Hims & Hers Health Inc (HIMS) shares are trading higher Monday as the market gears up for the company's first-quarter 2026 earnings report, due after the closing bell. The stock was up 4.95% at $29.71 at the time of publication, outpacing a flat broader market — the Nasdaq was up 0.04% and the S&P 500 gained 0.14%.

So what's fueling the move? It's a classic pre-earnings anticipation play. Analysts are looking for earnings per share of four cents on revenue of $586.01 million. Investors are buying in hopes that the company will deliver a beat, which could send the stock even higher.

But there's another layer here: short interest. While short interest fell from 71.36 million to 69.77 million shares, a hefty 37.85% of the float remains short. With average daily volume at 23.19 million shares, it would take shorts about 3.01 days to cover their positions. That kind of elevated short interest can amplify moves in either direction — if earnings surprise to the upside, shorts might scramble to cover, adding fuel to the rally.

Technically, the picture is mixed. Hims & Hers is trading above its key short- and medium-term moving averages — about 7.5% above the 20-day SMA of $27.19 and 26% above the 50-day SMA of $23.19. That's a bullish near-term signal. But the stock is still about 20.4% below the 200-day SMA of $36.71, and the 50-day SMA remains below the 200-day SMA, which is a longer-term caution flag. Key resistance sits at $32, while support is at $28.

So the stage is set: earnings tonight could either validate the bullish momentum or trigger a sharp reversal. Either way, with that much short interest, it's going to be interesting.