biote Corp. (NASDAQ:BTMD – Get Free Report) was the recipient of a large drop in short interest in the month of June. As of June 30th, there was short interest totaling 553,643 shares, a drop of 57.0% from the June 15th total of 1,287,328 shares. Based on an average trading volume of 624,792 shares, the short-interest ratio is currently 0.9 days. Approximately 2.2% of the shares of the stock are short sold.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently added to or reduced their stakes in BTMD. Cubist Systematic Strategies LLC bought a new stake in biote during the 1st quarter worth about $76,000. AQR Capital Management LLC bought a new stake in shares of biote during the 1st quarter worth approximately $43,000. Geode Capital Management LLC boosted its stake in biote by 7.2% in the second quarter. Geode Capital Management LLC now owns 616,697 shares of the company’s stock valued at $2,480,000 after buying an additional 41,333 shares in the last quarter. XTX Topco Ltd acquired a new position in biote in the 2nd quarter worth about $68,000. Finally, First Trust Advisors LP grew its stake in shares of biote by 5.3% in the second quarter. First Trust Advisors LP now owns 73,669 shares of the company’s stock worth $296,000 after purchasing an additional 3,675 shares during the last quarter. 21.68% of the stock is currently owned by institutional investors.
biote Trading Down 1.5%
biote stock traded down $0.04 during midday trading on Tuesday, reaching $2.29. 59,943 shares of the stock traded hands, compared to its average volume of 253,311. The firm has a market cap of $85.87 million, a price-to-earnings ratio of 5.19 and a beta of 1.66. biote has a fifty-two week low of $1.27 and a fifty-two week high of $4.75. The firm has a fifty day moving average price of $2.14 and a two-hundred day moving average price of $2.08.
Analyst Upgrades and Downgrades
Several brokerages have recently commented on BTMD. Truist Financial raised biote to a “strong-buy” rating in a research note on Monday, June 15th. Weiss Ratings upgraded biote from a “sell (d)” rating to a “sell (d+)” rating in a research note on Thursday, May 28th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $2.75.
Get Our Latest Research Report on biote
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.
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