Short Interest in biote Corp. (NASDAQ:BTMD) Drops By 16.8%

biote Corp. (NASDAQ:BTMD) was the target of a significant drop in short interest during the month of November. As of November 30th, there was short interest totalling 686,700 shares, a drop of 16.8% from the November 15th total of 825,500 shares. Based on an average trading volume of 159,000 shares, the short-interest ratio is presently 4.3 days. Approximately 2.3% of the shares of the company are sold short.

biote Price Performance

biote stock traded up $0.23 during mid-day trading on Monday, reaching $6.60. The company had a trading volume of 96,835 shares, compared to its average volume of 163,486. biote has a 1 year low of $3.65 and a 1 year high of $8.44. The company has a market capitalization of $358.62 million, a P/E ratio of 24.77 and a beta of 1.07. The stock’s 50-day simple moving average is $5.82 and its 200-day simple moving average is $6.35.

Analysts Set New Price Targets

Separately, Craig Hallum started coverage on biote in a research report on Monday. They issued a “buy” rating and a $12.00 price target on the stock. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, biote currently has a consensus rating of “Buy” and an average target price of $9.11.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC purchased a new position in biote during the second quarter worth about $42,000. The Manufacturers Life Insurance Company purchased a new stake in biote during the 2nd quarter worth approximately $84,000. MetLife Investment Management LLC lifted its position in shares of biote by 129.1% during the third quarter. MetLife Investment Management LLC now owns 16,582 shares of the company’s stock worth $93,000 after purchasing an additional 9,343 shares during the last quarter. Jane Street Group LLC increased its stake in biote by 24.7% during the third quarter. Jane Street Group LLC now owns 16,873 shares of the company’s stock valued at $94,000 after purchasing an additional 3,342 shares during the last quarter. Finally, Quarry LP bought a new position in shares of biote during the third quarter valued at approximately $104,000. 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.