Cannon Global Investment Management LLC Takes $613,000 Position in Hinge Health Inc. $HNGE

Key Points

• Cannon Global Investment Management initiated a new position in Hinge Health during the first quarter, buying 15,900 shares valued at about $613,000. The stake makes up roughly 1.2% of the firm’s portfolio.
• Hinge Health insiders have been selling shares recently, including CEO Daniel Antonio Perez and Chairman Gabriel M.I. Mecklenburg. Over the last 90 days, insiders have sold about 1.5 million shares worth nearly $97.5 million.
• Despite insider selling, Wall Street remains upbeat on the stock: analysts rate HNGE as a Moderate Buy with an average price target of $75.80. The company also reported quarterly revenue growth of 47.2% year over year and beat EPS expectations in its latest earnings report.

Cannon Global Investment Management LLC acquired a new position in Hinge Health Inc. (NYSE:HNGE - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 15,900 shares of the company's stock, valued at approximately $613,000. Hinge Health makes up about 1.2% of Cannon Global Investment Management LLC's investment portfolio, making the stock its 28th biggest position.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Wells Fargo & Company MN boosted its holdings in Hinge Health by 160.0% in the fourth quarter. Wells Fargo & Company MN now owns 546 shares of the company's stock worth $25,000 after acquiring an additional 336 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Hinge Health during the fourth quarter worth about $26,000. CENTRAL TRUST Co acquired a new position in shares of Hinge Health during the first quarter valued at about $37,000. First Horizon Corp raised its position in shares of Hinge Health by 163.9% in the 4th quarter. First Horizon Corp now owns 855 shares of the company's stock valued at $40,000 after purchasing an additional 531 shares during the last quarter. Finally, High Point Wealth Management LLC purchased a new position in shares of Hinge Health in the 4th quarter valued at approximately $46,000.

Insiders Place Their Bets

In related news, CEO Daniel Antonio Perez sold 104,544 shares of the business's stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $55.09, for a total value of $5,759,328.96. Following the completion of the sale, the chief executive officer owned 35,470 shares of the company's stock, valued at approximately $1,954,042.30. The trade was a 74.67% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 stock in a transaction on Monday, June 1st. The shares were sold at an average price of $60.22, for a total transaction of $5,018,373.48. Following the transaction, the chairman directly owned 83,334 shares in the company, valued at approximately $5,018,373.48. The trade was a 50.00% 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. Over the last 90 days, insiders have sold 1,497,279 shares of company stock worth $97,492,856. 18.92% of the stock is owned by corporate insiders.

Hinge Health Stock Performance

Shares of NYSE HNGE opened at $78.84 on Friday. Hinge Health Inc. has a 1 year low of $30.08 and a 1 year high of $79.26. The company's fifty day moving average price is $56.92 and its 200 day moving average price is $47.55. The company has a market capitalization of $6.10 billion and a PE ratio of -6.39.

Hinge Health (NYSE:HNGE - Get Free Report) last posted its earnings results on Tuesday, May 5th. The company reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.33. Hinge Health had a negative net margin of 78.95% and a negative return on equity of 310.62%. The business had revenue of $182.31 million for the quarter. During the same period in the previous year, the company earned $1.30 earnings per share. The company's revenue was up 47.2% compared to the same quarter last year. On average, equities analysts expect that Hinge Health Inc. will post 1.33 EPS for the current year.

Wall Street Analysts Forecast Growth

HNGE has been the subject of several research reports. Piper Sandler reiterated an "overweight" rating on shares of Hinge Health in a research note on Wednesday, June 10th. Royal Bank Of Canada raised their target price on Hinge Health from $65.00 to $75.00 and gave the stock an "outperform" rating in a research note on Thursday, June 11th. Citizens Jmp lifted their price target on Hinge Health from $65.00 to $80.00 and gave the stock a "market outperform" rating in a research report on Wednesday, May 6th. Barclays boosted their price target on Hinge Health from $62.00 to $70.00 and gave the company an "overweight" rating in a research note on Thursday, June 11th. Finally, Raymond James Financial increased their price objective on Hinge Health from $70.00 to $80.00 and gave the company an "outperform" rating in a report on Monday, June 15th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $75.80.

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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