Hinge Health (NYSE:HNGE) Given New $63.00 Price Target at Needham & Company LLC

Key Points

• Needham & Company raised its price target on Hinge Health to $63 and kept a "buy" rating, implying roughly a 26.6% upside; the analyst consensus is a "Moderate Buy" with an average target of $57.67.
• Hinge Health beat expectations this quarter with $0.45 EPS versus a $0.12 consensus and reported revenue of $182.31 million, up 47.2% year-over-year.
• Insiders sold a total of 442,670 shares (about $18.8 million) last quarter; company insiders currently own 18.92% of the stock.

Hinge Health (NYSE:HNGE - Get Free Report) had its target price hoisted by analysts at Needham & Company LLC from $59.00 to $63.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the stock. Needham & Company LLC's target price would indicate a potential upside of 26.60% from the stock's previous close.

HNGE has been the topic of several other reports. Barclays restated an "overweight" rating and set a $62.00 target price on shares of Hinge Health in a research report on Wednesday. Wells Fargo & Company started coverage on Hinge Health in a research note on Thursday, January 8th. They set an "overweight" rating and a $68.00 price objective on the stock. Piper Sandler reduced their price objective on Hinge Health from $71.00 to $60.00 and set an "overweight" rating on the stock in a research note on Friday, January 9th. Freedom Capital raised Hinge Health to a "strong-buy" rating in a research note on Thursday, January 22nd. Finally, Evercore reissued an "outperform" rating and set a $45.00 price objective on shares of Hinge Health in a research note on Wednesday, April 8th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned 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 a consensus target price of $57.67.

Hinge Health Stock Performance

HNGE opened at $49.76 on Wednesday. The stock has a market capitalization of $3.92 billion and a price-to-earnings ratio of -3.88. The company has a fifty day moving average of $42.20 and a 200 day moving average of $43.94. Hinge Health has a fifty-two week low of $30.08 and a fifty-two week high of $62.18.

Hinge Health (NYSE:HNGE - Get Free Report) last posted its earnings results on Tuesday, May 5th. The company reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.33. The company had revenue of $182.31 million for the quarter. The business's quarterly revenue was up 47.2% compared to the same quarter last year. During the same period last year, the firm earned $1.30 earnings per share. On average, equities research analysts forecast that Hinge Health will post 0.78 earnings per share for the current year.

Insider Activity

In related news, Chairman Gabriel M.I. Mecklenburg sold 166,666 shares of Hinge Health stock in a transaction dated Friday, March 6th. The shares were sold at an average price of $45.32, for a total transaction of $7,553,303.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO James Budge sold 11,006 shares of Hinge Health stock in a transaction dated Monday, March 23rd. The stock was sold at an average price of $42.26, for a total transaction of $465,113.56. Following the transaction, the chief financial officer directly owned 401,427 shares of the company's stock, valued at approximately $16,964,305.02. This represents a 2.67% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 442,670 shares of company stock valued at $18,786,901 in the last quarter. 18.92% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Hinge Health

A number of large investors have recently made changes to their positions in HNGE. Marshall Wace LLP purchased a new position in shares of Hinge Health during the 2nd quarter worth about $367,000. Sei Investments Co. bought a new stake in Hinge Health during the 2nd quarter valued at about $869,000. Squarepoint Ops LLC bought a new stake in Hinge Health during the 2nd quarter valued at about $19,706,000. Raymond James Financial Inc. bought a new stake in Hinge Health during the 2nd quarter valued at about $3,258,000. Finally, Sandia Investment Management LP bought a new stake in Hinge Health during the 2nd quarter valued at about $657,000.

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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