Short Interest in Wetouch Technology Inc. (NASDAQ:WETH) Declines By 95.1%

Wetouch Technology Inc. (NASDAQ:WETH) saw a significant decline in short interest in May. As of May 15th, there was short interest totaling 3,205 shares, a decline of 95.1% from the April 30th total of 65,221 shares. Approximately 0.0% of the company’s stock are sold short. Based on an average trading volume of 75,509 shares, the short-interest ratio is currently 0.0 days.

Wetouch Technology Stock Down 5.2%

Wetouch Technology stock traded down $0.08 during midday trading on Wednesday, hitting $1.47. 298,117 shares of the stock were exchanged, compared to its average volume of 63,984. Wetouch Technology has a 52-week low of $0.77 and a 52-week high of $3.68. The stock has a market capitalization of $17.54 million, a price-to-earnings ratio of 2.07 and a beta of 0.86. The business’s 50-day moving average price is $1.57 and its 200-day moving average price is $1.69.

Wetouch Technology (NASDAQ:WETH) last released its quarterly earnings results on Friday, May 15th. The company reported $0.32 earnings per share for the quarter. Wetouch Technology had a net margin of 18.34% and a return on equity of 6.18%. The business had revenue of $16.31 million for the quarter.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Primoris Wealth Advisors LLC purchased a new position in Wetouch Technology in the fourth quarter valued at about $29,000. XTX Topco Ltd boosted its stake in Wetouch Technology by 64.2% in the fourth quarter. XTX Topco Ltd now owns 33,537 shares of the company’s stock valued at $45,000 after acquiring an additional 13,117 shares during the last quarter. Renaissance Technologies LLC boosted its stake in Wetouch Technology by 12.2% in the fourth quarter. Renaissance Technologies LLC now owns 56,200 shares of the company’s stock valued at $75,000 after acquiring an additional 6,100 shares during the last quarter. Citadel Advisors LLC purchased a new position in Wetouch Technology in the third quarter valued at about $86,000. Finally, Bridgeway Capital Management LLC purchased a new position in Wetouch Technology in the fourth quarter valued at about $126,000.

Analyst Ratings Changes

Separately, Weiss Ratings raised shares of Wetouch Technology from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday. One equities research analyst has rated the stock with a Hold rating, According to MarketBeat.com, Wetouch Technology currently has a consensus rating of “Hold”.

Wetouch Technology Company Profile

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.