Tuya (NYSE:TUYA) Shares Gap Up - Still a Buy?

Tuya Inc. (NYSE:TUYA - Get Free Report) shares 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 traded.

Tuya Stock Down 8.3 %

The stock has a market cap of $1.99 billion, a P/E ratio of -124.17 and a beta of 0.48. The firm's 50 day simple moving average is $2.29 and its two-hundred day simple moving average is $1.83.

Institutional Investors Weigh In On Tuya

Several institutional investors and hedge funds have recently bought and sold shares of TUYA. Public Employees Retirement System of Ohio grew its holdings in shares of Tuya by 88.4% during the fourth quarter. Public Employees Retirement System of Ohio now owns 249,459 shares of the company's stock valued at $447,000 after purchasing an additional 117,076 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Tuya by 60.0% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 560,101 shares of the company's stock worth $1,003,000 after buying an additional 209,985 shares during the period. Wexford Capital LP bought a new stake in Tuya in the fourth quarter valued at $341,000. Two Sigma Advisers LP boosted its holdings in shares of Tuya by 250.7% during the fourth quarter. Two Sigma Advisers LP now owns 404,300 shares of the company's stock valued at $724,000 after acquiring an additional 289,000 shares during the period. Finally, Two Sigma Investments LP boosted its holdings in shares of Tuya by 423.9% during the fourth quarter. Two Sigma Investments LP now owns 784,622 shares of the company's stock valued at $1,404,000 after acquiring an additional 634,849 shares during the period. 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.