Hims & Hers Health, Inc. (HIMS): A Bull Case Theory

We came across a bullish thesis on Hims & Hers Health, Inc. on The Musings of Ozz’s substack by Christopher De Ozz. In this article, we will summarize the bulls’ thesis on HIMS. Hims & Hers Health, Inc.'s share was trading at $58.68 as of July 28^th. HIMS’s trailing and forward P/E were 86.29 and 97.09, respectively according to Yahoo Finance.

Hims & Hers Health, Inc. (HIMS), a telehealth and wellness platform, has quietly surged over 60% year-to-date, driven by strong Q1 performance, expanded GLP-1 weight-loss offerings, and a broadened digital health ecosystem. Founded in 2017, the company began with discreet men’s health products but now spans mental health, skincare, primary care, and women’s wellness under its Hims and Hers brands.

Its model of low-friction telehealth consults and vertically integrated fulfillment continues to resonate, and a personalized health dashboard reinforces its pivot toward a full-service health platform. Yet, speculative fervor has mixed with fundamentals: short interest exceeds 30% of float, bullish options activity is climbing, and social media buzz hints at a meme-stock setup. Bulls highlight HIMS’s 20% projected sales growth, superior gross margins, and efficient customer acquisition, arguing its ~5x forward revenue multiple undervalues it relative to peers like Teladoc.

However, recent turbulence complicates the story. Novo Nordisk terminated its partnership over alleged “knockoff” Wegovy sales, triggering a 34% share drop, and HIMS now faces securities fraud lawsuits and congressional scrutiny over compounded semaglutide. Insider selling, largely through 10b5-1 plans, has further fueled skepticism. Despite controversy, expansion plans into Canada (2026) and Europe via ZAVA support its long-term ambitions.

With an August 4 earnings call approaching, investors face a narrative blending solid fundamentals with a speculative squeeze dynamic. For some, the setup offers asymmetric upside if sentiment turns, but the path forward hinges on HIMS proving it can scale profitably and outgrow its meme-stock image amid mounting regulatory and competitive pressures.

Previously, we covered a bullish thesis on Hims & Hers Health, Inc. (HIMS) by Oliver | MMMT Wealth in May 2025, highlighting its breakout quarter with triple-digit growth, rising personalized offerings, and disciplined execution. The stock appreciated about 12% as momentum continued. Christopher De Ozz shares a similar view but emphasizes meme-stock dynamics, regulatory scrutiny, and short interest shaping near-term price action.

Hims & Hers Health, Inc. is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 41 hedge fund portfolios held HIMS at the end of the first quarter which was 38 in the previous quarter. While we acknowledge the potential of HIMS as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock.

Disclosure: None.