Tuya (NYSE:TUYA) Sees Unusually-High Trading Volume – Time to Buy?

Tuya Inc. (NYSE:TUYA) saw unusually-strong trading volume on Tuesday . Approximately 2,192,422 shares traded hands during mid-day trading, a decline of 26% from the previous session’s volume of 2,969,400 shares.The stock last traded at $3.00 and had previously closed at $2.98.

Tuya Stock Up 0.5 %

The stock has a market capitalization of $1.60 billion, a PE ratio of -99.83 and a beta of 0.48. The firm has a 50 day moving average price of $2.17 and a 200-day moving average price of $1.79.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Arrowstreet Capital Limited Partnership raised its stake in shares of Tuya by 497.0% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,144,103 shares of the company’s stock worth $3,838,000 after purchasing an additional 1,784,940 shares during the last quarter. Millennium Management LLC raised its stake in shares of Tuya by 35.4% in the fourth quarter. Millennium Management LLC now owns 1,992,779 shares of the company’s stock worth $3,567,000 after purchasing an additional 521,515 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in Tuya by 141.5% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,530,291 shares of the company’s stock valued at $2,739,000 after acquiring an additional 896,605 shares in the last quarter. Price T Rowe Associates Inc. MD purchased a new position in Tuya during the fourth quarter valued at approximately $2,292,000. Finally, Marshall Wace LLP raised its position in Tuya by 1.8% during the fourth quarter. Marshall Wace LLP now owns 1,204,026 shares of the company’s stock valued at $2,155,000 after acquiring an additional 21,424 shares in the last quarter. 11.47% of the stock is currently 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.