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

Wetouch Technology Inc. (NASDAQ:WETH) was the target of a significant decrease in short interest in the month of September. As of September 30th, there was short interest totaling 5,518 shares, a decrease of 78.4% from the September 15th total of 25,546 shares. Currently, 0.0% of the shares of the stock are sold short. Based on an average trading volume of 104,293 shares, the short-interest ratio is presently 0.1 days.

Institutional Trading of Wetouch Technology

A hedge fund recently raised its position in Wetouch Technology stock. Lepercq De Neuflize Asset Management LLC lifted its stake in shares of Wetouch Technology Inc. (NASDAQ:WETH) by 71.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 133,908 shares of the company’s stock after purchasing an additional 55,954 shares during the period. Wetouch Technology comprises 0.1% of Lepercq De Neuflize Asset Management LLC’s investment portfolio, making the stock its 9th biggest position. Lepercq De Neuflize Asset Management LLC owned about 1.12% of Wetouch Technology worth $179,000 as of its most recent filing with the Securities & Exchange Commission.

Wetouch Technology Stock Down 0.6%

Shares of WETH stock traded down $0.01 during trading hours on Friday, hitting $0.93. 29,174 shares of the company’s stock were exchanged, compared to its average volume of 81,771. The firm has a market cap of $12.44 million, a P/E ratio of 1.33 and a beta of 0.73. The firm has a 50 day moving average of $1.11 and a two-hundred day moving average of $1.33. Wetouch Technology has a fifty-two week low of $0.91 and a fifty-two week high of $3.68.

Wetouch Technology (NASDAQ:WETH) last announced its earnings results on Friday, August 14th. The company reported $0.18 earnings per share (EPS) for the quarter. Wetouch Technology had a return on equity of 5.94% and a net margin of 17.57%. The firm had revenue of $14.00 million for the quarter.

Wetouch Technology Announces Dividend

The business also recently disclosed a special dividend, which was paid on Wednesday, September 30th. Shareholders of record on Monday, August 17th were issued a dividend of $0.04 per share. The ex-dividend date of this dividend was Monday, August 17th.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings lowered shares of Wetouch Technology from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, September 4th. One investment analyst has rated the stock with a Sell rating. According to data from MarketBeat.com, the company has an average rating of “Sell”.

Wetouch Technology Company Profile

Wetouch Technology Inc is a China-based manufacturer of touch-screen products and display solutions. The company specializes in projected capacitive touch screens, including large-format and customized screens designed for commercial and industrial applications.

Its products are used in a range of end markets, including automotive, industrial control, medical equipment, financial and retail terminals, education, smart home devices, and other interactive display systems. Wetouch Technology provides touch-screen components and related display modules to original equipment manufacturers and other business customers.

The company serves customers primarily through its operations in China and has marketed its products to customers in international markets.