Exploring Hims & Hers Health, Inc. (HIMS) Investor Profile: Who’s Buying and Why?

You see the headlines about Hims & Hers Health, Inc. (HIMS) and its aggressive growth in the telehealth space, but what you really need to know is who's betting big on this stock right now, and why the smart money is so divided. The company's trajectory is compelling, with full-year 2025 revenue guidance narrowed to a massive range of $2.335 billion to $2.355 billion, and Adjusted EBITDA expected to land between $307 million and $317 million, which is serious money for a direct-to-consumer platform. Still, the investor profile is a fascinating tug-of-war: on one side, institutional ownership is robust at nearly 73%, led by giants like BlackRock, Inc. holding around 11.05% of shares outstanding, and we saw JPMorgan Chase & Co. dramatically ramp up their position in Q3 2025 by adding over 15 million shares, a +549.0% jump. But on the other side, a significant short interest of nearly 37.54% of the float tells you there are plenty of sophisticated players who think the stock, which traded around $33.62 in November 2025, is defintely overheated. Are the institutions buying into the vision of 2.5 million subscribers and the stock's 133% one-year return, or are the short sellers right to fear a competitive correction in the weight loss segment? Let's map out the buyers and the skeptics.

Who Invests in Hims & Hers Health, Inc. (HIMS) and Why?

If you're looking at Hims & Hers Health, Inc. (HIMS), you're looking at a high-growth disruptor, and the investor base reflects that. The simple takeaway is that this is a stock dominated by institutional growth capital, but with a surprisingly large and active retail presence, making it a volatile, high-conviction play.

The ownership is split almost evenly between professional money managers and individual investors, but the trading activity is intense on both sides. Insider selling has also been a key factor to watch, with executives like CEO Andrew Dudum selling over 1.49 million shares in the last six months of 2025, which is typical for a young, high-growth company where compensation is equity-heavy, but it defintely adds a layer of scrutiny.

Here is a snapshot of the major investor types as of late 2025:

Key Investor Types: The Institutional Powerhouse

Institutional investors-the big funds, pension plans, and endowments-hold the majority stake, around 64% of the company. This is a massive vote of confidence from the professional world, but it also means the stock price is hyper-sensitive to their quarterly buying and selling. When a fund like JPMORGAN CHASE & CO adds over 15 million shares in a single quarter, as they did in Q3 2025, it moves the needle.

The top holders are the heavyweights you'd expect, with BlackRock, Inc. holding around 11.05% of shares and The Vanguard Group, Inc. holding about 8.57% as of late September 2025. These are largely passive index funds (investing to track a market index), but the presence of active managers like Farallon Capital Management L.L.C. and Renaissance Technologies LLC shows that hedge funds are also playing the volatility. You have to track the 13F filings closely to see who's rotating in and out.

• BlackRock, Inc.: Largest institutional holder, mostly passive index exposure.
• The Vanguard Group, Inc.: Second largest, reflecting broad market inclusion.
• Hedge Funds: Active traders capitalizing on the stock's significant volatility.

Investment Motivations: Betting on the Growth Engine

The primary attraction to Hims & Hers Health, Inc. is its aggressive growth story, not its current valuation. The trailing Price-to-Earnings (P/E) ratio is high, around 64.28, which tells you investors are paying for future earnings. They see a business that is reinventing the top-of-funnel for healthcare, moving beyond its initial focus on hair loss and sexual health to become a full-service personalized care platform. If you want to understand the long-term vision, look at the Mission Statement, Vision, & Core Values of Hims & Hers Health, Inc. (HIMS).

The Q3 2025 results underscore this growth thesis: revenue hit nearly $600 million, a 49% year-over-year increase, and the company raised its full-year revenue guidance to between $2.335 billion and $2.355 billion. The growth in subscribers, reaching nearly 2.5 million, shows the direct-to-consumer model is working at scale. Plus, the push into high-demand areas like GLP-1 weight loss medications, including discussions with Novo Nordisk, is a huge potential accelerant. The company is profitable, reporting a net income of approximately $16 million in Q3 2025, a critical step for a high-growth name.

