Wetouch Technologies Announces Stock Buyback Program - Quick Facts

Written by Emily J. Thompson, Senior Investment Analyst

Source: Business Insider

Updated: Jul 08 2024

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Source: Business Insider

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.

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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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What's Going On With Wetouch Technology (WETH) Stock?

Jul 08 2024Benzinga

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.