Hinge Health Inc. $HNGE Stock: Assenagon Asset Management S.A. Increases Stake

Key Points

• Assenagon Asset Management increased its Hinge Health stake by 2,141.9% in the third quarter, adding 1.77 million shares to own 1.85 million shares valued at approximately $180.4 million.
• Hinge Health insiders sold more than 1.02 million shares worth $95.6 million over the past 90 days, including significant sales by the CFO and chairman under pre-arranged Rule 10b5-1 plans.
• Analysts remain broadly optimistic, with a consensus “Moderate Buy” rating and a $106 price target. The company recently exceeded earnings expectations, reported 53% year-over-year revenue growth, and trades near its 52-week high.

Assenagon Asset Management S.A. boosted its holdings in Hinge Health Inc. (NYSE:HNGE - Free Report) by 2,141.9% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,854,922 shares of the company's stock after buying an additional 1,772,182 shares during the quarter. Assenagon Asset Management S.A. owned approximately 2.30% of Hinge Health worth $180,373,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. 11.2 Capital Management LLC bought a new position in shares of Hinge Health in the second quarter worth about $204,566,531. Wellington Management Group LLP lifted its stake in Hinge Health by 169.7% in the 2nd quarter. Wellington Management Group LLP now owns 1,205,584 shares of the company's stock valued at $100,063,000 after purchasing an additional 758,594 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in Hinge Health by 225.7% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,163,187 shares of the company's stock valued at $44,852,000 after purchasing an additional 806,007 shares during the last quarter. Estuary Capital Management LP acquired a new stake in Hinge Health in the first quarter valued at approximately $15,201,000. Finally, Emerald Advisers LLC acquired a new stake in Hinge Health in the first quarter valued at approximately $10,754,000.

Insider Buying and Selling

In other news, CFO James Budge sold 55,561 shares of the stock in a transaction dated Thursday, September 10th. The stock was sold at an average price of $89.45, for a total value of $4,969,931.45. Following the completion of the sale, the chief financial officer owned 349,062 shares of the company's stock, valued at approximately $31,223,595.90. This represents a 13.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Gabriel Mecklenburg sold 250,000 shares of the firm's stock in a transaction dated Friday, September 11th. The stock was sold at an average price of $88.97, for a total value of $22,242,500.00. Following the transaction, the chairman owned 250,000 shares of the company's stock, valued at $22,242,500. This trade represents 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. Insiders sold a total of 1,024,581 shares of company stock valued at $95,632,761 over the last 90 days. 18.92% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

HNGE has been the topic of a number of research reports. Citizens Jmp boosted their target price on shares of Hinge Health from $96.00 to $107.00 and gave the stock a "market outperform" rating in a research note on Wednesday, August 5th. KeyCorp increased their price target on Hinge Health from $90.00 to $125.00 and gave the company an "overweight" rating in a research note on Monday, July 13th. Truist Financial increased their price target on Hinge Health from $85.00 to $112.00 and gave the company a "buy" rating in a research note on Monday, August 10th. Canaccord Genuity Group set a $105.00 price objective on Hinge Health in a report on Wednesday, August 5th. Finally, Barclays boosted their price objective on Hinge Health from $100.00 to $110.00 and gave the stock an "overweight" rating in a research report on Monday. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, Hinge Health currently has a consensus rating of "Moderate Buy" and a consensus price target of $106.00.

Hinge Health Stock Performance

HNGE stock opened at $105.02 on Friday. The company has a fifty day moving average price of $93.30 and a 200-day moving average price of $73.26. The company has a market capitalization of $8.47 billion, a P/E ratio of 81.39 and a beta of 1.37. Hinge Health Inc. has a 52-week low of $30.08 and a 52-week high of $107.00.

Hinge Health (NYSE:HNGE - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.31. The company had revenue of $212.82 million for the quarter. Hinge Health had a net margin of 15.15% and a return on equity of 51.60%. The business's revenue for the quarter was up 53.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.59 EPS. As a group, sell-side analysts forecast that Hinge Health Inc. will post 1.25 earnings per share for the current fiscal year.

Hinge Health 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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