Retail Bulls Face Off With Record Shorts In Hims & Hers After Q1 Beat

Short interest in Hims & Hers Health Inc rose to a record high, even as shares surged following strong first-quarter results.

Bearish bets climbed for a fourth straight week, with short interest rising from 34.3% to 36.3% of free float, according to Ortex data compiled by The Fly.

An intra-week high above 37% marked the highest level on record. The days-to-cover ratio edged up from 1.5 to 1.6.

Hims & Hers Health closed 1.1% higher at $51.96 on Friday, before dipping slightly to $51.93 in after-hours trading.

The increase in short positions came as the stock jumped 42% in the five-day period through Thursday, extending gains of more than 100% from early April lows and year-to-date levels.

The rally followed a better-than-expected quarterly earnings report. 

Hims & Hers posted revenue of more than $585 million for the first quarter of 2025, more than double the year-ago figure and ahead of analysts’ estimates of $538.87 million. 

Net income rose to $49.5 million from around $11 million a year earlier. 

Adjusted earnings per share of $0.20 topped consensus expectations of $0.12, according to FactSet.

However, the company’s second-quarter revenue forecast of $530 million to $550 million fell short of the $564.57 million estimate. 

On the earnings call, executives said the sequential decline was due to a temporary shift as the company transitions subscribers off commercially available semaglutide — previously used during shortages of branded GLP-1 drugs such as Wegovy and Ozempic — to other treatment options. 

The transition is expected to conclude by the end of the quarter.

Retail sentiment remained upbeat. 

Stocktwits flagged ‘extremely bullish’ sentiment alongside ‘extremely high’ message volume. 

Several users predicted continued momentum in the stock, with some pointing to a pattern of intraday recoveries and others expecting further gains through the week.

The stock has surged 106.2% so far in 2025.

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