Investment Strategies: The Volatility Trade

The strategies employed by investors are a mix of long-term conviction and short-term speculation, driven by the stock's roller-coaster performance in 2025. The stock's price movements have been dramatic, with one-year total shareholder return sitting at a staggering 64% as of November 2025, but with sharp drops along the way.

Growth Investors: These investors are holding for the long haul, banking on the company achieving its 2030 target of $6.5 billion in revenue and $1.3 billion in Adjusted EBITDA. They see the company's Adjusted EBITDA guidance for full-year 2025 of $307 million to $317 million as proof of operating leverage.

Short-Term Traders: The high short interest-around 37.54% of the float-signals a large contingent betting against the company, or at least against its current valuation. This high short interest contributes to the stock's volatility, as any positive news can trigger a short squeeze. Honestly, this is a stock that can give you whiplash.

Value Investors (The Contrarians): Even with the high P/E, some analysts argue Hims & Hers Health, Inc. is undervalued using a Discounted Cash Flow (DCF) model, suggesting an intrinsic value around $57.99 per share. This is the contrarian play: buying a high-growth name at a perceived discount to its future cash flow potential, ignoring the current market multiple.

Next Step: You should model the impact of the GLP-1 expansion on the 2026 revenue forecast, using the high-end of the 2025 guidance as your baseline.

Institutional Ownership and Major Shareholders of Hims & Hers Health, Inc. (HIMS)

You're looking at Hims & Hers Health, Inc. (HIMS) and want to know who's really driving the bus. The direct takeaway is that institutional investors-the big money-control the majority of the company, about 73% of the outstanding shares, making the stock highly sensitive to their trading decisions. This isn't a retail-driven stock; it's a battleground for large funds.

As of the most recent filings, HIMS has 942 institutional owners who collectively hold a massive 239,170,383 shares. This is a significant stake, translating to a total institutional value of holdings around $6,915 million. When institutions own this much, their collective sentiment dictates the stock's near-term volatility and often influences long-term strategy, including capital allocation decisions like the recent $250 million share repurchase program authorized by the company in late 2025.

Top Institutional Investors: Who Holds the Most HIMS Shares?

The largest shareholders are the indexing giants and major asset managers, which is typical for a growth stock that has entered major indices. These firms generally take a passive (Schedule 13G) approach, meaning they're holding for the long haul to match an index's performance, but their sheer size gives them immense voting power. Here's a look at the top institutional holders and their approximate ownership percentages closest to the end of the 2025 fiscal year:

BlackRock, Inc. and Vanguard Group Inc alone account for nearly a fifth of the company. That's a lot of weight behind the stock. For more context on the company's foundation, you can review Hims & Hers Health, Inc. (HIMS): History, Ownership, Mission, How It Works & Makes Money.

Recent Shifts: Q3 2025 Buying and Selling Activity

The third quarter of 2025 saw a flurry of activity, which tells you the market is defintely reassessing HIMS's valuation following their impressive revenue growth but also competitive pressures in the weight-loss drug market. We saw 303 institutional investors add shares, but also 283 decrease their positions. This push-and-pull shows a split in conviction.

The accumulation side was led by a massive vote of confidence from JPMORGAN CHASE & CO, which added an astonishing 15,045,710 shares, a jump of over 549.0% in their stake. This is a huge, decisive move. Other notable increases included:

• PRICE T ROWE ASSOCIATES INC /MD/ boosted its holding by 444.1%, adding 2,504,252 shares.
• FARALLON CAPITAL MANAGEMENT LLC increased its stake by 30.8%, adding 2,533,271 shares.

But it wasn't all buying. Some hedge funds took profits or exited completely. For example, SRS INVESTMENT MANAGEMENT, LLC removed 4,000,000 shares, a complete 100.0% removal of their position. D. E. SHAW & CO., INC. also completely liquidated their stake, removing 1,886,971 shares.

