Tuya (NYSE:TUYA) Shares Gap Up – Should You Buy?

Tuya Inc. (NYSE:TUYA)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $3.06, but opened at $3.26. Tuya shares last traded at $3.38, with a volume of 5,068,626 shares.

Tuya Price Performance

The company has a market capitalization of $2.18 billion, a PE ratio of -135.83 and a beta of 0.48. The firm has a 50-day simple moving average of $2.29 and a 200 day simple moving average of $1.83.

Institutional Investors Weigh In On Tuya

A number of institutional investors have recently made changes to their positions in TUYA. Connor Clark & Lunn Investment Management Ltd. increased its position in Tuya by 91.2% in 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. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Tuya by 60.7% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 350,116 shares of the company’s stock worth $578,000 after acquiring an additional 132,200 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Tuya during the 3rd quarter worth about $116,000. Paloma Partners Management Co acquired a new stake in shares of Tuya during the third quarter valued at approximately $73,000. Finally, Centiva Capital LP acquired a new stake in Tuya during the 3rd quarter valued at $63,000. 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.