Tuya (NYSE:TUYA) Trading Up 9.8% – Time to Buy?

Tuya Inc. (NYSE:TUYA) shares rose 9.8% during trading on Wednesday . The stock traded as high as $3.48 and last traded at $3.30. Approximately 2,667,713 shares changed hands during trading, a decline of 16% from the average daily volume of 3,174,064 shares. The stock had previously closed at $3.00.

Tuya Stock Performance

The stock has a market capitalization of $1.72 billion, a price-to-earnings ratio of -107.17 and a beta of 0.48. The company has a 50 day moving average of $2.17 and a 200 day moving average of $1.79.

Institutional Trading of Tuya

A number of institutional investors have recently bought and sold shares of TUYA. Jane Street Group LLC lifted its stake in Tuya by 2,493.1% in the third quarter. Jane Street Group LLC now owns 691,655 shares of the company’s stock valued at $1,141,000 after buying an additional 664,982 shares during the last quarter. XTX Topco Ltd grew its holdings in Tuya by 204.5% during the third quarter. XTX Topco Ltd now owns 48,062 shares of the company’s stock worth $79,000 after acquiring an additional 32,279 shares during the period. Barclays PLC grew its holdings in Tuya by 3.6% during the third quarter. Barclays PLC now owns 270,843 shares of the company’s stock worth $447,000 after acquiring an additional 9,307 shares during the period. Y Intercept Hong Kong Ltd acquired a new position in Tuya during the third quarter worth $772,000. Finally, Connor Clark & Lunn Investment Management Ltd. grew its holdings in Tuya by 91.2% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 633,686 shares of the company’s stock worth $1,046,000 after acquiring an additional 302,261 shares during the period. 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.