The Impact of Institutional Trading on HIMS Strategy

Institutional investors are not just passive holders; they are a critical force. Their high ownership means HIMS's stock price is incredibly sensitive to their trading actions, particularly around earnings reports or major strategic announcements. When a large fund like JPMORGAN CHASE & CO makes a move that large, it signals a belief in the long-term growth story, likely tied to the company's telehealth model and diversification beyond its initial offerings.

Institutional investors also influence corporate strategy directly through shareholder votes and indirectly through management's focus. With 11 investors controlling 50% of the ownership, management is keenly aware of their expectations for growth, profitability, and capital efficiency. The authorization of a new stock buyback program, following the full utilization of the prior $100 million program, is a clear action taken to satisfy investors who want to see capital returned and earnings per share (EPS) supported.

Key Investors and Their Impact on Hims & Hers Health, Inc. (HIMS)

You're watching Hims & Hers Health, Inc. (HIMS) stock price move, and the big question is always: who's driving the bus? The short answer is that the largest institutional money managers-the index funds and the mega-funds-hold the reins, but recent, aggressive moves by hedge funds are causing the near-term volatility you're seeing.

The investor profile for HIMS is dominated by passive giants, which is typical for a growing, publicly traded company. These are the funds that track major indices, so their buying is less about a specific investment thesis and more about market mechanics. Still, their sheer size gives them immense, albeit passive, influence on the company's valuation and stability.

The top institutional shareholders, based on their September 30, 2025, 13F filings, are exactly who you'd expect to see. BlackRock, Inc. leads the pack, holding over 25.1 million shares, which is valued at roughly $1.426 billion. The Vanguard Group, Inc. is right behind them with over 19.5 million shares, totaling about $1.107 billion. Capital World Investors rounds out the top three with a position worth approximately $1.065 billion. Here's the quick math: these three alone own a significant chunk of the company, anchoring the stock.

The total institutional ownership of HIMS sits at approximately 63.52% of the stock, which is a high figure and suggests the company is a core holding in many large portfolios.

Recent Moves: Where the Action Is

While the passive giants provide a stable floor, the real action and the sharp price swings are coming from the active managers and hedge funds. The third quarter of 2025 saw some defintely aggressive buying and selling, showing a clear division in sentiment following the Q3 earnings report.

JPMorgan Chase & Co. made one of the most notable recent moves, adding a massive 15,045,710 shares, a stunning increase of over 549.0% to their portfolio, valued around $853.39 million. This kind of aggressive accumulation signals deep conviction in the company's long-term strategy, especially its expansion into new health verticals.

But it wasn't all buying. On the flip side, some major players exited entirely. SRS Investment Management, LLC, for example, removed all 4,000,000 of its shares, a 100.0% reduction, valued at an estimated $226.88 million. D. E. Shaw & Co., Inc. also liquidated their entire holding of 1,886,971 shares. This kind of wholesale exit from a position is a strong signal that those funds see near-term risks outweighing the growth story.

• Buy: JPMorgan Chase & Co. added 15.0 million shares (Q3 2025).
• Sell: SRS Investment Management, LLC removed 4.0 million shares (Q3 2025).
• Insider: CFO Oluyemi Okupe sold 11,592 shares for $662,250.96 (October 2025).

Investor Influence: Capital Allocation Decisions

The influence of these investors isn't just about stock price; it also shapes the company's strategic financial decisions. Following the Q3 2025 results, the HIMS board approved a $250.00 million stock repurchase program on November 17, 2025. This action is a direct nod to investors, signaling that management believes the stock is undervalued and that returning capital is a better use of cash than other alternatives, like a large acquisition. This buyback authorization allows the company to purchase up to 3% of its shares.

What this estimate hides is the underlying debate about the company's capital expenditure (Capex). Management has been clear that they will 'elevate investment' in infrastructure, expanding their fulfillment footprint from under 400,000 square feet at the start of the year to over 1 million square feet by year-end 2025. The long-term investors are betting that this infrastructure build-out will solidify their position as the top-of-funnel layer for healthcare in the U.S. and drive the Hers portfolio to generate more than $1 billion in revenue by 2026.

