Strs Ohio, a renowned institutional investor, recently announced a significant reduction in its stake in Hims & Hers Health, Inc. (NYSE:HIMS), according to the company’s latest filing with the Securities and Exchange Commission (SEC). The fund sold off 24.7% of its holdings in Hims & Hers Health during the first quarter of 2023, amounting to a total of 23,200 shares. As a result of this move, Strs Ohio now owns 70,700 shares of the company’s stock, with an estimated value of $701,000 as of the end of the most recent quarter.
Hims & Hers Health, Inc., an innovative telehealth platform operator that connects consumers with licensed healthcare professionals, has gained significant attention in recent years for its unique approach to providing accessible and personalized healthcare solutions directly through its websites and mobile application. The company offers a diverse range of health and wellness products and services that can be conveniently purchased by customers.
One of the standout features offered by Hims & Hers Health is its provision of prescription medication on a recurring basis, accompanied by ongoing care from healthcare providers. This approach allows patients to receive consistent support for their medical needs without constantly visiting doctors’ offices or pharmacies. In addition to prescription drugs, Hims & Hers Health also offers an extensive selection of over-the-counter drug and device products along with cosmetics and supplement items. These products mainly focus on areas such as general wellness, sexual health and wellness, skincare, and hair care.
Despite Strs Ohio’s decision to reduce its stake in Hims & Hers Health, many investors still see potential in the company. On Monday, July 24th, 2023, NYSE:HIMS opened at $8.26 per share—a figure that reflects both optimism surrounding the organization’s growth prospects as well as some investor caution regarding recent market conditions.
Over the past year alone, Hims & Hers Health, Inc. has experienced a significant range in its stock’s performance, with a 1-year low of $4.01 and a 1-year high of $12.34. This volatility clearly demonstrates that the company’s value can fluctuate substantially within relatively short periods. Yet, it is worth noting that Hims & Hers Health currently enjoys a market capitalization of $1.73 billion, indicating investors’ overall confidence in the organization’s long-term potential.
Hims & Hers Health’s stock performance can be further analyzed using certain technical indicators. Presently, the firm boasts a fifty-day simple moving average (SMA) of $8.99 and a 200-day SMA of $9.31. These figures provide insights into the stock’s short-term and longer-term price trends, respectively. Investors often utilize these moving averages to gauge potential shifts in momentum or identify potential entry or exit points for their investments.
When considering an investment in Hims & Hers Health, it is crucial to acknowledge the company’s price-to-earnings (P/E) ratio and beta figure as well. As of now, Hims & Hers Health has a P/E ratio of -28.48—an unconventional metric due to negative earnings—and a beta value of 0.49, indicating lower volatility compared to the broader market average.
In conclusion, Strs Ohio’s recent decision to reduce its stake in Hims & Hers Health highlights changes in investor sentiment towards the company but does not necessarily reflect negative prospects for its future growth potential. With its innovative telehealth platform and broad range of health and wellness products and services, Hims & Hers Health continues to position itself as a key player within the healthcare industry despite recent market fluctuations. Investors will undoubtedly continue monitoring this organization closely as they seek opportunities for gains in an ever-evolving marketplace.
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Institutional Investors and Insiders Exhibit Strong Confidence in Hims & Hers Health as Telehealth Platform Shows Growth Potential
[stock_market_widget type=”chart” template=”basic” color=”#3946CE” assets=”HIMS” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” api=”yf”]July 24, 2023 – Institutional Investors and Insiders Show Confidence in Hims & Hers Health
Institutional investors and hedge funds have been making notable moves in regards to their holdings of Hims & Hers Health, a telehealth platform that connects consumers with licensed healthcare professionals. These transactions have sparked interest among market observers and shed light on the company’s potential for growth.
Fox Run Management L.L.C., a renowned institutional investor, took an assertive approach by acquiring a new position in Hims & Hers Health during the fourth quarter of last year. The acquisition was valued at approximately $111,000, which reflects the confidence Fox Run Management has in the company’s future prospects.
Another noteworthy investment comes from Foresite Capital Management V LLC, as it increased its position in Hims & Hers Health by 21.7%, owning 4,041,383 shares of the company’s stock valued at $25,905,000 after purchasing an additional 721,597 shares during the same period. This move indicates Foresite Capital’s belief that the telehealth platform is well-positioned for expansion.
Blue Investment Partners LLC also saw potential in Hims & Hers Health and acquired a new position in the fourth quarter worth approximately $234,000. In addition to this increase in institutional investment interest, ProShare Advisors LLC grew its position by 16.7% during this period. Finally, Envestnet Asset Management Inc. entered as a newcomer with an acquisition value of $152,000.
Currently, institutional investors and hedge funds own around 63.39% of Hims & Hers Health’s outstanding stock. This level of investment from established financial players speaks volumes about the confidence they have in the company’s growth trajectory.
In addition to these significant shareholder movements within Hims & Hers Health, recent insider sales have caught market attention. CEO Andrew Dudum recently sold 71,933 shares of the company’s stock, valued at approximately $656,748.29. Following this sale, Dudum now owns 385,947 shares of Hims & Hers Health worth an estimated $3,523,696.11.
Another insider, COO Melissa Baird, sold 19,032 shares of Hims & Hers Health valued at $229,145.28. After completing the transaction, Baird retains 416,513 shares worth around $5,014,816.52.
Insider sales in the last quarter amounted to 287,122 shares with a value of $2,688,233. In total, insiders own about 31.63% of Hims & Hers Health’s outstanding stock.
Hims & Hers Health stands out as a telehealth platform that offers consumers a wide range of health and wellness products and services through its website and mobile application. Customers can receive prescription medication on a recurring basis and ongoing care from licensed healthcare providers. The company also provides over-the-counter drug and device products as well as cosmetic and supplement items that focus primarily on wellness areas such as sexual health and wellness, skincare, hair care.
In terms of earnings performance for the first quarter announced on May 8th this year by Hims & Hers Health (NYSE:HIMS), the company reported earnings per share (EPS) of ($0.05), surpassing the consensus estimate by $0.01.
Hims & Hers Health had a negative return on equity of 18.97% but showed notable improvement with a narrower negative net margin of 9.65%. The company generated revenues amounting to $190.80 million during the first quarter versus an expected figure of approximately $179.07 million based on analyst estimates.
The company’s quarterly revenue demonstrated significant growth compared to the same period last year with an increase of 88.4%. If this momentum persists throughout the fiscal year, equities analysts predict that Hims & Hers Health, Inc. will post earnings per share of approximately -0.21.
Market experts have also weighed in on the stock, with several brokerage firms issuing reports concerning Hims & Hers Health. Tigress Financial increased its price objective from $12.00 to $14.00, while Guggenheim raised its target price range from $15.00 to $18.00 based on their research. Additionally, Robert W. Baird initiated coverage with a “neutral” rating and a price target of $10.00.
Bank of America also raised its price target to $15.00, indicating a positive outlook for the company’s future performance.
Piper Sandler offered a more cautious prediction by decreasing its target price to $11.00 from an initial level of $12.00.
Overall, three analysts currently rate the stock as “hold,” while six render it as a “buy.” Based on data obtained from Bloomberg.com, Hims & Hers Health holds an average rating of “Moderate Buy” with a consensus price target estimated at around $12.09.
In summary, the recent moves made by institutional investors and hedge funds indicate growing confidence in Hims & Hers Health’s potential for success in the telehealth industry
