Hinge Health (NYSE:HNGE) Shares Down 6.3% - Here's What Happened

Key Points

• Hinge Health's stock fell 6.3% during mid-day trading, reaching a low of $55.30, with a significant increase in trading volume at 1,140,387 shares.
• Several brokerages, including Morgan Stanley and KeyCorp, have issued updated ratings for Hinge Health, with Morgan Stanley raising its price target from $57.00 to $67.00.
• Institutional investors have shown interest in Hinge Health, with multiple firms acquiring new positions in the company during the second quarter, specifically Atika Capital Management and Ensign Peak Advisors.

Hinge Health Inc. (NYSE:HNGE - Get Free Report) fell 6.3% during mid-day trading on Wednesday . The stock traded as low as $55.30 and last traded at $55.90. 1,140,387 shares traded hands during trading, an increase of 19% from the average session volume of 962,010 shares. The stock had previously closed at $59.64.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on HNGE. Morgan Stanley boosted their price objective on shares of Hinge Health from $57.00 to $67.00 and gave the company an "overweight" rating in a research note on Tuesday. Baird R W raised shares of Hinge Health to a "hold" rating in a research note on Friday, September 5th. Truist Financial began coverage on shares of Hinge Health in a research note on Monday, June 16th. They set a "buy" rating and a $48.00 price objective for the company. Citizens Jmp started coverage on shares of Hinge Health in a research note on Monday, July 14th. They set a "strong-buy" rating and a $58.00 price objective for the company. Finally, KeyCorp lifted their target price on shares of Hinge Health from $45.00 to $60.00 and gave the company an "overweight" rating in a report on Monday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $57.13.

Hinge Health Trading Down 6.3%

The business has a fifty day simple moving average of $53.95.

Hedge Funds Weigh In On Hinge Health

Institutional investors have recently added to or reduced their stakes in the company. Atika Capital Management LLC acquired a new position in Hinge Health in the 2nd quarter worth $2,261,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Hinge Health in the 2nd quarter worth $966,000. Foresite Capital Management VI LLC acquired a new position in Hinge Health in the 2nd quarter worth $6,986,000. Ensign Peak Advisors Inc acquired a new position in Hinge Health in the 2nd quarter worth $16,172,000. Finally, Greenland Capital Management LP bought a new stake in shares of Hinge Health in the 2nd quarter worth about $273,000.

About Hinge Health

Our vision is to build a new health system that transforms outcomes, experience and costs by using technology to scale and automate the delivery of care. Hinge Health leverages software, including AI, to largely automate care for joint and muscle health, delivering an outstanding member experience, improved member outcomes, and cost reductions for our clients.

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