Telehealth Stock Popular With Bulls Despite Underperformance

Hims & Hers Health Inc (NYSE:HIMS) shares are up 3.4% to trade at $30.60 at last glance. The equity has struggled of late, now carrying a 47.3% nine-month deficit after last week gapping to its lowest level since late April. Meanwhile, overhead pressure at the 20-day moving average has been guiding the stock lower since December, and capped a rally earlier this month.

The telehealth company, which is popular for weight-loss drug prescriptions, has also appeared on Senior Quantitative Analyst Rocky White's list of S&P 400 names that saw the highest options volume over the past two weeks. In the last 10 days, 720,590 calls over 423,949 puts exchanged hands. The most active contract during that period was the January 16, 2026 30-strike put.

Options traders have been much more bullish than usual over the last 10 weeks. This is per HIMS' 50-day call/put volume ratio of 3.11 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which sits higher than all other readings from the past year.

Now looks like a great time to weigh in with options, as the equity's Schaeffer's Volatility Index (SVI) of 65% that ranks in the 7th percentile of annual readings, indicating options traders are pricing in low volatility expectations. 

It's also worth noting HIMS' Schaeffer's Volatility Scorecard (SVS) of 83 out of 100. This suggests the security has consistently realized higher volatility than its options pits have priced in.