Hinge Health (NYSE:HNGE) Research Coverage Started at Wells Fargo & Company

Wells Fargo & Company started coverage on shares of Hinge Health (NYSE:HNGE) in a research note published on Thursday, MarketBeat.com reports. The brokerage issued an overweight rating and a $68.00 target price on the stock.

Several other brokerages have also commented on HNGE. Stifel Nicolaus upped their price target on shares of Hinge Health from $63.00 to $66.00 and gave the stock a “buy” rating in a research report on Thursday, September 11th. Piper Sandler decreased their target price on shares of Hinge Health from $71.00 to $60.00 and set an “overweight” rating for the company in a research note on Friday. Canaccord Genuity Group upped their target price on Hinge Health from $61.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, November 5th. Evercore ISI upped their price target on Hinge Health from $60.00 to $65.00 and gave the company an “outperform” rating in a research report on Wednesday, October 8th. Finally, Barclays decreased their target price on Hinge Health from $65.00 to $60.00 and set an “overweight” rating for the company in a research note on Monday, January 5th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $60.06.

Hinge Health Trading Down 2.8%

HNGE stock opened at $48.01 on Thursday. The firm has a 50 day moving average of $47.11 and a 200-day moving average of $50.01. Hinge Health has a 12-month low of $33.42 and a 12-month high of $62.18. The company has a market cap of $3.78 billion and a price-to-earnings ratio of -3.66.

Hinge Health (NYSE:HNGE) last released its quarterly earnings results on Tuesday, November 4th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.18. The firm had revenue of $154.21 million during the quarter, compared to analyst estimates of $142.44 million. The business’s quarterly revenue was up 53.3% on a year-over-year basis.

Hinge Health declared that its board has initiated a share repurchase program on Wednesday, November 12th that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 7.2% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In related news, major shareholder Insight Holdings Group, Llc sold 1,654,440 shares of the stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $47.76, for a total transaction of $79,016,054.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO James Budge sold 10,491 shares of the firm’s stock in a transaction on Monday, December 22nd. The stock was sold at an average price of $48.41, for a total value of $507,869.31. Following the sale, the chief financial officer directly owned 441,174 shares of the company’s stock, valued at approximately $21,357,233.34. This represents a 2.32% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 2,805,105 shares of company stock worth $128,216,614.

Institutional Investors Weigh In On Hinge Health

Institutional investors and hedge funds have recently modified their holdings of the business. Sandler Capital Management lifted its holdings in Hinge Health by 1.4% in the 3rd quarter. Sandler Capital Management now owns 52,728 shares of the company’s stock worth $2,588,000 after purchasing an additional 728 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in Hinge Health in the 3rd quarter valued at $37,000. Montag A & Associates Inc. acquired a new position in Hinge Health in the second quarter worth about $41,000. Jones Financial Companies Lllp boosted its stake in Hinge Health by 348.0% in the 3rd quarter. Jones Financial Companies Lllp now owns 1,120 shares of the company’s stock valued at $54,000 after buying an additional 870 shares in the last quarter. Finally, SBI Securities Co. Ltd. acquired a new position in Hinge Health in the second quarter valued at about $48,000.

About Hinge Health

Hinge Health (NYSE: HNGE) is a digital musculoskeletal (MSK) clinic that provides end-to-end solutions for the prevention and management of musculoskeletal conditions. The company’s platform combines wearable motion sensors, personalized exercise therapy guided by licensed physical therapists, and behavioral health coaching to deliver tailored treatment plans. By integrating technology with evidence-based clinical protocols, Hinge Health aims to reduce pain, improve mobility and decrease reliance on more invasive interventions such as surgery or opioid prescriptions.

Founded in 2015 and headquartered in San Francisco, Hinge Health partners with employers, health plans and other payers to offer its self-directed, app-based programs.