WeTouch Announces First Quarter Fiscal Year 2024 Financial Results with Cash Reserves of $94.8 Million
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 17 2024
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Should l Buy WETH?
Source: PRnewswire
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Analyst Views on WETH
About WETH
Wetouch Technology Inc is a holding company principally engaged in the research, development, manufacturing, sales and servicing of medium to large sized projected capacitive touchscreens. The Company's product portfolio comprises medium to large sized projected capacitive touchscreens ranging from 7.0 inch to 42 inch screens, including Glass-Glass (GG), Glass-Film-Film (GFF), Plastic-Glass (PF), and Glass-Film (GF). The Company's products are mainly used in the financial terminals, automotive, point of sale (POS), gaming, lottery, medical, Human Machine Interface (HMI), and other specialized industries. The Company primarily distributes its products within the domestic market and to overseas markets.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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Ethereum Price Surge: Ethereum and its related cryptocurrencies experienced significant gains, with Ether rising 13.4% due to a general market optimism and the recent Pectra upgrade that enhanced the blockchain's security and functionality.
Future Outlook: The introduction of 24/7 trading for Bitcoin and Ethereum futures on Coinbase may stabilize the markets, while ongoing upgrades could improve Ethereum's competitiveness against other smart contract platforms, despite its past underperformance compared to Bitcoin.
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- Buyback Details: The company plans to repurchase shares through open market or private transactions, with the program subject to suspension or discontinuation at any time.
- CEO's Statement: CEO Zongyi Lian expressed confidence in Wetouch's business, citing strong cash position and undervalued stock as reasons for the buyback to return value to shareholders.
- How to Participate: Interested individuals can buy Wetouch Technology shares through brokerage accounts, including fractional shares for expensive stocks like Berkshire Hathaway or Amazon.com.
- Betting Against the Company: Shorting a company like Wetouch Technology requires access to options trading platforms or brokers allowing 'going short' by lending shares to sell, enabling profit from share price decline.
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Wetouch Technologies Announces Stock Buyback Program - Quick Facts
- Wetouch Technologies Stock Buyback Program: The company announced a stock buyback program to repurchase up to $15 million of its common stock.
- Reason for Buyback: Wetouch Technologies stated that the buyback program reflects confidence in the strong and growing business of the company.
- CEO's Statement: Zongyi Lian, CEO of Wetouch Technologies, mentioned that despite having over $90 million in cash and nearly $8 per share in cash, the market capitalization is less than $30 million, indicating the stock is undervalued.
- Purpose of Buyback: The CEO highlighted that the buyback program is seen as an opportunity to return value to shareholders due to the perceived undervaluation of the company's stock.
See More
Why the Ethereum Ecosystem Soared on Friday
Ethereum Price Surge: Ethereum and its related cryptocurrencies experienced significant gains, with Ether rising 13.4% due to a general market optimism and the recent Pectra upgrade that enhanced the blockchain's security and functionality.
Future Outlook: The introduction of 24/7 trading for Bitcoin and Ethereum futures on Coinbase may stabilize the markets, while ongoing upgrades could improve Ethereum's competitiveness against other smart contract platforms, despite its past underperformance compared to Bitcoin.
See More
Gold Falls Over 1%; HilleVax Shares Plunge
- U.S. Stock Market: Nasdaq Composite moved higher, Dow down 0.12%, NASDAQ up 0.27%, S&P 500 gained 0.09%.
- Top Headline: Eli Lilly to acquire Morphic Holding Inc for $3.2 billion.
- Equities Trading UP: Shares of Morphic Holding, Myomo, and SRIVARU Holding increased significantly.
- Equities Trading DOWN: HilleVax, Wetouch Technology, and Inventiva S.A. saw declines in their stock prices.
- Commodities and Global Markets: Oil and gold prices fell, European shares closed lower, Asian markets also declined.
See More
Why Arhaus Shares Are Trading Lower By Around 8%? Here Are Other Stocks Moving In Monday's Mid-Day Session
- Arhaus, Inc. Stock Movement: Arhaus, Inc. (ARHS) shares fell 7.9% to $14.55 after being downgraded by Jefferies analyst Jonathan Matuszewski.
- Top Gainers: Several stocks saw significant gains, including Morphic Holding, Inc. (MORF), Zapp Electric Vehicles Group Limited (ZAPP), and SRIVARU Holding Limited (SVMH).
- Inspire Veterinary Partners: Inspire Veterinary Partners, Inc. (IVP) shares climbed 47% to $2.1928.
- Top Losers: HilleVax, Inc. (HLVX) shares dipped 86.7%, followed by Adamas One Corp (JEWL) and China Liberal Education Holdings Limited (CLEU).
- Other Market Movements: Various companies like SolarEdge Technologies, Inc. (SEDG), Corning Incorporated (GLW), and Paramount Global (PARAA) experienced notable stock price changes.
See More
Dow Turns Lower; Myomo Shares Jump
- U.S. Stock Market: Dow Jones traded down 0.19%, NASDAQ rose 0.21%, and S&P 500 fell 0.02%.
- Top Headline: Eli Lilly to acquire Morphic Holding Inc for $3.2 billion.
- Equities Trading UP: MORF shares surged by 75%, MYO shares boosted by 27%, SVMH shares gained 39%.
- Equities Trading DOWN: HLVX shares dropped 87%, WETH shares down 20%, IVA shares fell 10%.
- Commodities: Oil and gold prices down, silver and copper also saw declines.
See More
What's Going On With Wetouch Technology (WETH) Stock?
- Wetouch Technologies Stock Buyback: Wetouch Technologies Inc (WETH) shares are down by 21.7% to $2.47 after announcing a $15 million stock buyback program.
- Buyback Details: The company plans to repurchase shares through open market or private transactions, with the program subject to suspension or discontinuation at any time.
- CEO's Statement: CEO Zongyi Lian expressed confidence in Wetouch's business, citing strong cash position and undervalued stock as reasons for the buyback to return value to shareholders.
- How to Participate: Interested individuals can buy Wetouch Technology shares through brokerage accounts, including fractional shares for expensive stocks like Berkshire Hathaway or Amazon.com.
- Betting Against the Company: Shorting a company like Wetouch Technology requires access to options trading platforms or brokers allowing 'going short' by lending shares to sell, enabling profit from share price decline.
See More
Wetouch Technologies Announces Stock Buyback Program - Quick Facts
- Wetouch Technologies Stock Buyback Program: The company announced a stock buyback program to repurchase up to $15 million of its common stock.
- Reason for Buyback: Wetouch Technologies stated that the buyback program reflects confidence in the strong and growing business of the company.
- CEO's Statement: Zongyi Lian, CEO of Wetouch Technologies, mentioned that despite having over $90 million in cash and nearly $8 per share in cash, the market capitalization is less than $30 million, indicating the stock is undervalued.
- Purpose of Buyback: The CEO highlighted that the buyback program is seen as an opportunity to return value to shareholders due to the perceived undervaluation of the company's stock.
See More
