Stock market today: S&P 500 climbs as health care, tech gain; Nvidia earnings loom
In recent transactions reported to the Securities and Exchange Commission, Guines LLC, a significant shareholder in biote Corp. (NASDAQ:BTMD), acquired additional shares of the company. The purchases, executed on April 16 and April 17, amounted to a total of $25,906. According to InvestingPro data, this insider buying comes as the stock trades near $3.30, down about 47% year-to-date, suggesting management’s confidence in the company’s prospects despite recent market pressure.
The transactions involved the acquisition of 7,874 shares of Class A common stock. The shares were bought at a weighted average price range between $3.2899 and $3.2915 per share. With a market capitalization of approximately $104 million and a strong financial health score rated as "GREAT" by InvestingPro, the company shows promising fundamentals despite recent price volatility.
The acquisitions were made indirectly by Guines LLC and are linked to Richard Barrera, the managing member of RB Management GP LLC, which manages Roystone Management Holdings LLC, the investment adviser to Guines. Despite the indirect nature of the ownership, the reporting parties have clarified that they do not claim beneficial ownership beyond their pecuniary interests.
These transactions increase the total shares owned by the reporting parties to 4,164,300 following the acquisitions.
In other recent news, Biote Corp. reported its fourth-quarter 2024 earnings, which revealed a slight miss on both earnings per share (EPS) and revenue forecasts. The company posted an EPS of $0.10, falling short of the $0.11 forecast, and revenue was reported at $49.8 million, below the expected $51.29 million. Following this, Jefferies and Truist Securities both adjusted their price targets for Biote, with Jefferies lowering it to $6.80 and Truist to $7.00, while maintaining a Buy rating. These adjustments reflect operational challenges Biote faced, particularly due to the implementation of new software, which impacted the growth of new practitioners. Despite these setbacks, both firms remain optimistic about Biote’s long-term prospects, citing a strong foundation and continued demand in the Bioidentical Hormone Replacement Therapy market. Additionally, Biote’s Board of Directors and CEO Bret Christensen demonstrated confidence in the company’s strategy by purchasing approximately 260,000 shares of the company’s common stock. These developments highlight the company’s ongoing efforts to navigate challenges while maintaining a positive outlook for future growth.
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