Why Hims & Hers Health, Inc. (HIMS) Went Up On Wednesday?

We recently published a list of 10 Stocks Stand Strong Amid Cautious Market Environment. In this article, we are going to take a look at where Hims & Hers Health, Inc. (NYSE:HIMS) stands against stocks that stand strong amid cautious market environment.

The stock market showed resilience on Wednesday, with all major indices ending in the green territory anew, as investors weighed news of President Donald Trump’s imposition of a new round of tariffs while digesting minutes of the Federal Reserve.

The Dow Jones rose by 0.16 percent, the S&P 500 increased by 0.24 percent, while the tech-heavy Nasdaq eked out a 0.07 percent gain.

Despite the news, ten companies managed to stand out, posting modest gains during the trading session.

To come up with Wednesday’s top performers, we considered only the stocks with more than $1.9 billion in market capitalization and $5 million in daily trading volume.

Note that some stocks we have covered in-depth over the past few days have been excluded from this list.

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

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

Telehealth company Hims & Hers Health, Inc. (NYSE:HIMS) saw its share prices increase by 17.5 percent on Wednesday to finish at $68.74 apiece as investors gobbled up shares following its recent move to expand into at-home blood testing and diagnostics.

On Wednesday, HIMS announced that it officially acquired at-home laboratory testing facility Trybe Labs, allowing the company to offer at-home blood draws and more comprehensive pretreatment testing.

HIMS did not disclose the terms of the deal but said the acquisition was completed through cash on hand.

“Access to richer data allows us to deepen the insights that providers can use on our platform to guide their clinical decisions for each individual patient,” HIMS Chief Medical Officer Dr. Patrick Carroll said. “At-home lab testing is one more exciting step towards elevating the personal, comprehensive care customers in this country should expect,” he added.

Overall, HIMS ranks 2nd on our list of stocks that stand strong amid cautious market environment. 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 timeframe. 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.