Wetouch Technology (NASDAQ:WETH) Posts Earnings Results

Wetouch Technology (NASDAQ:WETH) issued its quarterly earnings data on Friday. The company reported $0.18 EPS 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 mid-day trading on Friday, hitting $1.26. 20,134 shares of the company traded hands, compared to its average volume of 92,919. The stock has a market cap of $16.86 million, a P/E ratio of 1.77 and a beta of 0.80. The stock has a 50-day moving average price of $1.25 and a two-hundred day moving average price of $1.47. Wetouch Technology has a 12-month low of $0.82 and a 12-month high of $3.68.

Wetouch Technology Announces Dividend

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

Analyst Upgrades and Downgrades

Separately, Weiss Ratings upgraded Wetouch Technology from a “sell (d+)” rating to a “hold (c-)” rating in a research note 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”.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in WETH. XTX Topco Ltd lifted its holdings 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 worth $45,000 after buying an additional 13,117 shares in the last quarter. Renaissance Technologies LLC increased its holdings 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 worth $75,000 after purchasing an additional 6,100 shares during the period. Citadel Advisors LLC bought a new position in shares of Wetouch Technology in the third quarter worth $86,000. Bridgeway Capital Management LLC purchased a new position in Wetouch Technology during the fourth quarter worth about $126,000. Finally, Jane Street Group LLC raised its holdings 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 valued at $129,000 after acquiring an additional 61,237 shares in the last quarter.

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.