Hinge Health (NYSE:HNGE) Trading Up 5.7% - Here's Why

Key Points

• Hinge Health Inc. (NYSE:HNGE) saw its shares increase by 5.7% to close at $60.45, despite a notable decline in trading volume.
• A consensus of analysts has rated Hinge Health as a "Buy", with an average target price of $55.71, reflecting positive market sentiment.
• Multiple large investors have recently invested in Hinge Health, highlighting growing interest, with one firm alone purchasing approximately $25.8 million in stock during the second quarter.

Hinge Health Inc. (NYSE:HNGE - Get Free Report)'s stock price rose 5.7% on Friday . The stock traded as high as $60.50 and last traded at $60.45. Approximately 212,463 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 897,429 shares. The stock had previously closed at $57.19.

Wall Street Analyst Weigh In

HNGE has been the topic of several recent analyst reports. Bank of America raised their price target on Hinge Health from $42.00 to $64.00 and gave the company a "buy" rating in a report on Wednesday, August 6th. JMP Securities raised their price target on Hinge Health from $58.00 to $65.00 and gave the company a "market outperform" rating in a report on Wednesday, August 6th. Royal Bank Of Canada initiated coverage on Hinge Health in a report on Monday, June 16th. They issued an "outperform" rating and a $45.00 price target on the stock. Piper Sandler initiated coverage on Hinge Health in a report on Monday, June 16th. They issued an "overweight" rating and a $41.00 price target on the stock. Finally, Morgan Stanley raised their price target on Hinge Health from $46.00 to $57.00 and gave the company an "overweight" rating in a report on Wednesday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating and fifteen have issued a Buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $55.71.

Hinge Health Price Performance

The firm's 50-day moving average price is $47.46.

Hedge Funds Weigh In On Hinge Health

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