Hinge Health (NYSE:HNGE) Reaches New 1-Year High – Here’s Why

Shares of Hinge Health Inc. (NYSE:HNGE – Get Free Report) reached a new 52-week high on Monday. The stock traded as high as $113.48 and last traded at $112.0230, with a volume of 33,761 shares traded. The stock had previously closed at $111.52.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Evercore reissued an “outperform” rating and issued a $105.00 price target on shares of Hinge Health in a report on Wednesday, August 5th. Stifel Nicolaus increased their price target on shares of Hinge Health from $115.00 to $130.00 and gave the company a “buy” rating in a research report on Monday. Truist Financial raised their price objective on shares of Hinge Health from $85.00 to $112.00 and gave the stock a “buy” rating in a report on Monday, August 10th. Weiss Ratings lowered shares of Hinge Health from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, October 8th. Finally, Morgan Stanley lifted their price objective on shares of Hinge Health from $72.00 to $108.00 and gave the stock an “overweight” rating in a research report on Monday, July 13th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $108.00.

Read Our Latest Stock Report on HNGE

Hinge Health Stock Performance

The stock’s 50 day moving average is $96.47 and its 200 day moving average is $66.01.

Hinge Health (NYSE:HNGE – Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The company reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.31. The business had revenue of $212.82 million during the quarter. The company’s quarterly revenue was up 53.0% compared to the same quarter last year. During the same period last year, the company earned $0.59 EPS. As a group, research analysts predict that Hinge Health Inc. will post 1.25 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO James Budge sold 47,720 shares of the stock in a transaction dated Monday, October 12th. The stock was sold at an average price of $103.13, for a total transaction of $4,921,363.60. Following the sale, the chief financial officer owned 296,728 shares of the company’s stock, valued at approximately $30,601,558.64. This represents a 13.85% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President James Pursley sold 33,000 shares of the firm’s stock in a transaction dated Monday, September 21st. The stock was sold at an average price of $94.14, for a total value of $3,106,620.00. Following the completion of the transaction, the president owned 666,909 shares of the company’s stock, valued at approximately $62,782,813.26. This represents a 4.71% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 1,024,581 shares of company stock valued at $95,632,761. 18.92% of the stock is owned by company insiders.

Institutional Investors Weigh In On Hinge Health

A number of institutional investors and hedge funds have recently modified their holdings of HNGE. IFP Advisors Inc grew its position in shares of Hinge Health by 140.0% during the 2nd quarter. IFP Advisors Inc now owns 324 shares of the company’s stock valued at $27,000 after purchasing an additional 189 shares in the last quarter. Nykredit A S bought a new position in shares of Hinge Health in the second quarter worth $29,000. SBI Securities Co. Ltd. increased its holdings in shares of Hinge Health by 39.5% in the third quarter. SBI Securities Co. Ltd. now owns 364 shares of the company’s stock worth $35,000 after purchasing an additional 103 shares during the period. State of Wyoming purchased a new stake in shares of Hinge Health in the first quarter worth $110,000. Finally, Sterling Capital Management LLC raised its position in shares of Hinge Health by 899.3% in the third quarter. Sterling Capital Management LLC now owns 1,469 shares of the company’s stock worth $143,000 after buying an additional 1,322 shares in the last quarter.

About Hinge Health

(Get Free Report)

Hinge Health is a digital healthcare company focused on musculoskeletal (MSK) conditions, including back and joint pain. The company provides virtual care programs designed to help members manage pain, improve mobility and reduce the need for more costly or invasive treatments.

Its platform combines personalized exercise therapy, behavioral support, education and access to clinical professionals. Hinge Health also uses technologies such as motion-sensing wearable devices and artificial intelligence to help guide exercises, monitor progress and tailor care plans to individual needs.

Hinge Health primarily serves employers and health plans, which offer its programs to eligible members in the United States.

Further Reading

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