Hims & Hers Health Inc (NYSE:HIMS) saw an increase in early trading on Tuesday after the company released its positive first-quarter results. The earnings season has been exciting, and these results have garnered the attention of key analysts.
Piper Sandler analyst Korinne Wolfmeyer maintained a Neutral rating and increased the price target from $11 to $13. Truist Securities analyst Jailendra Singh also reaffirmed a Hold rating and price target of $13. Both analysts had 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. These results indicate that the company’s business model is effective, and management raised their revenue and adjusted EBITDA guidance for 2024.
Truist Securities praised Hims & Hers Health for a strong performance in the first quarter, 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 performance in the first quarter has generated optimism among analysts and investors alike.
