In a recent transaction, Boughton Soleil, the Chief Legal Officer of Hims & Hers Health, Inc. (NYSE:HIMS), sold 2,339 shares of Class A Common Stock. The shares were sold at an average price of $23.16, amounting to a total value of $54,171. Following this transaction, Soleil retains ownership of 169,935 shares in the company. This sale was conducted under a Rule 10b5-1 trading plan that Soleil adopted on September 10, 2023.
In other recent news, Hims & Hers Health, Inc. has seen several significant developments. Leerink Partners have upgraded their financial outlook for the company, raising the price target to $26.00, anticipating a robust revenue report for the quarter of $398.8 million. They also adjusted their EBITDA forecast, expecting $39.0 million. However, they expressed caution regarding the long-term sustainability of GLP-1 sales. BofA Securities also increased their price target for Hims & Hers, highlighting potential growth despite a deceleration in year-over-year sales.
The company also announced the appointment of Dr. Jessica Shepherd as the inaugural Chief Medical Officer of its Hers division, marking a strategic move to enhance its focus on personalized women's healthcare. Furthermore, Hims & Hers reported a robust 52% year-over-year revenue increase in Q2 2024, reaching $316 million, with an adjusted EBITDA of $39 million.
Analyst firms have also been active in their assessments of the company. Truist Securities maintained a Hold rating, citing the FDA's decision to revisit the shortage of Tirzepatide and the continued authorization for compounding pharmacies to produce its compounded version. Canaccord Genuity (TSX:CF) sustained its Buy rating on shares of Hims & Hers, highlighting the potential of its compounded GLP-1 medications amid rising obesity trends. These are among the recent developments shaping Hims & Hers' current business landscape.
InvestingPro Insights
While Hims & Hers Health's Chief Legal Officer has recently sold shares, the company's overall financial performance and market position remain strong. According to InvestingPro data, Hims & Hers Health has demonstrated impressive revenue growth, with a 50.15% increase in the last twelve months as of Q2 2024. This growth is further emphasized by the company's robust gross profit margin of 82.19% during the same period.
InvestingPro Tips highlight that Hims & Hers Health has been profitable over the last twelve months, and analysts predict the company will maintain profitability this year. This positive outlook is reflected in the stock's performance, with a strong return of 284.78% over the past year.
It's worth noting that the company is trading at a high earnings multiple, which could indicate investor confidence in future growth prospects. However, potential investors should be aware that Hims & Hers Health does not currently pay a dividend to shareholders.
For those interested in a deeper analysis, InvestingPro offers 14 additional tips for Hims & Hers Health, providing a more comprehensive view of the company's financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.