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

Key Points

• Hinge Health shares reached a new 52-week high of $104.34, with the stock recently trading at $102.90. Analysts maintain a generally bullish outlook, with a consensus “Moderate Buy” rating and an average price target of $106.
• The company reported strong quarterly results, including $0.59 in earnings per share versus the $0.28 consensus estimate and revenue of $212.82 million, up 53% year over year.
• Insiders sold 776,861 shares worth approximately $70.1 million over the past 90 days, while several institutional investors significantly increased their positions in Hinge Health.

Hinge Health Inc. (NYSE:HNGE - Get Free Report)'s stock price reached a new 52-week high during trading on Monday. The stock traded as high as $104.34 and last traded at $102.90, with a volume of 1,850 shares changing hands. The stock had previously closed at $102.90.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Canaccord Genuity Group set a $105.00 price target on shares of Hinge Health in a report on Wednesday, August 5th. Citizens Jmp lifted their price target on Hinge Health from $96.00 to $107.00 and gave the company a "market outperform" rating in a report on Wednesday, August 5th. KeyCorp lifted their target price on Hinge Health from $90.00 to $125.00 and gave the company an "overweight" rating in a research note on Monday, July 13th. Wall Street Zen downgraded shares of Hinge Health from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. Finally, Weiss Ratings downgraded shares of Hinge Health from a "hold (c)" rating to a "hold (c-)" rating in a research note on Thursday. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $106.00.

Hinge Health Stock Down 1.0%

The company's fifty day simple moving average is $91.24 and its 200 day simple moving average is $71.41. The stock has a market capitalization of $8.22 billion, a price-to-earnings ratio of 79.77 and a beta of 1.37.

Hinge Health (NYSE:HNGE - Get Free Report) last posted its earnings results on Tuesday, August 4th. The company reported $0.59 earnings per share for the quarter, topping analysts' consensus estimates 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 prior year, the business posted $0.59 EPS. The firm's quarterly revenue was up 53.0% compared to the same quarter last year. As a group, analysts anticipate that Hinge Health Inc. will post 1.25 earnings per share for the current year.

Insider Buying and Selling

In related news, President James Pursley sold 33,000 shares of Hinge Health stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $88.05, for a total transaction of $2,905,650.00. Following the sale, the president directly 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 position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Gabriel Mecklenburg sold 250,000 shares of the firm's stock in a transaction on Friday, September 11th. The shares were sold at an average price of $88.97, for a total value of $22,242,500.00. Following the sale, the chairman directly owned 250,000 shares in the company, valued at approximately $22,242,500. This trade represents a 50.00% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 776,861 shares of company stock worth $70,085,397. 18.92% of the stock is owned by company insiders.

Institutional Trading of Hinge Health

Institutional investors and hedge funds have recently bought and sold shares of the stock. 11.2 Capital Management LLC bought a new stake in Hinge Health during the second quarter valued at $204,566,531. Wellington Management Group LLP increased its position in shares of Hinge Health by 169.7% during the second 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 in the last quarter. Arrowstreet Capital Limited Partnership raised its stake in shares of Hinge Health by 225.7% in the first 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 during the last quarter. Alkeon Capital Management LLC lifted its stake in Hinge Health by 110.4% during the 4th quarter. Alkeon Capital Management LLC now owns 791,104 shares of the company's stock valued at $36,747,000 after acquiring an additional 415,093 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.

Hinge Health Company Profile

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

Its platform combines a mobile application, motion-sensing technology, personalized exercise therapy, education and support from a care team that may include clinical specialists. Hinge Health offers programs for conditions such as chronic back pain, knee pain and other common MSK issues, with services generally provided through employers, health plans and other healthcare organizations.

Hinge Health was founded in 2015 and is headquartered in San Francisco, California.

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