving average is $1.96 and its 200-day simple moving average is $1.69. The firm has a market cap of $1.89 billion, a PE ratio of -117.50 and a beta of 0.48.

Hedge Funds Weigh In On Tuya

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Tuya by 91.2% in the 3rd 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. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in 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 valued at $578,000 after buying an additional 132,200 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Tuya during the 3rd quarter worth approximately $116,000. Paloma Partners Management Co acquired a new position in shares of Tuya during the 3rd quarter worth about $73,000. Finally, Centiva Capital LP purchased a new stake in shares of Tuya during the third quarter worth approximately $63,000. Hedge funds and other institutional investors own 11.47% of the company’s stock.

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.