biote Corp. (NASDAQ:BTMD) Sees Large Growth in Short Interest

biote Corp. (NASDAQ:BTMD) was the recipient of a large growth in short interest in the month of December. As of December 15th, there was short interest totalling 748,200 shares, a growth of 9.0% from the November 30th total of 686,700 shares. Currently, 2.5% of the company’s stock are sold short. Based on an average daily trading volume, of 141,900 shares, the short-interest ratio is currently 5.3 days.

Institutional Trading of biote

Several institutional investors and hedge funds have recently added to or reduced their stakes in BTMD. Allspring Global Investments Holdings LLC acquired a new position in shares of biote during the 2nd quarter worth approximately $42,000. The Manufacturers Life Insurance Company bought a new position in shares of biote in the second quarter valued at about $84,000. MetLife Investment Management LLC lifted its stake in shares of biote by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 16,582 shares of the company’s stock worth $93,000 after buying an additional 9,343 shares during the last quarter. Jane Street Group LLC boosted its holdings in shares of biote by 24.7% during the 3rd quarter. Jane Street Group LLC now owns 16,873 shares of the company’s stock worth $94,000 after buying an additional 3,342 shares during the period. Finally, Quarry LP acquired a new position in biote in the 3rd quarter valued at about $104,000. 21.68% of the stock is owned by institutional investors.

biote Price Performance

NASDAQ:BTMD traded up $0.27 on Wednesday, hitting $6.18. 162,063 shares of the company’s stock were exchanged, compared to its average volume of 162,621. The company has a market cap of $335.82 million, a P/E ratio of 23.77 and a beta of 1.07. The firm has a 50-day moving average price of $6.01 and a 200-day moving average price of $6.31. biote has a 52 week low of $3.65 and a 52 week high of $8.44.

Wall Street Analysts Forecast Growth

Separately, Craig Hallum started coverage on shares of biote in a research note on Monday, December 16th. They issued a “buy” rating and a $12.00 target price for the company. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $9.11.

About biote

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.