Hims & Hers Health (NYSE:HIMS) Shares Down 2.9% - Here's Why

Hims & Hers Health, Inc. (NYSE:HIMS - Get Free Report)'s share price dropped 2.9% during mid-day trading on Wednesday . The stock traded as low as $32.77 and last traded at $33.69. Approximately 9,787,412 shares changed hands during mid-day trading, a decline of 26% from the average daily volume of 13,307,679 shares. The stock had previously closed at $34.71.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. BTIG Research began coverage on shares of Hims & Hers Health in a report on Tuesday, January 7th. They set a "buy" rating and a $35.00 price target on the stock. Truist Financial upped their target price on Hims & Hers Health from $24.00 to $39.00 and gave the company a "hold" rating in a research note on Wednesday, February 26th. Bank of America reiterated an "underperform" rating and issued a $21.00 price target on shares of Hims & Hers Health in a report on Thursday, March 6th. Piper Sandler boosted their price objective on Hims & Hers Health from $24.00 to $35.00 and gave the company a "neutral" rating in a report on Tuesday, February 25th. Finally, Needham & Company LLC increased their target price on Hims & Hers Health from $31.00 to $61.00 and gave the stock a "buy" rating in a research note on Tuesday, February 25th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $37.23.

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Hims & Hers Health Trading Down 2.7 %

The firm has a market cap of $7.50 billion, a PE ratio of 76.55 and a beta of 1.37. The business's 50-day simple moving average is $38.03 and its 200 day simple moving average is $27.86.

Hims & Hers Health (NYSE:HIMS - Get Free Report) last issued its quarterly earnings data on Monday, February 24th. The company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.02. The company had revenue of $481.14 million for the quarter, compared to analyst estimates of $494.56 million. Hims & Hers Health had a net margin of 8.19% and a return on equity of 10.97%. Analysts expect that Hims & Hers Health, Inc. will post 0.29 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Soleil Boughton sold 4,152 shares of the stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $60.69, for a total transaction of $251,984.88. Following the completion of the sale, the insider now owns 157,345 shares of the company's stock, valued at $9,549,268.05. This represents a 2.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Andrew Dudum sold 128,127 shares of Hims & Hers Health stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $58.27, for a total transaction of $7,465,960.29. Following the completion of the transaction, the chief executive officer now directly owns 97,687 shares in the company, valued at $5,692,221.49. This represents a 56.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 969,191 shares of company stock worth $34,005,375 in the last three months. 17.71% of the stock is owned by insiders.

Institutional Investors Weigh In On Hims & Hers Health

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. IronOak Wealth LLC. acquired a new position in shares of Hims & Hers Health during the fourth quarter valued at about $922,000. Kilter Group LLC purchased a new stake in Hims & Hers Health during the 4th quarter worth approximately $1,053,000. Cim LLC increased its stake in Hims & Hers Health by 1.0% during the 4th quarter. Cim LLC now owns 71,869 shares of the company's stock valued at $1,738,000 after purchasing an additional 694 shares in the last quarter. Jefferies Financial Group Inc. acquired a new position in Hims & Hers Health during the 4th quarter valued at approximately $4,900,000. Finally, B. Riley Wealth Advisors Inc. purchased a new position in shares of Hims & Hers Health in the fourth quarter worth $200,000. 63.52% of the stock is currently owned by hedge funds and other institutional investors.

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.

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