HIMS - Hims & Hers: Buy The Dip To Catch The Next Rip
2024-06-24 08:30:00 ET
Summary
- After a parabolic run in recent months, HIMS stock took a double-digit plunge last week in an apparent loss of technical momentum.
- While its technical correction may lead to a deeper pullback in the near term, Hims & Hers' robust business momentum is likely to persist for years to come.
- Considering HIMS' depressed valuation and lucrative long-term risk/reward, I remain bullish on Hims & Hers' stock.
Introduction
Back in November 2023, I reiterated Hims & Hers ( HIMS ) as a "Strong Buy" at $6.77 per share, citing robust business performance, gross undervaluation, and bullish technical setup. Since then, HIMS stock has gone virtually parabolic - rising from the mid-single digits to the low-to-mid twenties!
However, soon after registering new all-time highs of $25.74 per share, Hims & Hers' stock dipped by ~15% last week in an ugly reversal of momentum, with no substantial news around the company....
Hims & Hers: Buy The Dip To Catch The Next Rip