Hims & Hers Health (NYSE:HIMS) Shares Down 8.6% – Here’s Why

Hims & Hers Health, Inc. (NYSE:HIMS)’s stock price dropped 8.6% on Thursday . The stock traded as low as $36.33 and last traded at $37.38. Approximately 11,249,067 shares traded hands during mid-day trading, a decline of 13% from the average daily volume of 12,980,799 shares. The stock had previously closed at $40.89.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on HIMS. Piper Sandler boosted their target price on Hims & Hers Health from $24.00 to $35.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 25th. Morgan Stanley cut shares of Hims & Hers Health from an “overweight” rating to an “equal weight” rating and boosted their price objective for the company from $42.00 to $60.00 in a report on Tuesday, February 18th. BTIG Research initiated coverage on shares of Hims & Hers Health in a report on Tuesday, January 7th. They issued a “buy” rating and a $35.00 target price on the stock. Needham & Company LLC boosted their price target on shares of Hims & Hers Health from $31.00 to $61.00 and gave the company a “buy” rating in a report on Tuesday, February 25th. Finally, Bank of America reaffirmed an “underperform” rating and set a $21.00 price objective on shares of Hims & Hers Health in a research note on Thursday. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $37.23.

Hims & Hers Health Trading Up 4.7 %

The company has a 50 day simple moving average of $37.45 and a 200 day simple moving average of $27.31. The stock has a market cap of $8.00 billion, a P/E ratio of 81.85 and a beta of 1.37.

Hims & Hers Health (NYSE:HIMS) last announced its earnings results on Monday, February 24th. The company reported $0.11 EPS for the quarter, topping the consensus estimate of $0.09 by $0.02. The business had revenue of $481.14 million during the quarter, compared to analysts’ expectations of $494.56 million. Hims & Hers Health had a net margin of 8.19% and a return on equity of 10.97%. As a group, sell-side analysts expect that Hims & Hers Health, Inc. will post 0.29 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Soleil Boughton sold 268,932 shares of the firm’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $27.75, for a total value of $7,462,863.00. Following the completion of the sale, the insider now directly owns 169,803 shares in the company, valued at approximately $4,712,033.25. This trade represents a 61.30 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Melissa Baird sold 85,561 shares of the business’s stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $31.01, for a total value of $2,653,246.61. Following the transaction, the chief operating officer now directly owns 630,986 shares in the company, valued at approximately $19,566,875.86. This trade represents a 11.94 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,062,011 shares of company stock valued at $36,892,724. 17.71% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Hims & Hers Health

Several institutional investors and hedge funds have recently made changes to their positions in the company. Robeco Institutional Asset Management B.V. acquired a new position in Hims & Hers Health in the 3rd quarter valued at $604,000. Olympiad Research LP bought a new stake in shares of Hims & Hers Health in the third quarter valued at about $262,000. Principal Financial Group Inc. grew its stake in shares of Hims & Hers Health by 102.0% in the third quarter. Principal Financial Group Inc. now owns 290,414 shares of the company’s stock valued at $5,349,000 after acquiring an additional 146,621 shares in the last quarter. State of New Jersey Common Pension Fund D increased its position in Hims & Hers Health by 30.1% during the third quarter. State of New Jersey Common Pension Fund D now owns 123,587 shares of the company’s stock worth $2,276,000 after acquiring an additional 28,600 shares during the period. Finally, Los Angeles Capital Management LLC raised its stake in Hims & Hers Health by 40.8% in the 3rd quarter. Los Angeles Capital Management LLC now owns 40,353 shares of the company’s stock worth $743,000 after purchasing an additional 11,686 shares in the last quarter. Institutional investors and hedge funds own 63.52% of the company’s stock.

Hims & Hers Health Company Profile

Hims & Hers Health, Inc operates a telehealth consultation platform. It connects consumers to healthcare professionals, enabling them to access medical care for mental health, sexual health, dermatology and primary care. The company was founded in 2017 and is headquartered in San Francisco, CA.