biote (NASDAQ:BTMD) Stock Price Down 2.6% – Time to Sell?

biote Corp. (NASDAQ:BTMD) shares dropped 2.6% during mid-day trading on Monday. The stock traded as low as $1.10 and last traded at $1.12. 205,196 shares traded hands during trading, an increase of 66% from the average session volume of 123,898 shares. The stock had previously closed at $1.15.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on BTMD shares. TD Cowen cut their target price on shares of biote from $2.50 to $2.00 and set a “buy” rating on the stock in a research report on Friday, August 7th. Truist Financial raised shares of biote to a “strong-buy” rating in a research note on Monday, June 15th. 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. Finally, Weiss Ratings downgraded biote from a “sell (d+)” rating to a “sell (d)” rating in a research note on Thursday, August 13th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $2.50.

biote Stock Down 3.9%

The stock has a market capitalization of $39.38 million, a P/E ratio of 9.99 and a beta of 1.69. The company has a fifty day simple moving average of $1.51 and a two-hundred day simple moving average of $1.85.

biote (NASDAQ:BTMD) last released its quarterly 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). biote had a negative return on equity of 22.33% and a net margin of 3.19%.The business had revenue of $44.23 million for the quarter, compared to analyst estimates of $46.12 million. As a group, equities analysts forecast that biote Corp. will post 0.03 earnings per share for the current year.

Insiders Place Their Bets

In other news, Chairman Marc Beer purchased 115,950 shares of the company’s stock in a transaction on Monday, August 10th. The shares were purchased at an average price of $1.53 per share, with a total value of $177,403.50. Following the purchase, the chairman directly owned 223,744 shares of the company’s stock, valued at $342,328.32. This trade represents a 107.57% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 32.40% of the company’s stock.

Hedge Funds Weigh In On biote

Several hedge funds have recently made changes to their positions in BTMD. Rice Hall James & Associates LLC boosted its holdings in biote by 6.1% during the fourth quarter. Rice Hall James & Associates LLC now owns 240,829 shares of the company’s stock worth $626,000 after purchasing an additional 13,805 shares during the last quarter. Renaissance Technologies LLC increased its stake in biote by 30.6% in the 1st quarter. Renaissance Technologies LLC now owns 265,916 shares of the company’s stock valued at $359,000 after buying an additional 62,322 shares during the last quarter. Lazard Asset Management LLC boosted its stake in shares of biote by 319.3% during the 1st quarter. Lazard Asset Management LLC now owns 48,943 shares of the company’s stock worth $66,000 after buying an additional 37,270 shares during the last quarter. Abel Hall LLC boosted its stake in shares of biote by 60.3% during the 1st quarter. Abel Hall LLC now owns 27,921 shares of the company’s stock worth $38,000 after buying an additional 10,507 shares during the last quarter. Finally, Squarepoint Ops LLC acquired a new stake in shares of biote in the second quarter valued at about $37,000. 21.68% of the stock is owned by institutional investors.

biote Company Profile

biote is a healthcare company focused on hormone optimization and personalized wellness. The company supports physicians and other healthcare providers who use its BioTE Method, a hormone replacement approach that commonly involves the implantation of bioidentical hormone pellets for eligible men and women.

In addition to hormone pellet products, biote offers nutritional supplements and other wellness products designed to complement hormone-related care. The company also provides affiliated medical practices with clinical education, provider training, patient-management resources, and practice-development support.

Founded in 2012, biote primarily serves healthcare providers and patients in the United States through its network of affiliated practices.