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

Wetouch Technology Inc. (NASDAQ:WETH) was the target of a large drop in short interest during the month of May. As of May 15th, there was short interest totaling 3,205 shares, a drop of 95.1% from the April 30th total of 65,221 shares. Based on an average daily volume of 75,509 shares, the short-interest ratio is presently 0.0 days. Currently, 0.0% of the company’s stock are short sold.

Analysts Set New Price Targets

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

Wetouch Technology Trading Down 0.6%

WETH traded down $0.01 during trading on Friday, hitting $1.39. 51,966 shares of the company’s stock traded hands, compared to its average volume of 64,454. The company’s 50 day simple moving average is $1.57 and its two-hundred day simple moving average is $1.69. Wetouch Technology has a 12-month low of $0.77 and a 12-month high of $3.68. The stock has a market capitalization of $16.59 million, a price-to-earnings ratio of 1.97 and a beta of 0.86.

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

Hedge Funds Weigh In On Wetouch Technology

A number of institutional investors and hedge funds have recently modified their holdings of WETH. Bridgeway Capital Management LLC purchased a new position in shares of Wetouch Technology in the 4th quarter worth $126,000. Citadel Advisors LLC purchased a new position in shares of Wetouch Technology in the 3rd quarter worth $86,000. Jane Street Group LLC boosted its stake in shares of 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 last quarter. Lepercq De Neuflize Asset Management LLC boosted its stake in shares of 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 last quarter. Finally, Primoris Wealth Advisors LLC purchased a new position in shares of Wetouch Technology in the 4th quarter worth $29,000.

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.