Short Interest in biote Corp. (NASDAQ:BTMD) Grows By 8.0%

biote Corp. (NASDAQ:BTMD - Get Free Report) was the target of a large growth in short interest in January. As of January 15th, there was short interest totalling 808,100 shares, a growth of 8.0% from the December 31st total of 748,200 shares. Based on an average daily trading volume, of 138,100 shares, the days-to-cover ratio is presently 5.9 days. Approximately 2.7% of the shares of the stock are sold short.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in BTMD. Dimensional Fund Advisors LP increased its position in shares of biote by 1,016.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 660,069 shares of the company's stock valued at $4,931,000 after purchasing an additional 600,956 shares during the last quarter. Kanen Wealth Management LLC purchased a new position in biote during the fourth quarter worth $1,791,000. Renaissance Technologies LLC boosted its stake in biote by 251.8% during the second quarter. Renaissance Technologies LLC now owns 193,077 shares of the company's stock worth $1,442,000 after buying an additional 138,200 shares during the period. Wasatch Advisors LP increased its position in 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 acquiring an additional 107,792 shares during the last quarter. Finally, Sanders Morris Harris LLC raised its stake in shares of biote by 131.2% in the third quarter. Sanders Morris Harris LLC now owns 180,965 shares of the company's stock valued at $1,010,000 after acquiring an additional 102,706 shares during the period. Hedge funds and other institutional investors own 21.68% of the company's stock.

biote Stock Performance

Shares of NASDAQ:BTMD traded down $0.25 on Friday, reaching $4.56. The company's stock had a trading volume of 206,574 shares, compared to its average volume of 127,219. The company has a 50-day simple moving average of $5.96 and a 200 day simple moving average of $5.98. The company has a market cap of $247.79 million, a P/E ratio of 17.54 and a beta of 1.04. biote has a 52-week low of $3.93 and a 52-week high of $8.44.

Analyst Upgrades and Downgrades

Separately, Craig Hallum started coverage on biote in a research note on Monday, December 16th. They issued a "buy" rating and a $12.00 price objective on the 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.