Abacus FCF Advisors LLC has significantly reduced its investment in Hims & Hers Health, Inc. during the second quarter by 52.6%, as disclosed in their recent filings with the Securities and Exchange Commission. The firm sold 62,147 shares, decreasing its total holdings to 55,943 shares, which are valued at approximately $2,789,000.
The move by Abacus FCF Advisors LLC follows a series of adjustments made by other institutional investors and hedge funds in their positions related to Hims & Hers Health. Geneos Wealth Management, UMB Bank n.a., BI Asset Management Fondsmaeglerselskab A S, Larson Financial Group LLC, and Webster Bank N.A. have all respectively purchased or increased their stakes in the company during the recent quarters. Collectively, institutional investors and hedge funds own about 63.52% of Hims & Hers Health’s shares.
The company has experienced various analyst ratings and evaluations recently. Truist Financial lowered their price target for Hims & Hers Health from $48.00 to $37.00, maintaining a “hold” rating. Wall Street Zen, Zacks Research, Citigroup, and Morgan Stanley also adjusted their ratings and price objectives for the company’s stock, reflecting a predominantly cautious outlook. Currently, the stock holds an average rating of “Reduce” with an average target price of $38.92 based on several investment analysts’ recommendations.
On the insider front, there has been notable activity, with the sale of shares by insider Michael Chi and CEO Andrew Dudum. These sales accounted for considerable changes in their ownership, reflecting potential shifts in the company’s stock value perception by its leadership.
Hims & Hers Health has demonstrated a dynamic price movement with its stock recently dipping by $1.85 to $55.86 in trading, and trading volumes have shown significant activity compared to their average levels. The company’s stock has seen a 12-month low of $16.05 and a high of $72.98, indicating considerable market fluctuations.
Financially, the company reported earnings results that slightly missed consensus estimates, showing a revenue increase of 72.6% year-over-year but a slight decrease in margin expectations. The company’s guidance for the upcoming fiscal periods points towards continued exploration in enhancing economic performance.
Hims & Hers Health provides telehealth services through a digital platform that connects consumers with healthcare professionals across various specialties. Founded in 2017, the company has grown to hold a market capitalization of approximately $12.62 billion with a focus on expanding its telehealth reach. This sector remains promising with digital healthcare continuing to rise in demand.
Despite a current “Reduce” consensus rating from analysts, Hims & Hers Health remains in focus for its potential to innovate within the healthcare space through its telehealth services. Investors and stakeholders may wish to consider ongoing developments and strategic adjustments as the company continues to navigate the expanding landscape of digital healthcare.