Wetouch Technology (NASDAQ:WETH) Posts Earnings Results

Wetouch Technology (NASDAQ:WETH) announced its earnings results on Friday. The company reported $0.18 earnings per share (EPS) for the quarter, Zacks reports. The firm had revenue of $14.00 million during the quarter. Wetouch Technology had a return on equity of 6.18% and a net margin of 18.34%.

Wetouch Technology Stock Performance

Shares of Wetouch Technology stock opened at $1.26 on Friday. The company has a 50-day simple moving average of $1.25 and a two-hundred day simple moving average of $1.47. The stock has a market capitalization of $16.86 million, a PE ratio of 1.80 and a beta of 0.80. Wetouch Technology has a 52-week low of $0.82 and a 52-week high of $3.68.

Wetouch Technology Dividend Announcement

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

Wall Street Analyst Weigh In

Separately, Weiss Ratings raised Wetouch Technology from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, May 26th. One analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the company presently has an average rating of “Hold”.

Institutional Investors Weigh In On Wetouch Technology

Several institutional investors and hedge funds have recently made changes to their positions in WETH. Bridgeway Capital Management LLC purchased a new stake in Wetouch Technology during the 4th quarter valued at $126,000. Jane Street Group LLC raised its stake in shares of Wetouch Technology by 176.6% in 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 during the last quarter. Citadel Advisors LLC purchased a new position in shares of Wetouch Technology in the third quarter worth $86,000. Renaissance Technologies LLC lifted its holdings in shares of 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 in the last quarter. Finally, XTX Topco Ltd lifted its holdings in shares of Wetouch Technology by 64.2% during the fourth quarter. XTX Topco Ltd now owns 33,537 shares of the company’s stock valued at $45,000 after purchasing an additional 13,117 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.