Hims & Hers Shares Face Sustained Selling Pressure

The stock of telehealth provider Hims & Hers remains under significant pressure, with recent strategic moves by management failing to halt the decline. Despite the announcement of a $250 million share repurchase program and the reporting of robust growth metrics, new SEC filings reveal notable activity among top executives. Concurrently, institutional focus on the stock’s volatility is intensifying, underscored by the launch of a specialized ETF. What is driving these developments, and what might lie ahead for investors?

Operational Strength Meets Market Skepticism

From an operational standpoint, Hims & Hers continues to demonstrate strong performance. Third-quarter revenue surged 49% to $600 million. Company leadership has set an ambitious target of $3.3 billion in revenue by 2028. However, the market has not rewarded these figures. Disappointment over fourth-quarter guidance and persistent concerns about profitability margins are weighing heavily on sentiment.

The company’s $250 million buyback initiative is a clear attempt by management to counter the negative trend and restore confidence. Whether this capital allocation will be sufficient to reverse the technically damaged share price is questionable, as bearish signals appear dominant in the near term.

Leadership Portfolio Activity Draws Scrutiny

Recent mandatory disclosures to the U.S. Securities and Exchange Commission (SEC) have captured market attention. On December 1, 2025, Chief Operating Officer Michael Chi disposed of 5,000 shares, transferring them to a donor-advised fund as a gift for a nominal price of zero dollars. Following this transaction, Chi retains a holding of 286,675 shares.

Should investors sell immediately? Or is it worth buying Hims & Hers?

Perhaps more conspicuous was activity from CEO Andrew Dudum on November 28. He executed a substantial reorganization of his holdings, moving over 700,000 shares from the “Andrew Dudum 2015 Trust” into his direct ownership. Furthermore, he shifted approximately 1.07 million shares between various family trusts. While such transactions frequently relate to estate or tax planning, their timing amidst pronounced share price volatility is likely to fuel market speculation.

A Bearish Market Posture Prevails

Hims & Hers equity has shed roughly 38% of its value since mid-October, currently trading near $36. On December 2, 2025 alone, the stock declined over 3%. The mood in the options market is tense, with a put/call ratio of 0.53 signaling that investors are increasingly positioning for or hedging against further downside. An implied volatility reading of 68.53% points to substantial uncertainty.

Adding to the downward pressure, analysts at Bank of America have issued a price target of $32. This implies a potential further decline of nearly 12% from current levels, suggesting markets anticipate continued pressure despite the company’s operational progress.

New ETF Bets on Ongoing Turbulence

The stock’s volatility has garnered enough institutional interest to spur the creation of a dedicated financial product. On December 2, GraniteShares launched the GraniteShares YieldBOOST HIMS ETF (Ticker: HMYY). This vehicle aims to generate income by selling put options on leveraged ETFs that track the daily price movements of Hims & Hers. The existence of such a specialized derivative product highlights the significant trading volume and nervousness surrounding the stock.