Tuya (NYSE:TUYA) Shares Gap Up – Time to Buy?

Tuya Inc. (NYSE:TUYA)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $2.70, but opened at $2.84. Tuya shares last traded at $3.07, with a volume of 1,413,283 shares changing hands.

Tuya Price Performance

The stock has a fifty day moving average price of $1.93 and a 200-day moving average price of $1.68. The company has a market cap of $1.68 billion, a PE ratio of -103.83 and a beta of 0.48.

Institutional Investors Weigh In On Tuya

A number of institutional investors have recently modified their holdings of the stock. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of 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 purchasing an additional 302,261 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Tuya by 60.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 350,116 shares of the company’s stock valued at $578,000 after buying an additional 132,200 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Tuya in the 3rd quarter worth approximately $116,000. Paloma Partners Management Co bought a new stake in Tuya in the 3rd quarter valued at $73,000. Finally, Centiva Capital LP acquired a new stake in Tuya during the third quarter valued at approximately $63,000. Institutional investors and hedge funds own 11.47% of the company’s stock.

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.