Kanen Wealth Management LLC Makes New Investment in biote Corp. (NASDAQ:BTMD)

Kanen Wealth Management LLC bought a new position in biote Corp. (NASDAQ:BTMD - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 289,803 shares of the company's stock, valued at approximately $1,791,000. biote makes up about 0.7% of Kanen Wealth Management LLC's portfolio, making the stock its 17th biggest holding. Kanen Wealth Management LLC owned about 0.53% of biote at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BTMD. Bank of New York Mellon Corp increased its stake in shares of biote by 59.0% in the second quarter. Bank of New York Mellon Corp now owns 94,318 shares of the company's stock worth $705,000 after purchasing an additional 34,999 shares in the last quarter. Rhumbline Advisers increased its stake in biote by 104.2% in the 2nd quarter. Rhumbline Advisers now owns 28,225 shares of the company's stock worth $211,000 after buying an additional 14,404 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in biote by 1,016.6% during the second quarter. Dimensional Fund Advisors LP now owns 660,069 shares of the company's stock valued at $4,931,000 after acquiring an additional 600,956 shares during the period. Renaissance Technologies LLC lifted its position in shares of biote by 251.8% in the second quarter. Renaissance Technologies LLC now owns 193,077 shares of the company's stock valued at $1,442,000 after acquiring an additional 138,200 shares in the last quarter. Finally, The Manufacturers Life Insurance Company purchased a new stake in shares of biote during the second quarter worth about $84,000. Institutional investors own 21.68% of the company's stock.

biote Price Performance

Shares of BTMD stock remained flat at $5.64 during trading hours on Monday. The stock had a trading volume of 75,480 shares, compared to its average volume of 100,028. The stock has a market capitalization of $306.48 million, a PE ratio of 21.69 and a beta of 1.08. biote Corp. has a 1 year low of $3.65 and a 1 year high of $8.44. The business has a 50 day simple moving average of $6.17 and a 200-day simple moving average of $6.19.

Analysts Set New Price Targets

Separately, Craig Hallum began coverage on biote in a report on Monday, December 16th. They issued a "buy" rating and a $12.00 price target on the stock.

biote 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.