Tuya (NYSE:TUYA) Shares Gap Up – Here’s Why

Tuya Inc. (NYSE:TUYA)’s share price gapped up prior to trading on Friday . The stock had previously closed at $1.67, but opened at $1.75. Tuya shares last traded at $1.62, with a volume of 250,242 shares.

Tuya Stock Down 1.2 %

The business has a fifty day moving average price of $1.70 and a 200-day moving average price of $1.61. The stock has a market capitalization of $832.24 million, a P/E ratio of -55.00 and a beta of 0.42.

Hedge Funds Weigh In On Tuya

Several large investors have recently made changes to their positions in the business. XTX Topco Ltd bought a new stake in shares of Tuya during the second quarter valued at approximately $27,000. Centiva Capital LP purchased a new stake in Tuya during the third quarter valued at $63,000. Paloma Partners Management Co bought a new position in Tuya during the third quarter valued at $73,000. Quadrature Capital Ltd purchased a new position in shares of Tuya in the 3rd quarter worth $92,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Tuya in the 3rd quarter worth about $116,000. 11.47% of the stock is currently owned by hedge funds and other institutional investors.

Tuya Company Profile

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.