Tuya (NYSE:TUYA) Trading Up 6.6% – Should You Buy?

Tuya Inc. (NYSE:TUYA) shares rose 6.6% during mid-day trading on Tuesday . The stock traded as high as $1.72 and last traded at $1.71. Approximately 163,577 shares changed hands during trading, a decline of 66% from the average daily volume of 483,056 shares. The stock had previously closed at $1.60.

Tuya Price Performance

The firm has a market capitalization of $895.29 million, a PE ratio of -59.17 and a beta of 0.42. The company’s fifty day simple moving average is $1.72 and its 200-day simple moving average is $1.61.

Hedge Funds Weigh In On Tuya

Hedge funds and other institutional investors have recently modified their holdings of the business. XTX Topco Ltd purchased a new position in shares of Tuya in the second quarter worth about $27,000. Centiva Capital LP purchased a new position in Tuya during the third quarter worth about $63,000. Paloma Partners Management Co acquired a new stake in shares of Tuya during the third quarter valued at about $73,000. Quadrature Capital Ltd acquired a new stake in shares of Tuya during the third quarter valued at about $92,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Tuya during the third quarter valued at about $116,000. 11.47% of the stock is owned by hedge funds and other institutional investors.

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.