Michael Chi, the Chief Commercial Officer of Hims & Hers Health, Inc. (NYSE:HIMS), recently sold a portion of his holdings in the company. According to a Form 4 filing with the Securities and Exchange Commission, Chi sold 25,550 shares of Class A Common Stock on December 17, 2024, at a price of $32.20 per share. This transaction amounted to a total of $822,710.
In addition to the sale, Chi was involved in several other transactions. On December 13, 2024, he acquired 76,508 shares through the exercise of restricted stock units, which were converted to Class A Common Stock. These acquisitions were made at no cost, as the restricted stock units represented a contingent right to receive shares.
Furthermore, on the same date, 42,304 shares were withheld by the company to cover tax obligations related to the vesting and settlement of restricted stock units, at a price of $30.02 per share, totaling $1,269,966.
These transactions were conducted under a Rule 10b5-1 trading plan, which allows company insiders to set up a predetermined plan for selling stocks they own, providing an affirmative defense against accusations of insider trading.
In other recent news, Hims & Hers Health reported a 77% year-over-year increase in Q3 sales, exceeding $400 million, with an adjusted EBITDA over $50 million. The company also forecasted Q4 2024 revenue between $465 million and $470 million, indicating an 89% to 91% year-over-year increase. Morgan Stanley (NYSE:MS) initiated coverage on Hims & Hers, assigning the stock an Overweight rating and setting a price target of $42.00, citing the company's impressive revenue growth potential. In addition, Hims & Hers announced a partnership with Eli Lilly (NYSE:LLY) to streamline access to FDA-approved obesity medication Zepbound. Analysts from TD (TSX:TD) Cowen reaffirmed a Buy rating on Hims & Hers, while BofA Securities downgraded it from Buy to Underperform. Piper Sandler and Needham raised their price targets, maintaining Neutral and Buy ratings respectively. These are the recent developments.
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