Hinge Health (NYSE:HNGE) Stock Picked Up by Analysts at Bank of America

Key Points

• Bank of America initiated coverage of Hinge Health with a “buy” rating and a $110 price target, implying approximately 17% upside from the stock’s reported price of $93.77.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average price target of $104.13. Hinge Health also reported quarterly EPS of $0.59 versus the $0.28 estimate, while revenue rose 53% year over year to $212.82 million.
• Insiders sold approximately 1.28 million shares worth $115.2 million over the past 90 days, though the transactions were conducted under pre-arranged Rule 10b5-1 trading plans.

Bank of America began coverage on shares of Hinge Health (NYSE:HNGE - Get Free Report) in a research note issued on Tuesday, MarketBeat reports. The brokerage set a "buy" rating and a $110.00 price target on the stock. Bank of America's price target would indicate a potential upside of 17.31% from the company's current price.

A number of other analysts have also recently commented on the stock. Canaccord Genuity Group set a $105.00 price target on shares of Hinge Health in a research note on Wednesday, August 5th. Needham & Company LLC raised their price target on Hinge Health from $76.00 to $97.00 and gave the company a "buy" rating in a report on Wednesday, August 5th. Wall Street Zen lowered shares of Hinge Health from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. Weiss Ratings raised shares of Hinge Health from a "sell (d-)" rating to a "hold (c)" rating in a report on Tuesday, September 22nd. Finally, Stifel Nicolaus increased their target price on Hinge Health from $96.00 to $115.00 and gave the stock a "buy" rating in a research note on Tuesday, September 8th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $104.13.

Hinge Health Stock Performance

NYSE HNGE traded up $1.32 on Tuesday, reaching $93.77. The company had a trading volume of 221,045 shares, compared to its average volume of 1,578,015. The company's fifty day moving average is $87.36 and its 200-day moving average is $67.98. The firm has a market capitalization of $7.57 billion, a price-to-earnings ratio of 73.68 and a beta of 1.38. Hinge Health has a 1-year low of $30.08 and a 1-year high of $97.95.

Hinge Health (NYSE:HNGE - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The company reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.31. The firm had revenue of $212.82 million for the quarter. Hinge Health had a return on equity of 51.60% and a net margin of 15.15%.The business's revenue for the quarter was up 53.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.59 EPS. On average, research analysts forecast that Hinge Health will post 1.25 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO James Budge sold 55,561 shares of the company's stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $89.45, for a total transaction of $4,969,931.45. Following the completion of the sale, the chief financial officer owned 349,062 shares of the company's stock, valued at $31,223,595.90. This represents a 13.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President James Pursley sold 33,000 shares of the business's stock in a transaction that occurred on Monday, September 21st. The shares were sold at an average price of $94.14, for a total transaction of $3,106,620.00. Following the completion of the transaction, the president owned 666,909 shares of the company's stock, valued at $62,782,813.26. The trade was a 4.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 1,282,266 shares of company stock valued at $115,210,099 in the last ninety days. Insiders own 18.92% of the company's stock.

Institutional Investors Weigh In On Hinge Health

Hedge funds have recently made changes to their positions in the stock. Caitong International Asset Management Co. Ltd bought a new position in shares of Hinge Health during the fourth quarter worth about $26,000. IFP Advisors Inc increased its position in shares of Hinge Health by 140.0% during the second quarter. IFP Advisors Inc now owns 324 shares of the company's stock worth $27,000 after buying an additional 189 shares during the period. Nykredit A S acquired a new position in Hinge Health in the second quarter valued at $29,000. CENTRAL TRUST Co bought a new stake in shares of Hinge Health during the 1st quarter valued at about $37,000. Finally, State of Wyoming acquired a new stake in shares of Hinge Health during the 1st quarter worth approximately $110,000.

Hinge Health Company Profile

Hinge Health, Inc is a digital health company focused on musculoskeletal care. The company provides virtual programs designed to help people manage and improve conditions affecting the back, joints and other areas of the musculoskeletal system, with the goal of supporting conservative care and reducing the need for more invasive treatment.

Its platform combines personalized exercise therapy, digital tools, clinical guidance and behavioral support. Depending on the program, members may use the Hinge Health mobile application, wearable motion sensors and remote care from physical therapists, health coaches and other clinicians.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.