Tuya (NYSE:TUYA) Announces Earnings Results, Meets Estimates

Tuya (NYSE:TUYA) released its quarterly earnings results on Monday. The company reported $0.03 EPS for the quarter, meeting analysts’ consensus estimates of $0.03, FiscalAI reports. Tuya had a return on equity of 4.84% and a net margin of 15.14%.The business had revenue of $84.49 million during the quarter, compared to analyst estimates of $79.53 million.

Tuya Stock Performance

Shares of NYSE TUYA traded down $0.06 during mid-day trading on Monday, hitting $2.49. 3,962,168 shares of the stock traded hands, compared to its average volume of 1,600,515. The stock has a fifty day moving average price of $2.21 and a 200-day moving average price of $2.32. The company has a market cap of $1.35 billion, a price-to-earnings ratio of 31.13 and a beta of 0.41. Tuya has a 52 week low of $1.87 and a 52 week high of $4.17.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Natixis Advisors LLC bought a new stake in Tuya during the third quarter worth about $246,000. Goldman Sachs Group Inc. increased its stake in shares of Tuya by 75.2% during the first quarter. Goldman Sachs Group Inc. now owns 368,011 shares of the company’s stock valued at $1,115,000 after purchasing an additional 157,978 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Tuya by 45.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 816,519 shares of the company’s stock valued at $2,474,000 after purchasing an additional 256,418 shares during the last quarter. 11.47% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group restated a “buy” rating and set a $3.61 target price on shares of Tuya in a report on Tuesday, November 25th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $3.61.

Tuya Company Profile

Tuya Inc is a global Internet of Things (IoT) platform provider that enables brands, OEMs and developers to create smart products and solutions. The company offers a suite of cloud services, connectivity modules and software development kits designed to support the full lifecycle of IoT devices. Tuya’s platform is built to facilitate rapid prototyping, secure device management and scalable data analytics, with an emphasis on interoperable solutions for smart homes, commercial buildings and industrial applications.

At the core of Tuya’s offering is its IoT operating system, which integrates device hardware, network protocols and application-level services into a unified framework.