Hims & Hers (HIMS) just hit a 52-week low in the App Store

Hims & Hers (HIMS) had what analyst Jonathan Stern called a “bloody start to the week”, with the stock falling more than 10% over five days, including a 5.5% drop on Monday that brought it down to $48

Despite the rough patch, HIMS bounced back hard on Wednesday, rallying 16% to close at $58. But that rebound hasn’t silenced fears about slowing growth, and the data backing that fear is getting harder to ignore.

Stern flagged one key red flag. As of July 21, the Hims & Hers mobile app hit a 52-week low in App Store rankings.

While those rankings aren’t a perfect proxy for performance, they often signal install velocity, which can be a leading indicator of new subscriber growth.

Lower App Store rankings coincide with a warning from Morgan Stanley’s Craig Hettenbach.

According to Morgan Stanley, June marked the first year-over-year decline in Hims app downloads. Estimated monthly downloads fell to 185,000, the lowest since March 2024.

For a company that lives and dies by its subscription model, a slowdown in downloads could suggest that growth is beginning to stall.

At the end of Q1, Hims had 2.4 million subscribers, up 38% from the prior year. But sustaining that growth rate may now depend on new catalysts.

Hims makes global moves

One cushion could be its acquisition of European telehealth platform Zava, expected to close in the second half of 2025. The deal brings 1.3 million new users into the fold, helping bolster its international footprint.

As InvestorsObserver recently reported, Hims is also eyeing Canadian expansion, hoping to fill the gap left by former partner-turned-rival Novo Nordisk (NVO), whose patent lapse created an opening in the weight loss space.

Hims has announced it will report second-quarter earnings on August 4, with projected revenue between $530 million and $550 million and expected earnings of $0.22 per share.

Investors will be watching closely whether the speculations about slowing growth based on App Store alternative data are grounded in financials or not.

In May, the company reaffirmed its full-year revenue guidance of $2.3 billion-$2.4 billion, and raised adjusted earnings projections to $295 million-$335 million.

Looking further ahead, Hims is aiming to nearly triple its annual revenue to $6.5 billion by 2030.