Hinge Health (NYSE:HNGE) Trading Up 0.5% - Should You Buy?

Key Points

• Hinge Health's stock (NYSE:HNGE) rose by 0.5%, trading at $55.35 with a volume of 689,455 shares, significantly below its average volume.
• Analysts have issued optimistic ratings with multiple firms, including Evercore ISI and Morgan Stanley, raising price targets to as high as $65.00.
• Several hedge funds made new investments in Hinge Health during the second quarter, indicating growing interest from institutional investors.

Hinge Health Inc. (NYSE:HNGE - Get Free Report) was up 0.5% during mid-day trading on Tuesday . The company traded as high as $55.96 and last traded at $55.35. Approximately 689,455 shares traded hands during trading, a decline of 23% from the average daily volume of 889,653 shares. The stock had previously closed at $55.07.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on HNGE shares. William Blair started coverage on shares of Hinge Health in a report on Monday, June 16th. They set an "outperform" rating for the company. Truist Financial began coverage on shares of Hinge Health in a report on Monday, June 16th. They set a "buy" rating and a $48.00 price target for the company. Piper Sandler began coverage on shares of Hinge Health in a report on Monday, June 16th. They issued an "overweight" rating and a $41.00 target price for the company. Needham & Company LLC lifted their target price on shares of Hinge Health from $47.00 to $59.00 and gave the company a "buy" rating in a report on Wednesday, August 6th. Finally, Royal Bank Of Canada began coverage on shares of Hinge Health in a report on Monday, June 16th. They issued an "outperform" rating and a $45.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating and fifteen have issued a Buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $55.71.

Hinge Health Stock Performance

The business's fifty day moving average is $50.06.

Institutional Investors Weigh In On Hinge Health

Several institutional investors have recently modified their holdings of the company. Bamco Inc. NY purchased a new stake in shares of Hinge Health during the 2nd quarter worth $48,943,000. JPMorgan Chase & Co. purchased a new stake in Hinge Health in the second quarter valued at $43,840,000. Franklin Resources Inc. purchased a new stake in shares of Hinge Health in the second quarter valued at about $28,462,000. American Century Companies Inc. purchased a new stake in shares of Hinge Health in the second quarter valued at about $27,268,000. Finally, Ameriprise Financial Inc. acquired a new position in shares of Hinge Health during the second quarter worth about $27,040,000.

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.