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

Wetouch Technology Inc. (NASDAQ:WETH) was the recipient of a significant decline in short interest during the month of 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. Currently, 0.0% of the shares of the company are short sold. Based on an average trading volume of 75,509 shares, the days-to-cover ratio is currently 0.0 days.

Wetouch Technology Trading Down 5.2%

Shares of NASDAQ WETH traded down $0.08 during midday trading on Wednesday, hitting $1.47. The company’s stock had a trading volume of 298,117 shares, compared to its average volume of 63,984. The stock has a fifty day moving average price of $1.57 and a 200 day moving average price of $1.69. Wetouch Technology has a one year low of $0.77 and a one year high of $3.68. The firm has a market capitalization of $17.54 million, a price-to-earnings ratio of 2.07 and a beta of 0.86.

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

Institutional Trading of Wetouch Technology

Several hedge funds and other institutional investors have recently modified their holdings of the business. Renaissance Technologies LLC raised its position 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 raised its position 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. Primoris Wealth Advisors LLC bought a new stake in shares of Wetouch Technology in the fourth quarter valued at approximately $29,000. Lepercq De Neuflize Asset Management LLC raised its position in shares of Wetouch Technology by 71.8% in the fourth 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 during the period. Finally, Jane Street Group LLC increased its holdings in Wetouch Technology by 176.6% during the 4th quarter. Jane Street Group LLC now owns 95,917 shares of the company’s stock worth $129,000 after acquiring an additional 61,237 shares during the period.

Analysts Set New Price Targets

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