Hims & Hers Short Interest Climbs to 23% Ahead of Earnings: Can the Stock Break Out?

Hims & Hers Health (NYSE:HIMS) stock has lost momentum this year. After peaking at $72.78 in 2025, it has slumped about 65% to the current $26. The retreat has benefited investors betting against the company, with short interest rising to 23%. So, will the stock rebound or keep falling after its earnings?

Hims & Hers to Publish its Earnings as Short Interest Rises

Hims & Hers, a top player in the telehealth industry, has slumped in the past 12 months as the company has faced several challenges, especially in the weight loss industry. Recently, however, the firm has made deals with leading players in the GLP industry like Eli Lilly and Novo Nordisk. 

In a statement last week, the company said that it would expand access to Eli Lilly’s Zepbound and Foundayo on its platform. Its customers will pay $149 a month for Foundayo and $299 a month for Zepbound. 

The next important catalyst for Hims & Hers will be its financial results, which are expected to show that its revenue jumped in the third quarter. Its last results showed that its revenue rose by 38% in Q2 to $753 million, with its subscribers hitting 2.9 million. The company also hiked its annual revenue guidance to between $3.1 billion and $3.3 billion. 

Benzinga data shows that analysts expect that its third-quarter revenue will come in at $892 million, up by 49% from a year earlier. A strong revenue and earnings report, together with its guidance, will help to boost the stock. 

They may also help to trigger a short squeeze since Hims & Hers is one of the most shorted mid-cap companies with a short interest of 23%. Analysts have mixed opinions about Hims shares, with JPMorgan and Truist having a target of $32. Barclays analysts see the shares rising to $35, while Citigroup expects it to jump to $33. 

Hims & Hers Stock Analysis Ahead of Earnings

HIMS stock chart | Source: TradingView

The daily chart shows that the Hims & Hers stock has moved downwards in the past few months, moving from $38.94 in July to $26 today. It formed a symmetrical triangle pattern and has already moved below its lower side. 

The stock has slumped below the 50-day moving average and the Supertrend indicator. These signals suggest it could keep falling, possibly to the psychological level of $20. However, the recent bearish move may be a false breakout, which could be followed by a short squeeze.

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