Hims & Hers Health Inc (NYSE:HIMS) has seen a surge in early trading on Tuesday following the release of its positive first-quarter results. The company’s strong performance during an exciting earnings season has captured the attention of key analysts, leading to increased optimism among investors.
Piper Sandler analyst Korinne Wolfmeyer maintained a Neutral rating and raised her price target from $11 to $13, while Truist Securities analyst Jailendra Singh reaffirmed a Hold rating and price target of $13. Both analysts expressed positive reactions to the company’s performance.
According to Piper Sandler, Hims & Hers Health reported total revenue of $278.2 million, showing a 46% year-on-year growth and surpassing Street expectations. The company also beat expectations on adjusted EBITDA, indicating that its business model is effective and management raised their revenue and adjusted EBITDA guidance for 2024.
Truist Securities praised Hims & Hers Health for its strong first-quarter performance, driven by subscriber growth, an increase in personalized solutions, and efficiency improvements. The company is expected to continue expanding its personalized solutions in various specialties to enhance the customer experience.
As a result of the positive news, shares of Hims & Hers Health rose by 5.97% to $12.34. The company’s strong first-quarter performance has generated optimism among analysts and investors alike, leading to increased interest in this fast-growing health care provider.
