Hinge Health (NYSE:HNGE) Trading Down 7.1% - Here's What Happened

Key Points

• Hinge Health's shares experienced a decline of 7.1%, trading between $55.25 and $56.06, down from a previous close of $60.35.
• A range of analysts have issued ratings on Hinge Health, with JMP Securities raising their price target to $65.00, while Royal Bank of Canada set a target at $45.00.
• Several institutional investors have acquired new stakes in Hinge Health, indicating increasing interest from hedge funds during the second quarter.

Hinge Health Inc. (NYSE:HNGE - Get Free Report) traded down 7.1% on Friday . The company traded as low as $55.25 and last traded at $56.06. 558,015 shares were traded during mid-day trading, a decline of 40% from the average session volume of 923,376 shares. The stock had previously closed at $60.35.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on HNGE. Raymond James Financial began coverage on Hinge Health in a research note on Monday, June 16th. They set an "outperform" rating and a $45.00 target price for the company. Evercore ISI raised their price objective on Hinge Health from $50.00 to $60.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 6th. Bank of America raised their price objective on Hinge Health from $42.00 to $64.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. William Blair began coverage on Hinge Health in a research note on Monday, June 16th. They issued an "outperform" rating on the stock. Finally, Royal Bank Of Canada began coverage on Hinge Health in a research note on Monday, June 16th. They issued an "outperform" rating and a $45.00 target price on the stock. One research analyst has rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $55.71.

Hinge Health Price Performance

The firm has a fifty day moving average of $45.06.

Institutional Investors Weigh In On Hinge Health

A number of institutional investors and hedge funds have recently made changes to their positions in HNGE. Montag A & Associates Inc. bought a new stake in shares of Hinge Health in the second quarter worth about $41,000. SBI Securities Co. Ltd. acquired a new position in Hinge Health during the second quarter valued at approximately $48,000. PNC Financial Services Group Inc. bought a new position in shares of Hinge Health during the 2nd quarter worth approximately $71,000. Emerald Advisers LLC bought a new position in shares of Hinge Health during the 2nd quarter worth approximately $108,000. Finally, Mark Sheptoff Financial Planning LLC acquired a new position in Hinge Health in the 2nd quarter valued at $114,000.

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.