Telehealth stocks HIMS, DOCS, and TDOC are a volatile bunch today
Hims & Hers Health Inc (NYSE:HIMS) stock made waves in premarket trading, after the telehealth firebrand announced the pending acquisition of ZAVA, a European digital health platform. While HIMS has since pivoted lower, this is prime time to check in on telehealth stocks and see which ones investors should be targeting.
Hims stock traded as high as $67.35 out of the gate, but was last seen down 2.5% to trade at $55.37. Despite the choppiness, the shares are forming a bullish flag pattern on the charts, and boast a 128% year-to-date gain.
The equity is a contrarian's dream; 10 of 14 analysts in coverage are on the sidelines with "hold" or worse ratings, while 32% of HIMS' total available float is sold short.
Doximity Inc (NYSE:DOCS) stock is up 3.9% to trade at $53.50 today, and just yesterday, BTIG upgraded the shares to "buy" from "hold." DOCS reclaimed its year-to-date breakeven level today, but is 93.6% higher year-over-year. The shares remain below a descending trendline from its Feb. 10 three-year high of $85.21, as well as a confluence of overhead moving averages.
Teladoc Health Inc (NYSE:TDOC) is 2.9% higher to trade at $7.07. The security is staring up at its 50-day trendline, to the tune of a 22.2% year-to-date deficit. TDOC is a long way from its February 2021 highs just under $300.
The options pits are predominantly focused on calls, despite limited absolute volume. In the past 10 days, 16,161 calls have exchanged hands on the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), compared to just 944 puts. The resultant call/put volume ratio of 17.12 sits in the 84th percentile of its annual range, suggesting a healthier-than-usual appetite for bullish bets of late.
