Wetouch Technology (NASDAQ:WETH) Issues Quarterly Earnings Results

Wetouch Technology (NASDAQ:WETH) posted its quarterly earnings results on Friday. The company reported $0.32 EPS for the quarter, FiscalAI reports. Wetouch Technology had a net margin of 15.86% and a return on equity of 5.38%. The company had revenue of $16.31 million for the quarter.

Wetouch Technology Price Performance

NASDAQ:WETH traded down $0.03 during mid-day trading on Friday, hitting $1.50. The company’s stock had a trading volume of 55,861 shares, compared to its average volume of 52,966. Wetouch Technology has a 1 year low of $0.77 and a 1 year high of $3.68. The stock has a market cap of $17.90 million, a price-to-earnings ratio of 2.50 and a beta of 0.86. The business’s fifty day moving average is $1.54 and its two-hundred day moving average is $1.76.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings lowered shares of Wetouch Technology from a “hold (c-)” rating to a “sell (d+)” rating in a report on Thursday, April 16th. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, Wetouch Technology has an average rating of “Sell”.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Lepercq De Neuflize Asset Management LLC raised its position in shares of Wetouch Technology by 71.8% in the fourth quarter. Lepercq De Neuflize Asset Management LLC now owns 133,908 shares of the company’s stock worth $179,000 after acquiring an additional 55,954 shares during the period. XTX Topco Ltd raised its position in shares of Wetouch Technology by 64.2% in the fourth quarter. XTX Topco Ltd now owns 33,537 shares of the company’s stock worth $45,000 after acquiring an additional 13,117 shares during the period. Bridgeway Capital Management LLC acquired a new position in shares of Wetouch Technology in the fourth quarter worth about $126,000. Jane Street Group LLC raised its position in shares of Wetouch Technology by 176.6% in the fourth quarter. Jane Street Group LLC now owns 95,917 shares of the company’s stock worth $129,000 after acquiring an additional 61,237 shares during the period. Finally, Renaissance Technologies LLC raised its position in shares of Wetouch Technology by 12.2% in the fourth quarter. Renaissance Technologies LLC now owns 56,200 shares of the company’s stock worth $75,000 after acquiring an additional 6,100 shares during the period.

About Wetouch Technology

Wetouch Technology Inc engages in the research, development, manufacture, sale, and servicing of medium to large sized projected capacitive touchscreens in the Peoples Republic of China, Taiwan, South Korea, and internationally. The company offers various touch panels, including glass-glass, which are primarily used in GPS/car entertainment panels in mid-size and luxury cars, industrial human-machine interface (HMI), financial and banking terminals, point of sale, and lottery machines; glass-film-film products that are used in GPS and entertainment panels, industrial HMI, financial and banking terminals, lottery, and gaming industry; plastic-glass for use in GPS/entertainment panels, motor vehicle GPS, smart home products, robots, and charging stations; and glass-films used in industrial HMI.