Bank of America Corp DE Acquires 2,877,550 Shares of Hims & Hers Health, Inc. $HIMS

Key Points

• Bank of America significantly increased its Hims & Hers Health stake by 2.88 million shares in the first quarter, bringing its holdings to 4.36 million shares valued at approximately $90.5 million. Institutional investors collectively own 63.52% of the company.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $31.43; Barclays raised its target to $39, while Wall Street Zen downgraded the stock to “Sell.”
• HIMS shares opened at $31.58 after rising 6.5%, but the company’s latest quarterly results missed estimates, posting a loss of $0.40 per share and revenue of $608.1 million versus expectations of $616.84 million.

Bank of America Corp DE increased its holdings in shares of Hims & Hers Health, Inc. (NYSE:HIMS - Free Report) by 194.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,357,672 shares of the company's stock after purchasing an additional 2,877,550 shares during the quarter. Bank of America Corp DE owned approximately 1.91% of Hims & Hers Health worth $90,465,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. Flagship Harbor Advisors LLC acquired a new stake in Hims & Hers Health in the 4th quarter valued at $28,000. Binnacle Investments Inc bought a new stake in Hims & Hers Health during the 3rd quarter worth about $28,000. Bogart Wealth LLC boosted its stake in shares of Hims & Hers Health by 235.8% during the 4th quarter. Bogart Wealth LLC now owns 900 shares of the company's stock worth $29,000 after buying an additional 632 shares during the last quarter. Geneos Wealth Management Inc. acquired a new position in shares of Hims & Hers Health during the 1st quarter worth about $30,000. Finally, Greenline Wealth Management LLC bought a new position in shares of Hims & Hers Health in the 4th quarter valued at about $36,000. Institutional investors own 63.52% of the company's stock.

Insider Transactions at Hims & Hers Health

In other news, COO Michael Chi sold 14,027 shares of Hims & Hers Health stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $31.50, for a total transaction of $441,850.50. Following the completion of the transaction, the chief operating officer directly owned 432,124 shares in the company, valued at approximately $13,611,906. The trade was a 3.14% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Patrick Harrison Carroll sold 23,726 shares of the business's stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $35.00, for a total value of $830,410.00. Following the transaction, the insider directly owned 181,861 shares in the company, valued at $6,365,135. The trade was a 11.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 83,126 shares of company stock valued at $2,711,339. Company insiders own 11.76% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Barclays lifted their target price on Hims & Hers Health from $29.00 to $39.00 and gave the company an "overweight" rating in a research report on Wednesday, June 17th. BTIG Research restated a "neutral" rating on shares of Hims & Hers Health in a research note on Tuesday, May 12th. Jefferies Financial Group set a $24.50 price target on Hims & Hers Health in a research report on Tuesday, May 12th. Truist Financial upped their price objective on Hims & Hers Health from $23.00 to $27.00 and gave the stock a "hold" rating in a research note on Friday, July 24th. Finally, Wall Street Zen downgraded Hims & Hers Health from a "hold" rating to a "sell" rating in a report on Saturday, May 9th. Four analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $31.43.

Hims & Hers Health Stock Up 6.5%

Shares of HIMS stock opened at $31.58 on Friday. The company has a debt-to-equity ratio of 2.18, a quick ratio of 1.56 and a current ratio of 1.69. The firm's 50-day moving average is $31.86 and its 200-day moving average is $26.10. The stock has a market cap of $7.31 billion, a price-to-earnings ratio of -350.89, a PEG ratio of 88.90 and a beta of 2.40. Hims & Hers Health, Inc. has a 52-week low of $13.74 and a 52-week high of $65.30.

Hims & Hers Health (NYSE:HIMS - Get Free Report) last issued its earnings results on Monday, May 11th. The company reported ($0.40) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.44). Hims & Hers Health had a negative net margin of 0.56% and a positive return on equity of 6.10%. The firm had revenue of $608.10 million during the quarter, compared to analyst estimates of $616.84 million. During the same quarter last year, the business posted $0.20 earnings per share. The company's revenue for the quarter was up 3.8% on a year-over-year basis. Sell-side analysts predict that Hims & Hers Health, Inc. will post 0.03 EPS for the current year.

Hims & Hers Health Company Profile

Hims & Hers Health, Inc is a telehealth platform providing direct-to-consumer personal care products and virtual medical services in the United States. Operating under the Hims & Hers brand, the company offers an integrated digital experience that connects users with licensed healthcare providers, enabling online consultations and prescriptions for a range of conditions. Its telemedicine infrastructure supports both prescription medications and over-the-counter products, with home delivery to patients' doorsteps.

The company's product portfolio addresses key areas of men's and women's health, including hair loss treatments, sexual wellness therapies, skincare regimens and mental health support.

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