Wetouch Technology (NASDAQ:WETH) Shares Up 11.6% – Here’s What Happened

Wetouch Technology Inc. (NASDAQ:WETH)’s share price rose 11.6% on Friday . The company traded as high as $1.37 and last traded at $1.35. Approximately 234,906 shares changed hands during trading, an increase of 67% from the average daily volume of 140,961 shares. The stock had previously closed at $1.21.

Analysts Set New Price Targets

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

Wetouch Technology Price Performance

The company has a market cap of $16.11 million, a PE ratio of 1.90 and a beta of 0.77. The business has a 50-day moving average of $1.38 and a 200 day moving average of $1.53.

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

Hedge Funds Weigh In On Wetouch Technology

Several institutional investors have recently made changes to their positions in WETH. Primoris Wealth Advisors LLC bought a new stake in Wetouch Technology during the fourth quarter valued at approximately $29,000. XTX Topco Ltd raised its position in 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 acquiring an additional 13,117 shares during the period. Renaissance Technologies LLC raised its position in 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 acquiring an additional 6,100 shares during the period. Citadel Advisors LLC bought a new position in Wetouch Technology in the third quarter worth approximately $86,000. Finally, Bridgeway Capital Management LLC purchased a new position in shares of Wetouch Technology during the 4th quarter worth $126,000.

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.