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.

Shares of Hinge Health Inc. (NYSE:HNGE - Get Free Report) 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.

Wall Street Analyst Weigh In

HNGE has been the subject of several research reports. Piper Sandler initiated coverage on shares of Hinge Health in a research note on Monday, June 16th. They set an "overweight" rating and a $41.00 price target for the company. Morgan Stanley raised their price target on shares of Hinge Health from $46.00 to $57.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 6th. KeyCorp raised their price target on shares of Hinge Health from $45.00 to $60.00 and gave the stock an "overweight" rating in a research note on Monday, July 14th. Evercore ISI raised their price target on shares of Hinge Health from $50.00 to $60.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 6th. Finally, Citigroup initiated coverage on shares of Hinge Health in a research note on Monday, July 14th. They set an "outperform" rating for the company. One analyst has rated the stock with a Strong Buy rating and fifteen have assigned a Buy rating to the company's stock. According to MarketBeat, Hinge Health has an average rating of "Buy" and a consensus price target of $55.71.

Hinge Health Stock Performance

The company's 50 day simple moving average is $46.63.

Hedge Funds Weigh In On Hinge Health

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

Hinge Health Company Profile

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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