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

Key Points

• Hinge Health's stock price gapped down significantly from $59.03 to $52.00 before opening at $53.70, reflecting a notable market reaction.
• Analyst ratings for Hinge Health have generally been positive, with 15 analysts rating it as a Buy and a consensus price target of $55.71.
• Several hedge funds have recently acquired substantial new positions in Hinge Health, indicating increased institutional interest in the stock.

Hinge Health Inc. (NYSE:HNGE - Get Free Report)'s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $59.03, but opened at $52.00. Hinge Health shares last traded at $53.70, with a volume of 820,429 shares.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Bank of America increased their price objective on shares of Hinge Health from $42.00 to $64.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. Citigroup assumed coverage on shares of Hinge Health in a report on Monday, July 14th. They set an "outperform" rating for the company. William Blair assumed coverage on shares of Hinge Health in a research note on Monday, June 16th. They issued an "outperform" rating for the company. KeyCorp boosted their price target on shares of Hinge Health from $45.00 to $60.00 and gave the company an "overweight" rating in a research note on Monday, July 14th. Finally, Canaccord Genuity Group lifted their price objective on shares of Hinge Health from $52.00 to $61.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating and fifteen have given a Buy rating to the company. According to MarketBeat.com, Hinge Health presently has a consensus rating of "Buy" and a consensus price target of $55.71.

Hinge Health Trading Up 2.6%

The company has a 50 day moving average of $48.33.

Institutional Trading of Hinge Health

A number of hedge funds have recently modified their holdings of the business. Montag A & Associates Inc. purchased a new position in shares of Hinge Health in the 2nd quarter worth about $41,000. SBI Securities Co. Ltd. bought a new position in shares of Hinge Health during the 2nd quarter valued at approximately $48,000. PNC Financial Services Group Inc. bought a new position in Hinge Health in the 2nd quarter worth approximately $71,000. Emerald Advisers LLC bought a new position in Hinge Health in the 2nd quarter worth approximately $108,000. Finally, Mark Sheptoff Financial Planning LLC bought a new position in Hinge Health in the 2nd quarter worth approximately $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.