Wetouch Technology Inc. (NASDAQ:WETH) Short Interest Up 859.1% in May

Wetouch Technology Inc. (NASDAQ:WETH) saw a significant increase in short interest in the month of May. As of May 29th, there was short interest totaling 30,738 shares, an increase of 859.1% from the May 14th total of 3,205 shares. Approximately 0.3% of the company’s stock are short sold. Based on an average daily trading volume, of 184,786 shares, the days-to-cover ratio is presently 0.2 days.

Wetouch Technology Price Performance

WETH opened at $1.46 on Wednesday. The business’s 50-day moving average is $1.58 and its two-hundred day moving average is $1.63. Wetouch Technology has a 1 year low of $0.77 and a 1 year high of $3.68. The firm has a market capitalization of $17.42 million, a PE ratio of 2.06 and a beta of 0.75.

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

Institutional Investors Weigh In On Wetouch Technology

Hedge funds and other institutional investors have recently bought and sold shares of the company. Lepercq De Neuflize Asset Management LLC boosted its stake in 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 acquiring an additional 55,954 shares in the last quarter. Jane Street Group LLC increased its position in shares of 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 purchasing an additional 61,237 shares in the last quarter. Bridgeway Capital Management LLC purchased a new stake in shares of Wetouch Technology during the 4th quarter valued at $126,000. Citadel Advisors LLC purchased a new stake in shares of Wetouch Technology during the 3rd quarter valued at $86,000. Finally, Renaissance Technologies LLC boosted its position in shares of Wetouch Technology by 12.2% in the 4th quarter. Renaissance Technologies LLC now owns 56,200 shares of the company’s stock worth $75,000 after purchasing an additional 6,100 shares in the last quarter.

Analyst Ratings Changes

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