Major Institutional Bets Intensify on Hims & Hers Health as Barclays Turns Bullish with Fresh Coverage

The Case for Upside in HIMS

Barclays just threw its weight behind Hims & Hers Health on December 9, 2025, with an Overweight rating that signals growing confidence in the stock’s trajectory. The bank’s analysts see meaningful upside ahead, with price targets suggesting the stock could climb 21.51% from its December 6 closing level of $39.12 per share. Target estimates range widely—from $30.30 on the conservative end to $89.25 for bull case scenarios—but the consensus lands at $47.53, indicating the investment community is pricing in a turnaround narrative for Hims & Hers Health.

Institutional Money Shows Mixed But Improving Signals

The institutional landscape around HIMS reveals a nuanced picture. Fund ownership actually contracted slightly, with 935 institutional holders representing a net decrease of 27 positions from the previous quarter. However, this headcount decline masks a more bullish reality: those who remain have deepened their commitment. Average portfolio allocation expanded by 22.04%, and total institutional share holdings grew 11.04% quarter-over-quarter to reach 238.65 million shares. The put/call ratio of 0.88 adds to the bullish case, suggesting options traders are betting on upward momentum.

Heavy Hitters Rebalancing Into HIMS

Major investment firms have been recalibrating their positions with particular intensity. JPMorgan Chase’s move was especially noteworthy, ramping up holdings from 2.74 million to 17.79 million shares—an 84.59% increase that signals serious institutional confidence and suggests their investment thesis has shifted materially. Capital World Investors, currently holding 18.78 million shares (8.57% ownership), added incrementally with a 1.19% uptick, while the firm’s overall portfolio weight in Hims & Hers Health expanded 8.22%. Farallon Capital Management and Goldman Sachs similarly increased stakes, with Farallon pushing holdings up 23.57% to 10.75 million shares. Growth Fund of America maintains a 4.67% position at 10.23 million shares, rounding out the major stakeholder group.

Looking Forward: Valuation and Expectations

The revenue outlook projects 1.082 billion annually, though this represents a 51.06% decrease—a metric that warrants closer scrutiny against the positive sentiment surrounding the stock. Non-GAAP EPS forecasts come in at -0.14, suggesting the market is pricing in a near-term profitability challenge. The spread between bullish and bearish analyst targets reflects legitimate debate about Hims & Hers Health’s path forward, but the combination of institutional accumulation, fresh Barclays coverage, and improving fund sentiment points toward a narrative shift in how the market perceives the company’s positioning.