Hims & Hers Health (HIMS) stock jumped over 16% today after the company disclosed expansion of its women’s offerings to include personalized treatment options for perimenopause and menopause. Also, HIMS said its women’s division has over 500,000 subscribers and is likely to pass $1 billion in annual revenue by 2026. Following the news, BofA analyst Allen Lutz said the launch broadens the Hers brand’s reach into a multi-billion-dollar market. Despite today’s gain, technical indicators suggest that HIMS stock is a Buy, implying further upside from current levels.
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Analyzing HIMS Stock’s Technical Indicators
According to TipRanks’ easy-to-understand technical analysis tool, HIMS stock is currently on an upward trend. The Moving Average Convergence Divergence (MACD) indicator, which helps understand momentum and potential price changes, signals a Buy.
Further, the stock’s 50-day Exponential Moving Average (EMA) is 52.99, while its price is $62.76, implying a bullish signal.
Another technical indicator, the Rate of Change (ROC), is a momentum-based technical indicator used to measure the percentage change in a stock’s price between the current price and the price from a specific number of periods earlier. Typically, a ROC above zero confirms an uptrend. HIMS stock currently has an ROC of 1.45, which signals a Buy.
Moreover, Williams %R helps traders see if a stock is overbought or oversold. For Hims & Hers Health, Williams %R currently shows a Buy signal, suggesting the stock is not overbought and has room to run.
Is HIMS Stock a Good Buy?
Turning to Wall Street, HIMS stock has a Hold consensus rating based on two Buys, seven Holds, and two Sells assigned in the last three months. At $49.00, the average Hims & Hers stock price target implies a 21.92% downside risk.
