Tuya Inc. (NYSE: TUYA), a leading provider of an Internet of Things (IoT) cloud development platform, saw its stock price soar by 7.96% on September 26, 2024. The significant price increase was driven by growing investor confidence in the company's strong growth prospects and high insider ownership.

According to a recent report, Tuya is forecast to grow its revenue at an impressive annual rate of 15.2% and is expected to become profitable within the next three years. This growth outlook, coupled with the company's high insider ownership of 36%, has caught the attention of investors seeking companies with promising long-term potential and strong management commitment.

Tuya's Q2 2024 financial results further bolstered investor confidence, with the company reporting increased sales of US$73.28 million, up from US$57 million in the same period last year, and a net income of US$3.13 million, marking a turnaround from a net loss previously. These positive financial figures demonstrate Tuya's ability to deliver on its growth ambitions and solidify its position in the rapidly expanding IoT market.