Needham & Company LLC Issues Positive Forecast for Hinge Health (NYSE:HNGE) Stock Price

Key Points

• Needham raised Hinge Health’s price target from $97 to $115 and maintained a “buy” rating, implying 20.49% upside from the prior close.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average target price of $105.33; recent targets range as high as $125.
• Hinge Health reported strong quarterly results, including $0.59 EPS versus a $0.28 estimate and 53% year-over-year revenue growth, though insiders sold approximately $108.1 million of shares during the last quarter.

Hinge Health (NYSE:HNGE - Get Free Report) had its price target upped by research analysts at Needham & Company LLC from $97.00 to $115.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a "buy" rating on the stock. Needham & Company LLC's price target suggests a potential upside of 20.49% from the stock's previous close.

HNGE has been the topic of a number of other research reports. Canaccord Genuity Group set a $105.00 target price on shares of Hinge Health in a research report on Wednesday, August 5th. KeyCorp raised their target price on Hinge Health from $90.00 to $125.00 and gave the company an "overweight" rating in a research note on Monday, July 13th. Bank of America began coverage on shares of Hinge Health in a research note on Tuesday. They set a "buy" rating and a $110.00 price target for the company. Raymond James Financial increased their price objective on Hinge Health from $70.00 to $80.00 and gave the stock an "outperform" rating in a research note on Monday, June 15th. Finally, Royal Bank Of Canada lifted their price objective on shares of Hinge Health from $75.00 to $110.00 and gave the stock an "outperform" rating in a report on Wednesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $105.33.

Hinge Health Price Performance

NYSE HNGE opened at $95.44 on Wednesday. The business has a 50 day simple moving average of $87.58 and a 200 day simple moving average of $68.33. Hinge Health has a one year low of $30.08 and a one year high of $97.95. The stock has a market capitalization of $7.70 billion, a P/E ratio of 74.57 and a beta of 1.38.

Hinge Health (NYSE:HNGE - Get Free Report) last issued 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%.Hinge Health's quarterly revenue was up 53.0% compared to the same quarter last year. During the same period last year, the firm posted $0.59 earnings per share. Equities analysts expect that Hinge Health will post 1.25 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO James Budge sold 55,561 shares of the stock in a transaction that occurred on 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 transaction, the chief financial officer directly owned 349,062 shares of the company's stock, valued at $31,223,595.90. This represents a 13.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Gabriel Mecklenburg sold 150,000 shares of Hinge Health stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $93.22, for a total transaction of $13,983,000.00. Following the completion of the sale, the chairman directly owned 150,000 shares in the company, valued at $13,983,000. This trade represents a 50.00% 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 quarter, insiders have sold 1,198,932 shares of company stock valued at $108,122,542. Company insiders own 18.92% of the company's stock.

Institutional Trading of Hinge Health

Large investors have recently bought and sold shares of the company. IFP Advisors Inc lifted 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 buying an additional 189 shares during the last quarter. Nykredit A S purchased a new stake in Hinge Health in the 2nd quarter worth about $29,000. Caitong International Asset Management Co. Ltd bought a new stake in Hinge Health in the 4th quarter valued at about $26,000. CENTRAL TRUST Co bought a new stake in Hinge Health in the 1st quarter valued at about $37,000. Finally, Comprehensive Financial Management LLC purchased a new stake in Hinge Health during the second quarter valued at about $212,000.

Hinge Health Company Profile

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

Its platform combines a mobile application, motion-sensing technology, personalized exercise therapy, education and support from a care team that may include clinical specialists. Hinge Health offers programs for conditions such as chronic back pain, knee pain and other common MSK issues, with services generally provided through employers, health plans and other healthcare organizations.

Hinge Health was founded in 2015 and is headquartered in San Francisco, California.

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