Cedar Grove Capital Management (“CGCM”) is proud to offer its advisory management services through its separately managed account structure. CGCM specializes in a multi-strategy investment approach with an emphasis on small caps and below companies, as well as managing an opportunistic short book and other special situations. If you’re interested in learning more, please visit www.cedargrovecm.com or view our public research www.cedargroveresearch.com.
All information provided herein by Cedar Grove Capital Management, LLC (“CGCM”) is for informational purposes only and does not constitute investment advice or an offer or solicitation to buy or sell an interest in a private fund or any other security. CGCM may change its views about or its investment positions in any of the securities mentioned in this document at any time, for any reason or no reason. CGCM may buy, sell, or otherwise change the form or substance of any of its investments. CGCM disclaims any obligation to notify the market of any such changes.
Hello everyone,
We’re once again back with another update on Hims and Hers Health (HIMS). If you’ve followed us for a while, you know that 2024 marked our first long investment in the company, while 2025 focused solely on our crusade against the company and its overexaggerations, overdrawn optimism, and ridiculous attempt to pretend it was not infringing on Novo Nordisk’s (NVO) patent.
Despite all of this, we were vindicated in February of this year when the stock crashed below $14/share. After we closed our short position following Q1’26 earnings, we took time to digest the evolving events at the company and initiated a new long position in HIMS during Q2’26 (highlighted in our Q2 letter).
Below, we’ve included our updated thesis and the first four pages of the report for those of you who are not premium subscribers. All of our research on HIMS from before 2026 has had its paywalls removed and is free to read.
Premium subscribers, please download the PDF after the last image below for the full report.
Subscribe to Cedar Grove Capital Management to read the rest.
Become a paying subscriber to get access to this post and other subscriber-only research reports.
UpgradeA subscription gets you:
- At least 20 - 30 Subscriber-Only (Paid) Reports per Year
- Small Cap and Below LONG Equity Research
- SHORT Equity, Special Situations, IPO Investment Research
- Earnings Updates, Thematic Research, and Quick Trade Ideas
- Access to "The Sift." Our periodic quick equity diligence screener exclusive to paid subscribers