Tuya (NYSE:TUYA) Trading Down 10.2% – Should You Sell?

Tuya Inc. (NYSE:TUYA)’s stock price dropped 10.2% on Wednesday . The stock traded as low as $2.64 and last traded at $2.68. Approximately 948,150 shares traded hands during mid-day trading, a decline of 39% from the average daily volume of 1,562,590 shares. The stock had previously closed at $2.98.

Tuya Trading Down 9.6 %

The business’s fifty day moving average is $1.91 and its 200 day moving average is $1.67. The firm has a market capitalization of $1.44 billion, a P/E ratio of -89.50 and a beta of 0.48.

Institutional Trading of Tuya

Hedge funds have recently modified their holdings of the company. Catalina Capital Group LLC bought a new stake in Tuya in the fourth quarter valued at approximately $29,000. Centiva Capital LP acquired a new position in shares of Tuya during the third quarter worth approximately $63,000. Paloma Partners Management Co purchased a new stake in Tuya in the 3rd quarter valued at $73,000. XTX Topco Ltd boosted its stake in Tuya by 204.5% in the third quarter. XTX Topco Ltd now owns 48,062 shares of the company’s stock valued at $79,000 after acquiring an additional 32,279 shares during the last quarter. Finally, Quadrature Capital Ltd purchased a new position in Tuya in the third quarter valued at approximately $92,000. 11.47% of the stock is currently owned by institutional investors and hedge funds.

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.