Asset Manager Exits Shares of Hims & Hers Health

By Dave Kovaleski – Updated Mar 10, 2026 at 4:07PM ESTKey PointsBLKBRD Asset Management exited 318,666 shares of Hims & Hers Health; estimated trade size $18.07 million, based on quarterly average pricing.Quarter-end position value dropped by $18.07 million, reflecting the full liquidation and price movement.Represents a 24.3% swing in 13F reportable AUM.Post-trade stake: zero shares; $0 position value.Hims & Hers Health previously accounted for 5.0% of the fund’s AUM before this liquidation.On February 17, 2026, BLKBRD Asset Management, LP, disclosed it sold out its entire stake in Hims & Hers Health (HIMS +5.91%), an estimated $18.07 million trade based on quarterly average pricing.What happenedAccording to an SEC filing dated February 17, 2026, BLKBRD Asset Management, LP, sold all 318,666 shares of Hims & Hers Health during the fourth quarter. The estimated transaction value was $18.07 million, based on the average share price over the reporting period. The net position change also totaled $18.07 million, reflecting both the completed trade and any price movement through quarter-end.What else to knowThe fund fully exited its Hims & Hers Health stake this quarter, which previously represented 5.0% of AUM as of the prior filing; post-trade, the position is zero.As of December 31, 2025, top holdings by value were:NASDAQ: NVDA: $4.66 million (6.3% of AUM).NASDAQ: GOOGL: $4.28 million (5.8% of AUM).As of February 16, 2026, Hims & Hers Health shares were priced at $16.30, down 72.46% over the past year, underperforming the S&P 500 by 84.25 percentage points.Company overviewMetricValuePrice (as of market close February 13, 2026)$16.30Market capitalization$3.57 billionRevenue (TTM)$2.21 billionNet income (TTM)$133.79 millionCompany snapshotOffers a telehealth platform providing direct-to-consumer medical consultations, prescription medications, and a curated portfolio of wellness, skincare, sexual health, and hair care products.Generates revenue through recurring prescription services, over-the-counter product sales, and wholesale partnerships, leveraging a digital-first, subscription-based model.Targets health-conscious consumers seeking accessible, discreet, and ongoing care, primarily in the United States.Hims & Hers Health operates a multi-specialty telehealth platform at scale, integrating digital healthcare delivery with a broad range of consumer wellness products. The company’s strategy centers on recurring revenue from subscriptions and direct sales, supported by a robust digital infrastructure. Its competitive edge lies in combining medical consultation, prescription fulfillment, and branded wellness products within a seamless, consumer-centric online experience.What this transaction means for investorsHims & Hers stock has been in freefall since last June when it was trading near an all-time high at $64 per share. By early March of this year, the stock had plummeted to around $15 per share. The catalyst for the drop was Novo Nordisk (NVO 2.67%) terminating its partnership with Hims & Hers to sell its weight-loss drugs. Novo Nordisk also sued Hims & Hers, claiming they were selling copycat weight loss drugs. Hims & Hers Health was one of the most shorted midcap stocks by institutional investors in January, according to the Hazeltree Crowdedness Report.But Hims & Hers stock was soaring on Tuesday, March 10, after the company announced a new partnership with Novo Nordisk to offer its weight-loss drugs Ozempic and Wegovy on its platform. As part of the deal, Novo Nordisk dropped its lawsuit against Hims & Hers. The stock was up some 6% on March 10 on the news. Hims & Hers stock is still trading at a high multiple, but this big news may provide an opportunity for investors to reassess Hims & Hers prospects. About the AuthorDave mainly covers financials, consumer goods, and technology stocks and ETFs. He wrote for the Fool from 2019-2023 and rejoined the Fool in 2026. In the past he's covered mutual funds and institutional investments for Pensions & Investments, personal finance for S&P, money markets and bonds for Crane Data, and stocks for ValueWalk.TMFdkovaleskiStocks MentionedHims & Hers HealthNYSE: HIMS$23.47(+5.91%)+$1.31NvidiaNASDAQ: NVDA$184.72(+1.13%)+$2.07Advanced Micro DevicesNASDAQ: AMD$203.07(+0.19%)+$0.39OracleNYSE: ORCL$149.65(-1.26%)-$1.91Eli LillyNYSE: LLY$1,001.35(-0.70%)-$7.04AlphabetNASDAQ: GOOGL$307.13(+0.25%)+$0.77*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.