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

Key Points

• Hinge Health hit a new 52-week high of $126.40 in Wednesday trading, before last trading at about $123.32.
• Analyst sentiment is broadly positive: 17 analysts rate the stock Buy or Strong Buy, and the average price target is $118.93—below the latest trading price. Truist raised its target to $145.
• The company reported quarterly EPS of $0.71, beating the $0.27 consensus, while revenue rose 52.4% year over year to $234.97 million. Insiders also sold about 1.02 million shares worth $95.6 million over the past 90 days.

Shares of Hinge Health Inc. (NYSE:HNGE - Get Free Report) reached a new 52-week high during mid-day trading on Wednesday. The stock traded as high as $126.40 and last traded at $123.3160, with a volume of 78,777 shares trading hands. The stock had previously closed at $123.23.

Analyst Upgrades and Downgrades

Several brokerages have commented on HNGE. Zacks Research upgraded Hinge Health from a "hold" rating to a "strong-buy" rating in a research note on Friday, November 6th. Truist Financial lifted their target price on Hinge Health from $112.00 to $145.00 and gave the stock a "buy" rating in a report on Tuesday, November 3rd. Wall Street Zen upgraded Hinge Health from a "hold" rating to a "buy" rating in a research note on Saturday. Bank of America assumed coverage on Hinge Health in a report on Tuesday, September 29th. They set a "buy" rating and a $110.00 price target on the stock. Finally, Stifel Nicolaus increased their price objective on Hinge Health from $130.00 to $135.00 and gave the company a "buy" rating in a research report on Tuesday, November 3rd. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $118.93.

Hinge Health Stock Down 0.5%

The company has a market cap of $9.90 billion, a P/E ratio of 62.49, a P/E/G ratio of 1.72 and a beta of 1.19. The business has a fifty day simple moving average of $102.11 and a two-hundred day simple moving average of $69.64.

Hinge Health (NYSE:HNGE - Get Free Report) last released its quarterly earnings results on Monday, November 2nd. The company reported $0.71 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.27 by $0.44. Hinge Health had a return on equity of 73.91% and a net margin of 21.02%. The business had revenue of $234.97 million during the quarter. During the same quarter in the prior year, the firm earned ($0.02) earnings per share. The company's revenue for the quarter was up 52.4% compared to the same quarter last year. On average, equities analysts predict that Hinge Health Inc. will post 1.56 EPS for the current fiscal year.

Insider Buying and Selling at Hinge Health

In related news, CEO Daniel Perez sold 150,000 shares of the business's stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $89.44, for a total transaction of $13,416,000.00. Following the completion of the sale, the chief executive officer directly owned 35,470 shares in the company, valued at approximately $3,172,436.80. The trade was a 80.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO James Budge sold 55,561 shares of the company's stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $89.45, for a total transaction of $4,969,931.45. Following the sale, the chief financial officer directly owned 349,062 shares of the company's stock, valued at approximately $31,223,595.90. This represents a 13.73% 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. In the last ninety days, insiders sold 1,024,581 shares of company stock worth $95,632,761. 18.92% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Hinge Health

Institutional investors 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 about $204,566,531. Assenagon Asset Management S.A. raised its stake in shares of Hinge Health by 2,141.9% in the third quarter. Assenagon Asset Management S.A. now owns 1,854,922 shares of the company's stock worth $180,373,000 after buying an additional 1,772,182 shares during the period. 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 buying an additional 806,007 shares during the period. Wellington Management Group LLP lifted its position in shares of Hinge Health by 169.7% during the 2nd quarter. Wellington Management Group LLP now owns 1,205,584 shares of the company's stock valued at $100,063,000 after buying an additional 758,594 shares in the last quarter. Finally, Voya Investment Management LLC lifted its position in shares of Hinge Health by 53.8% during the 3rd quarter. Voya Investment Management LLC now owns 1,196,896 shares of the company's stock valued at $116,386,000 after buying an additional 418,728 shares in the last quarter.

About Hinge Health

Hinge Health is a digital health company focused on musculoskeletal care, including support for people with back, joint and muscle pain. Its services are designed to help members manage conditions through personalized, technology-enabled care. The company's offerings include app-based exercise therapy, education and behavioral support, along with access to clinical care teams. Hinge Health also uses wearable motion sensors in some programs to guide and track exercises. Founded in 2015, Hinge Health primarily provides its services through employers and health plans.

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