Hims Stock Straddle Prices 14.8% Move Into Earnings

Hims stock was trading around $26.25 as options traders priced the $26 at-the-money straddle at $3.89, signaling a 14.8% post-earnings move. That puts the implied range for Hims & Hers Health shares at roughly $22.36 to $30.14, a wide band for a stock sitting just above $26.

$26 Strike Pricing

$2.11 for the call and $1.78 for the put made up the $3.89 cost at the $26 strike. Traders paid that premium ahead of earnings because the contract bundle was effectively betting on a move large enough to clear either side of the current price.

$26.50 and $27 strikes were also active, with the $26.50 straddle priced at $3.87 and the $27 straddle at $4.00. Those levels point to the same setup: the market was not pricing a small post-report drift, but a swing close to $4 around the release.

Volume At $26 And $26.50

1,391 calls traded at the $26 strike versus 740 puts, while open interest there stood at 3,167 calls and 3,136 puts. That concentration shows the $26 area had become the most crowded battleground for the earnings bet.

3,034 calls changed hands at the $26.50 strike versus 319 puts, a sharper imbalance that leaned hard toward upside positioning. If Hims & Hers moves through the upper end of the implied band, traders holding those calls would be the ones with the most direct exposure.

Wall Street At $28

Five Buys, 10 Holds and zero Sells in the past three months left Hims & Hers with a Moderate Buy consensus rating. The average price target sat at $28, which implied 6.5% upside from the stock price before earnings.

$28 sits inside the options market’s expected range, but only near the middle of it. That leaves the earnings print and the company’s guidance as the event that has to justify whether the stock stays near the consensus target or breaks toward the low-$22s or the low-$30s.

$3.89 is the number traders are paying now for that answer at the $26 strike. For holders and short-term option buyers, the setup leaves little room for a quiet report.