Wetouch Technology (NASDAQ:WETH) Shares Down 3.6% – Here’s What Happened

Wetouch Technology Inc. (NASDAQ:WETH)’s share price traded down 3.6% during trading on Friday . The company traded as low as $1.34 and last traded at $1.34. 12,709 shares traded hands during trading, a decline of 69% from the average session volume of 40,358 shares. The stock had previously closed at $1.39.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Wetouch Technology in a report on Monday, December 29th. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, Wetouch Technology currently has a consensus rating of “Hold”.

Wetouch Technology Stock Performance

The firm has a market capitalization of $15.99 million, a price-to-earnings ratio of 2.16 and a beta of 0.33. The firm has a fifty day moving average price of $1.65 and a 200 day moving average price of $1.72.

Institutional Investors Weigh In On Wetouch Technology

Institutional investors have recently made changes to their positions in the stock. Primoris Wealth Advisors LLC acquired a new position in shares of Wetouch Technology during the 4th quarter worth $29,000. XTX Topco Ltd lifted its stake 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 valued at $45,000 after purchasing an additional 13,117 shares during the period. Renaissance Technologies LLC boosted its holdings in Wetouch Technology by 12.2% during the fourth quarter. Renaissance Technologies LLC now owns 56,200 shares of the company’s stock worth $75,000 after buying an additional 6,100 shares in the last quarter. Citadel Advisors LLC acquired a new position in Wetouch Technology during the third quarter worth about $86,000. Finally, Bridgeway Capital Management LLC acquired a new position in Wetouch Technology during the fourth quarter worth about $126,000.

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.