Wetouch Technology (NASDAQ:WETH) Releases Earnings Results

Wetouch Technology (NASDAQ:WETH) released its quarterly earnings data on Friday. The company reported $0.18 earnings per share for the quarter, Zacks reports. Wetouch Technology had a return on equity of 6.18% and a net margin of 18.34%.

Wetouch Technology Trading Up 1.6%

Shares of NASDAQ WETH traded up $0.02 during midday trading on Friday, reaching $1.26. The company’s stock had a trading volume of 20,134 shares, compared to its average volume of 92,919. The stock has a 50 day simple moving average of $1.25 and a 200-day simple moving average of $1.47. The stock has a market capitalization of $16.86 million, a price-to-earnings ratio of 1.77 and a beta of 0.80. Wetouch Technology has a fifty-two week low of $0.82 and a fifty-two week high of $3.68.

Wetouch Technology Dividend Announcement

The firm also recently disclosed a special dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Monday, August 17th will be issued a $0.04 dividend. The ex-dividend date is Monday, August 17th.

Institutional Investors Weigh In On Wetouch Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bridgeway Capital Management LLC bought a new stake in Wetouch Technology during the 4th quarter worth about $126,000. Citadel Advisors LLC acquired a new stake in shares of Wetouch Technology in the third quarter valued at about $86,000. Jane Street Group LLC raised its holdings in Wetouch Technology by 176.6% during the fourth 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 in the last quarter. XTX Topco Ltd raised its holdings in Wetouch Technology by 64.2% during the fourth quarter. XTX Topco Ltd now owns 33,537 shares of the company’s stock worth $45,000 after acquiring an additional 13,117 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its position in Wetouch Technology by 12.2% during 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 last quarter.

Wall Street Analyst Weigh In

Separately, Weiss Ratings upgraded shares of Wetouch Technology from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, May 26th. One analyst has rated the stock with a Hold rating, According to data from MarketBeat, Wetouch Technology has a consensus rating of “Hold”.

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.