Wetouch Technology (NASDAQ:WETH) Stock Price Up 11.6% – Still a Buy?

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

Wall Street Analyst Weigh In

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

Wetouch Technology Trading Up 11.6%

The stock has a 50 day moving average of $1.38 and a 200-day moving average of $1.53. The company has a market capitalization of $16.11 million, a P/E ratio of 1.90 and a beta of 0.77.

Wetouch Technology (NASDAQ:WETH) last released its 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 company had revenue of $16.31 million for the quarter.

Institutional Trading of Wetouch Technology

Several institutional investors and hedge funds have recently modified their holdings of the company. Citadel Advisors LLC purchased a new position in shares of Wetouch Technology during the 3rd quarter valued at $86,000. Primoris Wealth Advisors LLC purchased a new stake in Wetouch Technology in the 4th quarter worth $29,000. Renaissance Technologies LLC increased its stake in 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 buying an additional 6,100 shares in the last quarter. Jane Street Group LLC increased its stake in 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 in the last quarter. Finally, Bridgeway Capital Management LLC bought a new stake in Wetouch Technology during the fourth quarter valued at about $126,000.

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.