Shares of Tuya Inc. (NYSE: TUYA) climbed 7.91% in pre-market trading on Tuesday, October 2, 2024, as investors reacted positively to the company's improving earnings estimates and growth prospects.
According to Zacks Investment Research, Tuya's earnings estimates have seen a notable upward revision in recent weeks, driven by analyst optimism about the company's future performance. The consensus estimate for the current quarter has increased by 200%, while the full-year estimate has jumped by 100%.
The rising trend in earnings estimate revisions has boosted Tuya's Zacks Rank to #1 (Strong Buy), signaling the stock's potential for outperformance. Historically, stocks with a Zacks Rank #1 or #2 have significantly outperformed the broader market.
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