Hims & Hers Health Inc (NYSE:HIMS) reported upbeat results for the first quarter on Tuesday, sending shares climbing in early trading. The company’s total revenue of $278.2 million represented a 46% year-on-year growth and exceeded Street expectations of $270.4 million.
Piper Sandler analyst Korinne Wolfmeyer maintained a Neutral rating on the stock but raised the price target from $11 to $13, citing positive aspects of the company’s performance. Truist Securities analyst Jailendra Singh also reaffirmed a Hold rating and a price target of $13, emphasizing a beat and raise quarter driven by strong subscriber growth, increasing penetration of personalized solutions, and efficiency improvements.
Subscribers grew by 41% to 1.709 billion, with plans to expand personalized solutions in established and newer specialties. Management raised their revenue and adjusted EBITDA guidance for 2024, driven by impressive SG&A leverage.
Shares of Hims & Hers Health had risen by 5.97% to $12.34 at the time of publication on Tuesday, reflecting the company’s strong quarter and positive analyst expectations that are contributing to the stock’s upward movement in early trading.