In a recent move to expand its board, Hims & Hers Health, Inc. has announced the appointment of Kåre Schultz as a new independent director. The appointment, effective immediately, was made on Monday, July 16, 2024, increasing the board's size from eight to nine directors.
Kåre Schultz, 63, will serve on the board of the telehealth company until the 2025 annual meeting of stockholders. The board has confirmed that Schultz meets the independence criteria set by the New York Stock Exchange and the Securities Exchange Act of 1934.
Schultz's compensation will follow the guidelines set out in the company's proxy statement filed on April 26, 2024. Additionally, he will enter into the company's standard indemnification agreement. As of now, Schultz has not been appointed to any specific board committees.
This strategic addition to the board comes as Hims & Hers Health continues to grow in the telehealth industry, offering a range of healthcare services. The announcement was made in accordance with a filing with the Securities and Exchange Commission. Schultz's extensive experience is expected to provide valuable insights and guidance to the company as it seeks to navigate the evolving healthcare landscape.
In other recent news, Hims and Hers has been the focus of multiple financial firms adjusting their price targets and ratings. Truist Securities revised its price target for the company to $23.00, up from $13.00, maintaining a Hold rating. The company is expected to exceed revenue estimates by approximately $15 million for the second quarter of 2024. Other firms like Piper Sandler and TD Cowen have also adjusted their targets to $18 and $25 respectively, both citing potential risks and rewards associated with the company's involvement with GLP-1 drugs.
BofA Securities twice raised its price target for Hims and Hers, first to $22 and then to $26, after analyzing online revenue growth data and the potential of the company's GLP-1 product for weight loss. However, Citi downgraded the company from Buy to Neutral, despite raising the price target to $20, due to potential regulatory risks associated with the GLP-1 launch.
InvestingPro Insights
As Hims & Hers Health, Inc. (Hims & Hers) welcomes Kåre Schultz to its board of directors, investors and stakeholders may be interested in the latest financial data and expert analysis. According to InvestingPro, Hims & Hers is experiencing a significant period of revenue growth, with a 55.65% increase in revenue over the last twelve months as of Q1 2024, and a quarterly revenue growth of 45.81% in Q1 2024. This robust growth trajectory underscores the company's expanding footprint in the telehealth sector.
InvestingPro Tips suggest that Hims & Hers is anticipated to see an uptick in net income this year, with three analysts having revised their earnings projections upward for the upcoming period. Additionally, the company is praised for having liquid assets that exceed its short-term obligations, indicating a strong liquidity position. These financial indicators may provide confidence to investors looking at the long-term potential of Hims & Hers, especially as the company continues to scale and innovate within the telehealth industry.
While the company's stock has experienced significant volatility, with a notable decline over the last week, it has also delivered a strong return over the last three months and an impressive 135.11% return over the last year. This performance could be indicative of the market's optimism about the company's strategic direction and growth prospects. For those interested in further analysis and additional InvestingPro Tips, more insights are available, including a total of 12 additional tips for Hims & Hers at https://www.investing.com/pro/HIMS. To access these insights, remember to use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.