Tuya (NYSE:TUYA) Releases Earnings Results, Misses Estimates By $0.01 EPS

Tuya (NYSE:TUYA) announced its earnings results on Tuesday. The company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.01), Zacks reports. Tuya had a net margin of 6.28% and a return on equity of 2.22%.

Tuya Stock Up 2.5%

Shares of Tuya stock traded up $0.06 on Tuesday, hitting $2.62. The company’s stock had a trading volume of 4,305,653 shares, compared to its average volume of 2,801,830. Tuya has a 52-week low of $1.28 and a 52-week high of $4.63. The firm has a fifty day moving average price of $2.44 and a 200-day moving average price of $2.70. The company has a market capitalization of $1.42 billion, a P/E ratio of 65.39 and a beta of 0.46.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on TUYA. Wall Street Zen cut shares of Tuya from a “strong-buy” rating to a “buy” rating in a research note on Thursday, May 22nd. Jefferies Financial Group began coverage on shares of Tuya in a research note on Tuesday, August 5th. They issued a “buy” rating and a $3.49 price objective on the stock. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, Tuya currently has a consensus rating of “Buy” and an average target price of $3.49.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Tuya stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Tuya Inc. Sponsored ADR (NYSE:TUYA) by 45.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 816,519 shares of the company’s stock after acquiring an additional 256,418 shares during the quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC owned about 0.15% of Tuya worth $2,474,000 at the end of the most recent quarter. 11.47% of the stock is owned by institutional investors and hedge funds.

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.