Tuya (NYSE:TUYA) Stock Price Down 4.7% – Here’s What Happened

Shares of Tuya Inc. (NYSE:TUYA) fell 4.7% on Friday . The company traded as low as $1.53 and last traded at $1.54. 412,476 shares traded hands during trading, a decline of 21% from the average session volume of 523,101 shares. The stock had previously closed at $1.61.

Tuya Stock Performance

The stock has a market cap of $781.80 million, a P/E ratio of -53.67 and a beta of 0.37. The firm has a 50-day moving average price of $1.58 and a 200-day moving average price of $1.65.

Tuya (NYSE:TUYA) last announced its quarterly earnings data on Monday, August 26th. The company reported $0.01 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.02. Tuya had a negative net margin of 5.55% and a negative return on equity of 0.58%. The business had revenue of $73.28 million for the quarter, compared to analysts’ expectations of $69.36 million.

Tuya Announces Dividend

The business also recently announced a Variable dividend, which was paid on Tuesday, October 15th. Shareholders of record on Wednesday, September 11th were issued a $0.059 dividend. The ex-dividend date of this dividend was Wednesday, September 11th.

Hedge Funds Weigh In On Tuya

Several institutional investors and hedge funds have recently modified their holdings of the stock. Jane Street Group LLC increased its holdings in shares of Tuya by 2,493.1% in the 3rd 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 in the last quarter. Y Intercept Hong Kong Ltd purchased a new position in Tuya in the 3rd quarter worth about $772,000. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Tuya by 91.2% during 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 period. Acadian Asset Management LLC boosted its holdings in shares of Tuya by 59.2% during the 2nd quarter. Acadian Asset Management LLC now owns 665,730 shares of the company’s stock valued at $1,132,000 after acquiring an additional 247,592 shares during the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new position in shares of Tuya during the third quarter valued at approximately $218,000. 11.47% of the stock is currently owned by 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.