The divergence in investor moves-some aggressively buying, others completely selling-shows the market is split between those focused on the near-term margin pressure from the rising Capex and those focused on the long-term potential of the expanding platform. For a deeper dive into the company's foundation, you can review Hims & Hers Health, Inc. (HIMS): History, Ownership, Mission, How It Works & Makes Money.

Market Impact and Investor Sentiment

You're looking at Hims & Hers Health, Inc. (HIMS) and seeing a stock that's been a genuine roller coaster in 2025. The core takeaway is that sentiment is deeply polarized: institutional money is committed, but the market's short-term reaction to regulatory and competitive risks has been brutal. Institutional ownership-the big funds like BlackRock, Inc. and Vanguard Group Inc-remains strong at nearly 64% of the company's float, which is a powerful vote of confidence in the long-term telehealth model.

But here's the quick math on the risk: short interest stands at a significant 37.54% of the float. That's a huge bet against the company, reflecting investor anxiety over the dependency on compounded weight-loss medications (GLP-1s) and the associated regulatory scrutiny. Honestly, you need a strong stomach to hold this one, as the high forward price-to-earnings (P/E) ratio of 52.79x suggests the market is already pricing in massive growth.

Recent Market Reactions and Ownership Shifts

The stock market's response to key events has been swift and unforgiving. The most dramatic recent move was a 30-35% plunge in late October 2025, which followed the public fallout from a terminated partnership with Novo Nordisk A/S, which raised concerns about the company's compounded drug offerings. This kind of volatility is a clear signal that Hims & Hers Health, Inc. is still viewed as a high-growth, high-risk play. The stock also lost 15.6% in the three months leading up to November 2025, underperforming the S&P 500's gain of 5.2% in the same period.

Still, management is fighting back. The stock rose 1.5% in mid-November 2025 after the company announced a new $250 million share repurchase program, which signals the company believes its stock is undervalued. This move is a classic capital allocation strategy to return value to shareholders when the market price doesn't reflect the intrinsic value. For more on the company's foundation, you can check out Hims & Hers Health, Inc. (HIMS): History, Ownership, Mission, How It Works & Makes Money.

Major institutional investors have been making huge, directional bets, which is what you'd expect in a volatile stock. JPMORGAN CHASE & CO. added a staggering 15,045,710 shares in Q3 2025, representing a +549.0% increase in their holding, valued at an estimated $853,392,671. Conversely, the hedge fund SRS INVESTMENT MANAGEMENT, LLC completely exited its position, removing 4,000,000 shares (-100.0%) in the same quarter. This isn't just trading; it's a fundamental divergence in belief about the company's future.

• JPMORGAN CHASE & CO. boosted shares by 549.0%.
• SRS INVESTMENT MANAGEMENT, LLC sold off 100.0% of its position.
• The stock's recent volatility is a direct reaction to regulatory headlines.

Analyst Perspectives on Key Investor Impact

The analyst community is trying to map the impact of these major investor moves and the company's shifting business model. The consensus rating across 10-15 analysts is a 'Hold' or 'Reduce,' but the price targets show a wild spread, which is typical for a growth stock with high uncertainty.

The median 12-month price target is around $46.25, suggesting a potential upside of about 29.08% from the recent price. But the range is massive: BTIG has a bullish target of $85.00, while B of A Securities maintains a much more cautious 'Underperform' rating with a target of $32.00. This wide range reflects the debate: is Hims & Hers Health, Inc. a niche telehealth provider or the next major healthcare infrastructure layer?

The large accumulation by funds like BlackRock, Inc. and JPMORGAN CHASE & CO. is a signal to me that the smart money views the recent pullbacks as an opportunity to buy into the company's long-term vision-a vision that includes a full-year 2025 revenue forecast between $2.335 billion and $2.355 billion, and an expected full-year 2025 earnings per share (EPS) of 48 cents. They are betting on the company's ability to diversify beyond weight loss into areas like men's low-testosterone and women's perimenopause treatments.

Your next step should be to model the company's cash flow sensitivity to a 20% reduction in compounded GLP-1 revenue, just to see how much that core risk truly impacts the projected $580.982 million in shareholders' equity reported as of Q3 2025.