- Hims & Hers stock has many of the key ingredients for a retail-driven rally.
- More than a third of Hims public float — over 65 million shares, or about 33.5% — are selling short.
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Hims & Hers Health, Inc. HIMS has seen a surge in retail investor interest, which positions it as one of the most high-profile candidates for the next “meme stock” rally.
Hims & Hers stock has many of the key ingredients for a retail-driven rally, including exceptionally high short interest and viral attention on social media platforms, such as Reddit.
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Out-Sized Short Interest
More than a third of Hims & Hers public float — over 65 million shares, or about 33.5% — are being sold short, according to data from Benzinga Pro.
This level of short interest is well above average and makes Hims & Hers a ripe target for a short squeeze, a scenario highly attractive to retail traders who coordinate on social media.
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Social Media Buzz
Discussion of Hims & Hers stock has spiked nearly 1,000% in the past month, propelling it to the twelfth most-mentioned stock on WallStreetBets, according to SwaggyStocks.
Stephen Callahan, trading behavior analyst at Firstrade, is not surprised that Hims & Hers has attracted the attention of individual investors.
"Retail traders are more plugged into trends than they're often given credit for. They recognize when a company is leaning into innovation and building brand equity across social channels. That's exactly why HIMS is getting traction on retail investing forums," Callahan said.
The trading behavior analyst noted social media users are citing Hims' marketing, products and growth potential as bullish signals for the stock.
The WallStreetBets crowd may be onto something — analysts project Hims & Hers to see EPS growth of nearly 178% in the next year.
"Many [retail investors] are sharp enough to spot a compelling growth story when they see one, and Hims & Hers is delivering exactly that," Callahan said.
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Hims & Hers has delivered significant revenue of 111% year-over-year and user base expansion, climbing to 2.4 million subscribers. The company's fundamentals differentiate it from some pure meme plays and provide justification for speculation.
On the other hand, issues stemming from the dissolution of the partnership with Novo Nordisk and other class-action lawsuits signal caution for some investors.
Key Takeaway
Callahan sees the retail-driven momentum likely continuing for Hims & Hers.
"As long as Hims & Hers keeps delivering on growth, innovation, and user experience, while maintaining interest from both institutions and the online investor community, retail traders are unlikely to step away from this story any time soon," the analyst said.
HIMS Stock Price: Shares of Hims & Hers Health were up 0.79% at $57.7 at publication on Friday, according to data from Benzinga Pro.
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