Kanen Wealth Management LLC Takes $1.79 Million Position in biote Corp. (NASDAQ:BTMD)

Kanen Wealth Management LLC bought a new position in biote Corp. (NASDAQ:BTMD) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 289,803 shares of the company’s stock, valued at approximately $1,791,000. biote comprises approximately 0.7% of Kanen Wealth Management LLC’s portfolio, making the stock its 17th largest position.

A number of other institutional investors have also recently bought and sold shares of the stock. The Manufacturers Life Insurance Company acquired a new position in shares of biote in the 2nd quarter valued at $84,000. MetLife Investment Management LLC boosted its holdings 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 acquiring an additional 9,343 shares during the last quarter. Jane Street Group LLC grew its position 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 acquiring an additional 3,342 shares during the period. Quarry LP purchased a new stake in biote during the third quarter valued at about $104,000. Finally, Victory Capital Management Inc. acquired a new stake in biote during the third quarter worth about $106,000. 21.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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.

biote Price Performance

NASDAQ:BTMD opened at $5.64 on Monday. The business’s 50-day moving average is $6.17 and its two-hundred day moving average is $6.20. The firm has a market capitalization of $306.48 million, a PE ratio of 21.69 and a beta of 1.08. biote Corp. has a 12 month low of $3.65 and a 12 month high of $8.44.

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.