Why Hims & Hers Health (HIMS) Skyrocketed on Friday?

We recently published a list of 10 Firms Buck Market Slump on Impressive Earnings, New Deals. In this article, we are going to take a look at where Hims & Hers Health, Inc. (NYSE:HIMS) stands against other firms buck market slump on impressive earnings, new deals.

The stock market ended the trading week in the red territory following President Donald Trump’s announcement that he would begin slapping tariffs against major US trading partners.

The Dow Jones shed 0.75 percent, the S&P 500 lost 0.50 percent, while the Nasdaq Composite dropped by 0.28 percent.

Ten companies bucked a wider market decline amid a flurry of positive catalysts that sparked buying appetite. In this article, we will take a look at which companies posted notable gains and explore the reasons behind their performance.

To come up with Friday’s gainers, we only considered those with $2 billion in market capitalization and $5 million in daily trading volume.

A nurse in a telehealth platform talking with a patient on video call for consultation.

Hims & Hers Health, Inc. (NYSE:HIMS)

Telehealth giant Hims & Hers Health, Inc. (NYSE:HIMS) saw its share prices grow for a fourth day on Friday, up by 9.78 percent to close at $37.28 each over a wave of positive sentiment fueling buying appetite.

Just last week, Hims & Hers’ (NYSE:HIMS) 20-day moving average crossed into a bullish trend. The upward movement is being supported by a longer-term trend, showing that the stock is gaining strength.

According to analysts, the company’s share price is now breaking through the $37.50 price as it tries to test a new resistance of $40.

In other news, Hims & Hers (NYSE:HIMS) is embarking on a new Super Bowl advertisement theme to encourage weight loss in between predicted commercials for fast food and snacks.

Set to air during the third quarter of Fox’s Super Bowl LIX on February 9, the new commercial will highlight the brand’s weight-loss medications including those featuring Semaglutide, the active ingredient in well-known drugs like Ozempic and Wegovy.

Overall, HIMS ranks 6th on our list of firms buck market slump on impressive earnings, new deals. While we acknowledge the potential of HIMS as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than HIMS but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap

Disclosure: None. This article is originally published at Insider Monkey.