Hinge Health (NYSE:HNGE) Hits New 12-Month High - Here's What Happened

Key Points

• Hinge Health shares reached a new 52-week high, trading as high as $107.44 and up 3.1%, giving the company an $8.65 billion market capitalization.
• Analyst sentiment remains positive, with a consensus rating of “Moderate Buy” and an average price target of $107; recent targets range from $90 to $115.
• The company reported strong quarterly results, including $0.59 in earnings per share versus a $0.28 estimate and 53% year-over-year revenue growth to $212.82 million, although insiders sold more than $95.6 million of stock over the past 90 days.

Hinge Health Inc. (NYSE:HNGE - Get Free Report) reached a new 52-week high during mid-day trading on Tuesday. The stock traded as high as $107.44 and last traded at $107.1660, with a volume of 85,691 shares traded. The stock had previously closed at $103.96.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on HNGE. Robert W. Baird upped their target price on Hinge Health from $85.00 to $90.00 and gave the stock a "neutral" rating in a research note on Tuesday, September 22nd. Truist Financial upped their price target on shares of Hinge Health from $85.00 to $112.00 and gave the stock a "buy" rating in a report on Monday, August 10th. Wells Fargo & Company upped their target price on Hinge Health from $90.00 to $103.00 and gave the stock an "overweight" rating in a report on Wednesday, August 5th. Needham & Company LLC lifted their price target on Hinge Health from $97.00 to $115.00 and gave the company a "buy" rating in a research note on Wednesday, September 30th. Finally, Wall Street Zen cut Hinge Health from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $107.00.

Hinge Health Trading Up 3.1%

The firm has a market capitalization of $8.65 billion, a P/E ratio of 83.75 and a beta of 1.37. The company has a 50-day moving average of $93.75 and a 200-day moving average of $74.16.

Hinge Health (NYSE:HNGE - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.31. Hinge Health had a return on equity of 51.60% and a net margin of 15.15%. The company had revenue of $212.82 million during the quarter. During the same period in the previous year, the company posted $0.59 EPS. The company's quarterly revenue was up 53.0% on a year-over-year basis. Research analysts predict that Hinge Health Inc. will post 1.25 EPS for the current year.

Insider Activity

In other Hinge Health news, Chairman Gabriel Mecklenburg sold 250,000 shares of the company's stock in a transaction on Friday, September 11th. The shares were sold at an average price of $88.97, for a total transaction of $22,242,500.00. Following the sale, the chairman owned 250,000 shares of the company's stock, valued at approximately $22,242,500. This represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President James Pursley sold 33,000 shares of the stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $88.05, for a total value of $2,905,650.00. Following the sale, the president owned 706,235 shares of the company's stock, valued at approximately $62,183,991.75. The trade was a 4.46% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 1,024,581 shares of company stock worth $95,632,761 over the last ninety days. Corporate insiders own 18.92% of the company's stock.

Hedge Funds Weigh In On Hinge Health

A number of institutional investors and hedge funds have recently modified their holdings of the business. 11.2 Capital Management LLC acquired a new position in shares of Hinge Health during the second quarter worth approximately $204,566,531. Assenagon Asset Management S.A. raised its position in Hinge Health by 2,141.9% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,854,922 shares of the company's stock valued at $180,373,000 after buying an additional 1,772,182 shares during the last quarter. Wellington Management Group LLP boosted its holdings in Hinge Health by 169.7% during the 2nd quarter. Wellington Management Group LLP now owns 1,205,584 shares of the company's stock worth $100,063,000 after acquiring an additional 758,594 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its position in Hinge Health by 225.7% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,163,187 shares of the company's stock worth $44,852,000 after purchasing an additional 806,007 shares in the last quarter. Finally, Estuary Capital Management LP purchased a new stake in Hinge Health in the 1st quarter valued at about $15,201,000.

About Hinge Health

Hinge Health is a digital healthcare company focused on musculoskeletal (MSK) conditions, including back and joint pain. The company provides virtual care programs designed to help members manage pain, improve mobility and reduce the need for more costly or invasive treatments.

Its platform combines personalized exercise therapy, behavioral support, education and access to clinical professionals. Hinge Health also uses technologies such as motion-sensing wearable devices and artificial intelligence to help guide exercises, monitor progress and tailor care plans to individual needs.

Hinge Health primarily serves employers and health plans, which offer its programs to eligible members in the United States.

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