Fifth Third Bancorp Buys New Position in Hinge Health Inc. $HNGE

Key Points

• Fifth Third Bancorp opened a new position in Hinge Health during the first quarter, buying 35,209 shares worth about $1.36 million.
• Wall Street remains mostly bullish on Hinge Health, with several analysts raising price targets; the stock currently carries a Moderate Buy consensus and an average target of $84.27.
• Insiders have been selling shares recently, including CEO Daniel Antonio Perez and major shareholder Insight Holdings Group, while the company’s latest quarter showed 47.2% revenue growth and earnings that beat expectations.

Fifth Third Bancorp purchased a new position in shares of Hinge Health Inc. (NYSE:HNGE - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 35,209 shares of the company's stock, valued at approximately $1,358,000.

Several other hedge funds have also made changes to their positions in HNGE. Wells Fargo & Company MN increased its holdings in Hinge Health by 160.0% during the 4th quarter. Wells Fargo & Company MN now owns 546 shares of the company's stock worth $25,000 after purchasing an additional 336 shares during the period. Caitong International Asset Management Co. Ltd acquired a new stake in Hinge Health during the 4th quarter worth $26,000. CENTRAL TRUST Co acquired a new stake in shares of Hinge Health during the first quarter worth about $37,000. First Horizon Corp boosted 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 period. Finally, High Point Wealth Management LLC acquired a new position in Hinge Health during the fourth quarter worth approximately $46,000.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on HNGE. Evercore reaffirmed an "outperform" rating and set a $45.00 price objective on shares of Hinge Health in a research report on Wednesday, April 8th. Truist Financial raised their price target on Hinge Health from $79.00 to $85.00 and gave the company a "buy" rating in a report on Thursday, June 11th. Barclays increased their price objective on Hinge Health from $70.00 to $97.00 and gave the stock an "overweight" rating in a research report on Monday, July 13th. Needham & Company LLC increased their price target on shares of Hinge Health from $63.00 to $76.00 and gave the company a "buy" rating in a report on Thursday, June 11th. Finally, Raymond James Financial boosted their price objective on shares of Hinge Health from $70.00 to $80.00 and gave the stock an "outperform" rating in a report on Monday, June 15th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $84.27.

Insiders Place Their Bets

In other news, CEO Daniel Antonio Perez sold 104,544 shares of the business's stock in a transaction dated 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 transaction was disclosed in a document filed 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, major shareholder Insight Holdings Group, Llc sold 1,466,667 shares of the stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $82.83, for a total transaction of $121,484,027.61. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 3,921,100 shares of company stock worth $299,222,881 in the last quarter. 18.92% of the stock is owned by corporate insiders.

Hinge Health Stock Down 3.2%

HNGE opened at $74.21 on Friday. Hinge Health Inc. has a 52-week low of $30.08 and a 52-week high of $91.50. The company has a 50 day moving average of $71.54 and a two-hundred day moving average of $52.74. The company has a market cap of $5.74 billion, a P/E ratio of -6.01 and a beta of 1.13.

Hinge Health (NYSE:HNGE - Get Free Report) last issued its earnings results on Tuesday, May 5th. The company reported $0.45 EPS for the quarter, beating analysts' consensus estimates of $0.12 by $0.33. The business had revenue of $182.31 million for the quarter. Hinge Health had a negative net margin of 78.95% and a negative return on equity of 310.62%. The business's revenue was up 47.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.30 EPS. Research analysts anticipate that Hinge Health Inc. will post 1.37 earnings per share for the current year.

Hinge Health 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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