biote (NASDAQ:BTMD) Coverage Initiated at Craig Hallum

Equities research analysts at Craig Hallum initiated coverage on shares of biote (NASDAQ:BTMD) in a research note issued on Monday, Marketbeat reports. The firm set a “buy” rating and a $12.00 price target on the stock. Craig Hallum’s price objective would indicate a potential upside of 88.98% from the company’s previous close.

biote Price Performance

Shares of BTMD stock opened at $6.35 on Monday. The business’s 50 day simple moving average is $5.87 and its 200 day simple moving average is $6.35. biote has a one year low of $3.65 and a one year high of $8.44. The stock has a market capitalization of $345.04 million, a PE ratio of 24.42 and a beta of 1.07.

Hedge Funds Weigh In On biote

Several institutional investors have recently added to or reduced their stakes in the business. WINTON GROUP Ltd lifted its stake in biote by 7.0% in the second quarter. WINTON GROUP Ltd now owns 47,725 shares of the company’s stock valued at $357,000 after buying an additional 3,124 shares during the period. Jane Street Group LLC lifted its stake in biote by 24.7% in the third quarter. Jane Street Group LLC now owns 16,873 shares of the company’s stock valued at $94,000 after buying an additional 3,342 shares during the period. Allspring Global Investments Holdings LLC acquired a new position in biote in the second quarter valued at approximately $42,000. MetLife Investment Management LLC lifted its stake in biote by 129.1% in the third quarter. MetLife Investment Management LLC now owns 16,582 shares of the company’s stock valued at $93,000 after buying an additional 9,343 shares during the period. Finally, The Manufacturers Life Insurance Company acquired a new position in biote in the second quarter valued at approximately $84,000. 21.68% of the stock is owned by institutional investors and hedge funds.

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.