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

biote Corp. (NASDAQ:BTMD) was the recipient of a large increase in short interest during the month of August. As of August 31st, there was short interest totaling 1,395,764 shares, an increase of 111.8% from the August 15th total of 658,978 shares. Based on an average daily trading volume, of 408,776 shares, the short-interest ratio is currently 3.4 days. Approximately 5.7% of the company’s shares are short sold.

biote Price Performance

BTMD stock traded up $0.02 during midday trading on Monday, reaching $1.35. 103,117 shares of the company’s stock traded hands, compared to its average volume of 258,740. biote has a fifty-two week low of $1.27 and a fifty-two week high of $3.52. The business has a 50-day moving average price of $1.87 and a two-hundred day moving average price of $1.92. The company has a market capitalization of $48.47 million, a P/E ratio of 12.23 and a beta of 1.60.

biote (NASDAQ:BTMD) last issued its earnings results on Wednesday, August 5th. The company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.26). The business had revenue of $44.23 million during the quarter, compared to analysts’ expectations of $46.12 million. biote had a net margin of 3.19% and a negative return on equity of 22.33%. As a group, research analysts forecast that biote will post 0.03 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on BTMD. B. Riley Financial lowered their target price on shares of biote from $2.00 to $1.50 and set a “neutral” rating for the company in a report on Monday, August 10th. Weiss Ratings lowered shares of biote from a “sell (d+)” rating to a “sell (d)” rating in a report on Thursday, August 13th. TD Cowen lowered their price objective on shares of biote from $2.50 to $2.00 and set a “buy” rating for the company in a research note on Friday, August 7th. Finally, Truist Financial upgraded biote to a “strong-buy” rating in a report on Monday, June 15th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $2.50.

Insider Buying and Selling

In other biote news, Chairman Marc D. Beer purchased 115,950 shares of the stock in a transaction on Monday, August 10th. The stock was bought at an average price of $1.53 per share, for a total transaction of $177,403.50. Following the acquisition, the chairman directly owned 223,744 shares of the company’s stock, valued at $342,328.32. This represents a 107.57% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. 32.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Cubist Systematic Strategies LLC acquired a new stake in shares of biote in the first quarter valued at about $76,000. AQR Capital Management LLC acquired a new position in biote during the 1st quarter worth approximately $43,000. Geode Capital Management LLC boosted its holdings in biote by 7.2% in the 2nd quarter. Geode Capital Management LLC now owns 616,697 shares of the company’s stock worth $2,480,000 after acquiring an additional 41,333 shares during the period. XTX Topco Ltd purchased a new position in biote in the 2nd quarter worth approximately $68,000. Finally, First Trust Advisors LP grew its position in biote by 5.3% in the second quarter. First Trust Advisors LP now owns 73,669 shares of the company’s stock valued at $296,000 after acquiring an additional 3,675 shares in the last quarter. Institutional investors and hedge funds own 21.68% of the company’s stock.

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.