David B. Wells, Director of Hims & Hers, purchased 48,400 shares at $24.23 on May 26 - an open market buy worth $1.2M. His stake increased by 27.5% in a single transaction.
Here's what makes this interesting:
I went through the complete insider history of $HIMS. The pattern is striking: The entire C-suite has been selling non-stop. CFO Okupe alone unloaded shares in five separate transactions between April 6 and May 18 - at prices ranging from $19.98 all the way up to $29.96. The CLO sold in April too. Open market buys from executives? Almost nonexistent.
Until now.
https://preview.redd.it/uc8j25etrm4h1.png?width=502&format=png&auto=webp&s=ab008cf875575a107479bc8ac7f6b53d4dbe54e3
Wells is not just any board member. He's the former CFO of Netflix. He understands subscriber platforms, unit economics, and what a transition quarter actually looks like versus a structural collapse. He saw the same Q1 numbers everyone else saw. Revenue up 4% YoY. EPS of -$0.40 against a $0.03 estimate. Gross margin down to 65% from 73%. He bought anyway. Two weeks after the CFO was still selling.
Context on why the numbers looked the way they did: This wasn't a demand problem - it was a deliberate pivot. Hims recorded a $92M net loss in Q1, largely driven by $33M in restructuring costs from writing down compounded GLP-1 inventory after shifting toward branded drugs like Wegovy.
They took the pain upfront. The market punished them for it.
Within six weeks of introducing Wegovy, the platform fulfilled over 125,000 shipments and is on track to add more than 100,000 new weight loss subscribers per month. The transition is working. The stock hasn't caught up yet.
The bigger picture: Full-year 2026 guidance was raised to $2.8B–$3.0B. International revenue surged 969% to $78.2M in Q1. The Eucalyptus acquisition – Australia's largest digital health provider – is expected to close mid-2026 for $1.15B. This is no longer a U.S. GLP-1 play. It's building into a global telehealth platform.
Wells sits in board meetings. He sees the subscriber cohort data, the Wegovy ramp, the Eucalyptus integration timeline – things that don't show up in a single messy quarter.
His last open-market buy before this? August 2021. Nearly five years of silence. Then a $1.2M check written right at the lows – while his own colleagues were still selling. That's not random.
What's your read on $HIMS?
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Not financial advice.
Source: SEC Form 4 filings | tracked via valyrt . com