biote Corp. (NASDAQ:BTMD) Short Interest Update

biote Corp. (NASDAQ:BTMD) was the recipient of a large drop in short interest during the month of January. As of January 31st, there was short interest totalling 703,200 shares, a drop of 10.2% from the January 15th total of 782,700 shares. Based on an average daily trading volume, of 152,800 shares, the days-to-cover ratio is presently 4.6 days. Currently, 2.3% of the company’s shares are sold short.

Analysts Set New Price Targets

Separately, Craig Hallum initiated coverage on biote in a report on Monday, December 16th. They set a “buy” rating and a $12.00 target price for the company.

biote Stock Performance

Shares of NASDAQ BTMD remained flat at $4.58 during midday trading on Monday. 144,581 shares of the company traded hands, compared to its average volume of 128,363. The company has a market capitalization of $248.86 million, a price-to-earnings ratio of 17.62 and a beta of 1.04. The firm has a 50-day moving average of $5.73 and a 200-day moving average of $5.81. biote has a one year low of $4.45 and a one year high of $8.44.

Hedge Funds Weigh In On biote

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Kanen Wealth Management LLC bought a new position in shares of biote in the 4th quarter worth about $1,791,000. Hillsdale Investment Management Inc. bought a new position in shares of biote during the fourth quarter valued at approximately $1,561,000. Wasatch Advisors LP lifted its holdings in shares of biote by 8.4% during the third quarter. Wasatch Advisors LP now owns 1,392,809 shares of the company’s stock valued at $7,772,000 after purchasing an additional 107,792 shares during the last quarter. Marshall Wace LLP bought a new stake in shares of biote in the 4th quarter worth approximately $543,000. Finally, Trexquant Investment LP grew its stake in shares of biote by 423.1% in the 4th quarter. Trexquant Investment LP now owns 101,757 shares of the company’s stock worth $629,000 after buying an additional 82,303 shares during the last quarter. Hedge funds and other institutional investors own 21.68% of the company’s stock.

biote Company Profile

biote Corp. operates in practice-building business within the hormone optimization space. It trains physicians and nurse practitioners in hormone optimization using bioidentical hormone replacement pellet therapy in men and women experiencing hormonal imbalance. The company offers Biote Method, a comprehensive end-to-end practice building platform that provides Biote-certified practitioners with the components developed for practitioners in the hormone optimization space comprising Biote Method education, training, and certification services; practice management software that allows Biote-certified practitioners to order, track, and manage hormone optimization product inventory and other administrative requirements; inventory management software to monitor pellet inventory; and information regarding available hormone replacement therapy products, as well as digital and point-of-care marketing support.