Wetouch Technology Inc. (NASDAQ:WETH) Short Interest Up 859.1% in May

Wetouch Technology Inc. (NASDAQ:WETH) saw a significant increase in short interest during the month of May. As of May 29th, there was short interest totaling 30,738 shares, an increase of 859.1% from the May 14th total of 3,205 shares. Based on an average daily trading volume, of 184,786 shares, the days-to-cover ratio is presently 0.2 days. Approximately 0.3% of the company’s stock are short sold.

Analyst Ratings Changes

Separately, Weiss Ratings upgraded Wetouch Technology from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, May 26th. One analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the stock presently has an average rating of “Hold”.

Wetouch Technology Trading Down 4.6%

NASDAQ WETH opened at $1.46 on Wednesday. Wetouch Technology has a 12-month low of $0.77 and a 12-month high of $3.68. The company has a fifty day simple moving average of $1.58 and a two-hundred day simple moving average of $1.63. The stock has a market cap of $17.42 million, a P/E ratio of 2.06 and a beta of 0.75.

Wetouch Technology (NASDAQ:WETH) last announced its quarterly earnings data 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 firm had revenue of $16.31 million for the quarter.

Institutional Trading of Wetouch Technology

Several large investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC increased its holdings 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 valued at $75,000 after purchasing an additional 6,100 shares during the period. XTX Topco Ltd boosted 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 buying an additional 13,117 shares during the last quarter. Primoris Wealth Advisors LLC purchased a new stake in Wetouch Technology in the fourth quarter valued at approximately $29,000. Lepercq De Neuflize Asset Management LLC increased its holdings in Wetouch Technology by 71.8% in the 4th quarter. Lepercq De Neuflize Asset Management LLC now owns 133,908 shares of the company’s stock worth $179,000 after buying an additional 55,954 shares during the period. Finally, Jane Street Group LLC increased its holdings in Wetouch Technology by 176.6% in the 4th quarter. Jane Street Group LLC now owns 95,917 shares of the company’s stock worth $129,000 after buying an additional 61,237 shares during the period.

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.