Hinge Health (NYSE:HNGE) Reaches New 1-Year High - Here's Why

Key Points

• Hinge Health shares reached a new 52-week high, trading as high as $118.74 and last changing hands near $117.84, giving the company a market capitalization of approximately $9.38 billion.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $108; KeyCorp recently raised its target to $140.
• The company exceeded quarterly earnings expectations, reporting $0.59 in adjusted EPS versus estimates of $0.28, while revenue rose 53% year over year to $212.82 million. However, insiders sold more than 1 million shares worth approximately $95.6 million during the last quarter.

Hinge Health Inc. (NYSE:HNGE - Get Free Report) reached a new 52-week high on Monday. The stock traded as high as $118.74 and last traded at $117.8360, with a volume of 410,996 shares trading hands. The stock had previously closed at $114.32.

Wall Street Analysts Forecast Growth

A number of research firms have commented on HNGE. Bank of America initiated coverage on Hinge Health in a research report on Tuesday, September 29th. They set a "buy" rating and a $110.00 target price on the stock. Wall Street Zen cut Hinge Health from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. KeyCorp lifted their price target on Hinge Health from $125.00 to $140.00 and gave the stock an "overweight" rating in a research note on Friday, October 16th. Evercore reissued an "outperform" rating and issued a $105.00 price objective on shares of Hinge Health in a research note on Wednesday, August 5th. Finally, Wells Fargo & Company increased their price objective on shares of Hinge Health from $90.00 to $103.00 and gave the company an "overweight" rating in a research note on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, Hinge Health presently has a consensus rating of "Moderate Buy" and a consensus target price of $108.00.

Hinge Health Stock Performance

The company has a market capitalization of $9.38 billion, a price-to-earnings ratio of 91.12 and a beta of 1.37. The company has a fifty day simple moving average of $98.13 and a two-hundred day simple moving average of $67.01.

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

Insider Activity

In other Hinge Health news, Chairman Gabriel Mecklenburg sold 200,000 shares of the company's stock in a transaction dated Monday, October 12th. The shares were sold at an average price of $103.13, for a total value of $20,626,000.00. Following the completion of the transaction, the chairman directly owned 200,000 shares of the company's stock, valued at $20,626,000. This represents a 50.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO James Budge sold 47,720 shares of the firm's stock in a transaction dated Monday, October 12th. The shares were sold at an average price of $103.13, for a total value of $4,921,363.60. Following the sale, the chief financial officer owned 296,728 shares of the company's stock, valued at $30,601,558.64. This represents a 13.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 1,024,581 shares of company stock worth $95,632,761. Corporate insiders own 18.92% of the company's stock.

Institutional Investors Weigh In On Hinge Health

Several hedge funds and other institutional investors have recently bought and sold shares of HNGE. IFP Advisors Inc grew its position in shares of Hinge Health by 140.0% during the second quarter. IFP Advisors Inc now owns 324 shares of the company's stock worth $27,000 after buying an additional 189 shares in the last quarter. Nykredit A S acquired a new position in Hinge Health during the 2nd quarter worth $29,000. SBI Securities Co. Ltd. grew its holdings in Hinge Health by 39.5% during the 3rd quarter. SBI Securities Co. Ltd. now owns 364 shares of the company's stock worth $35,000 after acquiring an additional 103 shares in the last quarter. Sterling Capital Management LLC increased its position in shares of Hinge Health by 899.3% in the 3rd quarter. Sterling Capital Management LLC now owns 1,469 shares of the company's stock worth $143,000 after purchasing an additional 1,322 shares during the last quarter. Finally, Vise Technologies Inc. bought a new stake in Hinge Health in the third quarter valued at about $207,000.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.