Hinge Health Inc. $HNGE Shares Sold by Bank of America Corp DE

Key Points

• Bank of America reduced its Hinge Health stake by 5.5% in the first quarter, selling 35,661 shares and retaining 617,237 shares valued at approximately $23.8 million. Other institutions, including BNP Paribas and UBS, significantly increased their holdings.
• Insider selling has been substantial: insiders sold 3.72 million shares worth about $287.9 million over the past 90 days. Major shareholder Insight Holdings sold 1.47 million shares for approximately $121.5 million.
• Hinge Health reported quarterly EPS of $0.59, beating estimates of $0.28, while revenue rose 53% year over year to $212.8 million. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $100.57, versus a share price near $87.79.

Bank of America Corp DE lowered its holdings in Hinge Health Inc. (NYSE:HNGE - Free Report) by 5.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 617,237 shares of the company's stock after selling 35,661 shares during the period. Bank of America Corp DE owned approximately 0.80% of Hinge Health worth $23,801,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. BNP Paribas Financial Markets raised its stake in shares of Hinge Health by 162.7% during the fourth quarter. BNP Paribas Financial Markets now owns 727,672 shares of the company's stock valued at $33,800,000 after purchasing an additional 450,643 shares during the period. UBS Group AG boosted its stake in shares of Hinge Health by 168.8% in the fourth quarter. UBS Group AG now owns 356,701 shares of the company's stock valued at $16,569,000 after purchasing an additional 223,980 shares during the period. Royce & Associates LP acquired a new stake in Hinge Health during the 4th quarter valued at $2,091,000. Alkeon Capital Management LLC grew its holdings in Hinge Health by 110.4% during the 4th quarter. Alkeon Capital Management LLC now owns 791,104 shares of the company's stock valued at $36,747,000 after purchasing an additional 415,093 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Hinge Health by 755.1% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,354 shares of the company's stock worth $1,271,000 after buying an additional 24,155 shares during the period.

Insider Activity

In related news, Chairman Gabriel M.I. Mecklenburg sold 83,334 shares of the stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $60.22, for a total value of $5,018,373.48. Following the sale, the chairman owned 83,334 shares of the company's stock, valued at $5,018,373.48. This trade represents a 50.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through 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 firm's stock in a transaction that occurred on Monday, June 29th. The shares were 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 3,715,194 shares of company stock valued at $287,886,932 in the last 90 days. Insiders own 18.92% of the company's stock.

Hinge Health Stock Down 0.8%

Shares of Hinge Health stock opened at $87.79 on Tuesday. The firm has a market cap of $7.08 billion, a P/E ratio of 68.59 and a beta of 1.30. Hinge Health Inc. has a fifty-two week low of $30.08 and a fifty-two week high of $93.13. The business has a 50-day moving average price of $79.48 and a 200 day moving average price of $56.99.

Hinge Health (NYSE:HNGE - Get Free Report) last released its earnings results on Tuesday, August 4th. The company reported $0.59 EPS for the quarter, topping analysts' consensus estimates of $0.28 by $0.31. The company 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 company's quarterly revenue was up 53.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.59 EPS. As a group, equities research analysts anticipate that Hinge Health Inc. will post 1.25 earnings per share for the current year.

Analysts Set New Price Targets

HNGE has been the topic of several recent analyst reports. Canaccord Genuity Group set a $105.00 price target on Hinge Health in a research note on Wednesday, August 5th. Barclays raised their price objective on Hinge Health from $97.00 to $100.00 and gave the company an "overweight" rating in a research note on Wednesday, August 5th. Raymond James Financial lifted their price objective on Hinge Health from $70.00 to $80.00 and gave the stock an "outperform" rating in a report on Monday, June 15th. Wall Street Zen lowered Hinge Health from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Hinge Health in a research note on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $100.57.

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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