On Tuesday, Hims & Hers Health Inc’s (NYSE:HIMS) shares were trading higher after the personal care products company reported strong first-quarter results. The company’s positive performance was driven by key analyst expectations, which fueled the stock movement.
Piper Sandler analyst Korinne Wolfmeyer maintained a Neutral rating on the stock but raised the price target from $11 to $13. Truist Securities analyst Jailendra Singh also reaffirmed a Hold rating and a price target of $13. Both analysts highlighted positive aspects of the company’s performance.
Hims & Hers Health reported total revenue of $278.2 million, representing a 46% year-on-year growth and exceeding Street expectations of $270.4 million. The company also beat on adjusted EBITDA, driven by impressive SG&A leverage. Management raised their revenue and adjusted EBITDA guidance for 2024.
Truist Securities emphasized 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.
At the time of publication on Tuesday, shares of Hims & Hers Health had risen by 5.97% to $12.34, reflecting the company’s strong quarter and positive analyst expectations that are driving its upward movement in early trading.