Hims & Hers Health (NYSE:HIMS) Sees Large Volume Increase Following Analyst Upgrade

Hims & Hers Health, Inc. (NYSE:HIMS - Get Free Report) saw unusually-high trading volume on Friday after Bank of America raised their price target on the stock from $18.00 to $21.00. Bank of America currently has an underperform rating on the stock. Approximately 32,670,542 shares traded hands during trading, an increase of 102% from the previous session's volume of 16,202,188 shares.The stock last traded at $55.76 and had previously closed at $66.41.

Several other brokerages also recently commented on HIMS. Morgan Stanley downgraded Hims & Hers Health from an "overweight" rating to an "equal weight" rating and raised their target price for the stock from $42.00 to $60.00 in a research note on Tuesday. TD Cowen restated a "buy" rating and issued a $28.00 target price on shares of Hims & Hers Health in a research note on Wednesday, November 20th. Needham & Company LLC raised their target price on Hims & Hers Health from $28.00 to $31.00 and gave the stock a "buy" rating in a research note on Monday, January 6th. Deutsche Bank Aktiengesellschaft lifted their price target on Hims & Hers Health from $23.00 to $27.00 and gave the company a "hold" rating in a research report on Wednesday, November 6th. Finally, BTIG Research started coverage on Hims & Hers Health in a research report on Tuesday, January 7th. They set a "buy" rating and a $35.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $28.53.

Insiders Place Their Bets

In other news, insider Soleil Boughton sold 4,152 shares of the business's stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $60.69, for a total transaction of $251,984.88. Following the transaction, the insider now directly owns 157,345 shares of the company's stock, valued at approximately $9,549,268.05. The trade was a 2.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Oluyemi Okupe sold 101,993 shares of the business's stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $29.62, for a total value of $3,021,032.66. Following the transaction, the chief financial officer now directly owns 109,392 shares in the company, valued at $3,240,191.04. This trade represents a 48.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,184,611 shares of company stock valued at $40,338,442 in the last ninety days. Company insiders own 17.71% of the company's stock.

Hedge Funds Weigh In On Hims & Hers Health

Hedge funds have recently made changes to their positions in the business. CWM LLC boosted its position in shares of Hims & Hers Health by 21.4% during the third quarter. CWM LLC now owns 5,982 shares of the company's stock valued at $110,000 after purchasing an additional 1,054 shares in the last quarter. Creative Planning boosted its position in shares of Hims & Hers Health by 18.1% during the third quarter. Creative Planning now owns 25,925 shares of the company's stock valued at $478,000 after purchasing an additional 3,979 shares in the last quarter. Venture Visionary Partners LLC bought a new stake in shares of Hims & Hers Health during the third quarter valued at approximately $238,000. International Assets Investment Management LLC bought a new stake in shares of Hims & Hers Health during the third quarter valued at approximately $6,790,000. Finally, Dakota Wealth Management bought a new stake in shares of Hims & Hers Health during the third quarter valued at approximately $245,000. 63.52% of the stock is owned by hedge funds and other institutional investors.

Hims & Hers Health Stock Down 26.1 %

The company has a market capitalization of $10.73 billion, a P/E ratio of 111.58 and a beta of 1.35. The company has a 50-day moving average of $35.05 and a two-hundred day moving average of $25.70.

About Hims & Hers Health

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.