Telehealth Stock Gains Popularity With Options Bulls
At least four analysts raised their price objectives
Digital Content Manager
May 7, 2024
at 11:54 AM
Hims & Hers Health delivered a first-quarter earnings and revenue beat
Options bulls are blasting Hims & Hers Health Inc (NYSE:HIMS) stock today, with 33,000 calls exchanged so far -- 8 times the intraday average volume -- compared to 11,000 puts. While the most popular contract is the January 2025 15-strike call, new positions are being opened at the weekly 5/10 13-strike call as well. This frenzy comes after the telehealth company's top-and bottom-line beat for the first quarter, which has shares up 5.9% to trade at $12.34 at last check.
This preference for bullish bets is new. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the stock's 10-day put/call volume ratio sits higher than 94% of readings from the last 12 months, indicating puts have been more popular than usual in the last couple of weeks.
The security also attracted four price-target hikes thanks to a raised full-year forecast, with Guggenheim adjusting to $20 from $17. Additional tailwinds could still come in the form of upgrades, as six of 14 analysts in question carry a tepid "hold" rating on HIMS.
Despite surging above the 40-day moving average right out of the gate, the security is now eyeing a close below this trendline, which emerged as resistance in early April. The $12 region is also enacting pressure. Nevertheless, HIMS amassed a 77.9% lead in the last six months.
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