Short Interest in Wetouch Technology Inc. (NASDAQ:WETH) Drops By 16.6%

Wetouch Technology Inc. (NASDAQ:WETH) was the recipient of a significant drop in short interest during the month of March. As of March 13th, there was short interest totaling 86,327 shares, a drop of 16.6% from the February 26th total of 103,491 shares. Based on an average daily volume of 48,414 shares, the short-interest ratio is presently 1.8 days. Currently, 0.7% of the company’s shares are short sold.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a “hold (c)” rating on shares of Wetouch Technology in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Hold rating, According to data from MarketBeat, the company presently has a consensus rating of “Hold”.

Institutional Investors Weigh In On Wetouch Technology

A number of institutional investors and hedge funds have recently made changes to their positions in WETH. Primoris Wealth Advisors LLC acquired a new position in shares of Wetouch Technology in the 4th quarter worth approximately $29,000. XTX Topco Ltd raised its position 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 purchasing an additional 13,117 shares during the period. Renaissance Technologies LLC raised its position 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 purchasing an additional 6,100 shares during the period. Citadel Advisors LLC acquired a new position in Wetouch Technology during the third quarter worth $86,000. Finally, Bridgeway Capital Management LLC acquired a new position in Wetouch Technology during the fourth quarter worth $126,000.

Wetouch Technology Trading Up 8.0%

Shares of NASDAQ:WETH opened at $1.29 on Wednesday. The company has a market capitalization of $15.33 million, a price-to-earnings ratio of 2.07 and a beta of 0.33. Wetouch Technology has a 12-month low of $0.76 and a 12-month high of $3.68. The business has a 50-day moving average price of $1.58 and a 200 day moving average price of $1.73.

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.