Jefferies Financial Group Begins Coverage on Tuya (NYSE:TUYA)

Jefferies Financial Group assumed coverage on shares of Tuya (NYSE:TUYA) in a report issued on Tuesday morning, Marketbeat.com reports. The brokerage issued a buy rating and a $3.49 price objective on the stock.

Separately, Wall Street Zen cut Tuya from a “strong-buy” rating to a “buy” rating in a report on Thursday, May 22nd.

Tuya Trading Up 4.0%

Shares of NYSE TUYA opened at $2.48 on Tuesday. The company’s 50-day moving average price is $2.49 and its 200 day moving average price is $2.70. Tuya has a 52 week low of $1.28 and a 52 week high of $4.63. The stock has a market cap of $1.33 billion, a price-to-earnings ratio of 61.89 and a beta of 0.46.

Tuya (NYSE:TUYA) last issued its quarterly earnings data on Tuesday, May 20th. The company reported $0.02 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.02. Tuya had a net margin of 6.28% and a return on equity of 2.22%. The business had revenue of $74.69 million during the quarter, compared to analysts’ expectations of $73.20 million.

Institutional Investors Weigh In On Tuya

Hedge funds have recently modified their holdings of the company. Sei Investments Co. raised its position in shares of Tuya by 37.5% in the fourth quarter. Sei Investments Co. now owns 58,726 shares of the company’s stock valued at $105,000 after buying an additional 16,010 shares during the last quarter. Pictet Asset Management Holding SA boosted its position in Tuya by 188.2% during the fourth quarter. Pictet Asset Management Holding SA now owns 292,601 shares of the company’s stock worth $524,000 after acquiring an additional 191,085 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its stake in Tuya by 497.0% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,144,103 shares of the company’s stock worth $3,838,000 after acquiring an additional 1,784,940 shares during the period. Barclays PLC raised its holdings in Tuya by 60.5% in the 4th quarter. Barclays PLC now owns 434,814 shares of the company’s stock valued at $778,000 after acquiring an additional 163,971 shares during the last quarter. Finally, Marshall Wace LLP raised its holdings in Tuya by 1.8% in the 4th quarter. Marshall Wace LLP now owns 1,204,026 shares of the company’s stock valued at $2,155,000 after acquiring an additional 21,424 shares during the last quarter. 11.47% of the stock is owned by institutional investors and hedge funds.

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.