Canaccord Genuity Group Forecasts Strong Price Appreciation for Hinge Health (NYSE:HNGE) Stock

Key Points

• Canaccord Genuity Group raised its price target on Hinge Health from $76 to $100 and kept a buy rating, implying about 14% upside from the prior close.
• Other analysts have also turned more bullish, with recent price-target increases from firms including Truist, Needham, KeyCorp, and Citizens JMP. The stock now carries a consensus Moderate Buy rating and an average target price of $84.27.
• Hinge Health reported strong revenue growth in its latest quarter, with sales up 47.2% year over year to $182.31 million and earnings per share beating expectations. Shares were trading near their 52-week high after opening at $87.53.

Hinge Health (NYSE:HNGE - Get Free Report) had its price target raised by investment analysts at Canaccord Genuity Group from $76.00 to $100.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the stock. Canaccord Genuity Group's price objective suggests a potential upside of 14.25% from the stock's previous close.

A number of other analysts have also recently commented on HNGE. Truist Financial lifted their price objective on Hinge Health from $79.00 to $85.00 and gave the stock a "buy" rating in a research report on Thursday, June 11th. Needham & Company LLC raised their price target on shares of Hinge Health from $63.00 to $76.00 and gave the stock a "buy" rating in a research note on Thursday, June 11th. KeyCorp lifted their price target on shares of Hinge Health from $90.00 to $125.00 and gave the stock an "overweight" rating in a report on Monday, July 13th. Citizens Jmp upped their price objective on shares of Hinge Health from $65.00 to $80.00 and gave the company a "market outperform" rating in a research note on Wednesday, May 6th. Finally, Robert W. Baird raised their target price on shares of Hinge Health from $55.00 to $65.00 and gave the stock a "neutral" rating in a research report on Wednesday, June 17th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $84.27.

Hinge Health Stock Performance

Shares of NYSE:HNGE opened at $87.53 on Tuesday. The business's fifty day moving average price is $69.60 and its two-hundred day moving average price is $51.88. The stock has a market cap of $6.77 billion, a PE ratio of -7.09 and a beta of 1.13. Hinge Health has a one year low of $30.08 and a one year high of $91.50.

Hinge Health (NYSE:HNGE - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The company reported $0.45 earnings per share for the quarter, topping analysts' consensus estimates of $0.12 by $0.33. Hinge Health had a negative return on equity of 310.62% and a negative net margin of 78.95%.The company had revenue of $182.31 million during the quarter. During the same period last year, the firm earned $1.30 earnings per share. The business's revenue was up 47.2% compared to the same quarter last year. As a group, equities research analysts predict that Hinge Health will post 1.37 earnings per share for the current fiscal year.

Insider Buying and Selling at Hinge Health

In related news, President James Pursley sold 33,000 shares of the firm's stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $69.31, for a total value of $2,287,230.00. Following the sale, the president directly owned 740,897 shares of the company's stock, valued at approximately $51,351,571.07. This trade represents a 4.26% decrease in their ownership of the stock. 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 M.I. Mecklenburg sold 83,334 shares of the business's stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $85.05, for a total transaction of $7,087,556.70. Following the completion of the sale, the chairman owned 83,334 shares of the company's stock, valued at approximately $7,087,556.70. The trade was a 50.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 3,921,100 shares of company stock worth $299,222,881 in the last 90 days. 18.92% of the stock is owned by company insiders.

Institutional Trading of Hinge Health

Several institutional investors have recently made changes to their positions in HNGE. BIT Capital GmbH increased its stake in Hinge Health by 79.3% during the fourth quarter. BIT Capital GmbH now owns 3,316,101 shares of the company's stock worth $154,033,000 after acquiring an additional 1,466,577 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Hinge Health by 110.5% in the 4th quarter. Vanguard Group Inc. now owns 2,605,532 shares of the company's stock valued at $121,027,000 after purchasing an additional 1,367,693 shares in the last quarter. Tiger Global Management LLC lifted its stake in shares of Hinge Health by 227.1% in the 4th quarter. Tiger Global Management LLC now owns 1,805,751 shares of the company's stock valued at $83,877,000 after purchasing an additional 1,253,743 shares in the last quarter. Marshall Wace LLP purchased a new stake in shares of Hinge Health during the 4th quarter worth about $54,469,000. Finally, Millennium Management LLC increased its position in Hinge Health by 225.0% during the 4th quarter. Millennium Management LLC now owns 1,479,642 shares of the company's stock worth $68,729,000 after purchasing an additional 1,024,317 shares in the last quarter.

Hinge Health Company Profile

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.

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