Wetouch Technology Inc. (NASDAQ:WETH) Sees Large Decline in Short Interest

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

Institutional Trading of Wetouch Technology

A number of hedge funds have recently modified their holdings of the business. Lepercq De Neuflize Asset Management LLC raised its holdings in shares of Wetouch Technology by 71.8% during the 4th quarter. Lepercq De Neuflize Asset Management LLC now owns 133,908 shares of the company’s stock valued at $179,000 after purchasing an additional 55,954 shares in the last quarter. XTX Topco Ltd increased its position in shares of Wetouch Technology by 64.2% during 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. Bridgeway Capital Management LLC bought a new position in Wetouch Technology during the fourth quarter worth about $126,000. Jane Street Group LLC boosted its stake in Wetouch Technology by 176.6% in the 4th quarter. Jane Street Group LLC now owns 95,917 shares of the company’s stock valued at $129,000 after buying an additional 61,237 shares in the last quarter. Finally, Renaissance Technologies LLC grew its holdings in shares of Wetouch Technology by 12.2% in the 4th quarter. Renaissance Technologies LLC now owns 56,200 shares of the company’s stock worth $75,000 after purchasing an additional 6,100 shares during the last quarter.

Wetouch Technology Stock Performance

Shares of WETH stock traded down $0.06 during mid-day trading on Thursday, hitting $1.41. 103,359 shares of the stock traded hands, compared to its average volume of 64,374. Wetouch Technology has a twelve month low of $0.77 and a twelve month high of $3.68. The firm has a market cap of $16.82 million, a price-to-earnings ratio of 1.98 and a beta of 0.86. The company’s 50-day simple moving average is $1.57 and its 200-day simple moving average is $1.69.

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

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded Wetouch Technology from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, Wetouch Technology currently has an average 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.