Hinge Health (NYSE:HNGE) Major Shareholder Insight Holdings Group, Llc Sells 1,654,440 Shares

Hinge Health Inc. (NYSE:HNGE) major shareholder Insight Holdings Group, Llc sold 1,654,440 shares of the firm’s stock in a transaction on Monday, December 1st. The shares were sold at an average price of $47.76, for a total value of $79,016,054.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Major shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Hinge Health Stock Performance

Hinge Health stock traded down $0.57 during midday trading on Wednesday, hitting $45.99. 2,085,465 shares of the stock were exchanged, compared to its average volume of 2,363,501. The stock’s 50-day simple moving average is $48.21. Hinge Health Inc. has a 52-week low of $33.42 and a 52-week high of $62.18.

Hinge Health (NYSE:HNGE) last announced its quarterly earnings results on Tuesday, November 4th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.18. The firm had revenue of $154.21 million during the quarter, compared to the consensus estimate of $142.44 million. Hinge Health’s revenue was up 53.3% on a year-over-year basis.

Hinge Health announced that its board has authorized a stock buyback plan on Wednesday, November 12th that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 7.2% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

HNGE has been the topic of several recent research reports. Piper Sandler reiterated an “overweight” rating and set a $71.00 target price (up from $70.00) on shares of Hinge Health in a report on Wednesday, November 5th. Stifel Nicolaus lifted their price target on shares of Hinge Health from $63.00 to $66.00 and gave the stock a “buy” rating in a research report on Thursday, September 11th. Bank of America boosted their price target on shares of Hinge Health from $42.00 to $64.00 and gave the company a “buy” rating in a report on Wednesday, August 6th. Barclays increased their target price on shares of Hinge Health from $62.00 to $65.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 5th. Finally, JMP Securities increased their price target on shares of Hinge Health from $58.00 to $65.00 and gave the company a “market outperform” rating in a report on Wednesday, August 6th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $59.93.

Institutional Trading of Hinge Health

Several institutional investors have recently added to or reduced their stakes in HNGE. Jacobs Levy Equity Management Inc. purchased a new position in shares of Hinge Health during the third quarter worth about $743,000. Dark Forest Capital Management LP bought a new position in shares of Hinge Health in the third quarter worth approximately $290,000. Voleon Capital Management LP bought a new stake in Hinge Health in the 3rd quarter worth $5,991,000. Verition Fund Management LLC purchased a new stake in shares of Hinge Health in the 3rd quarter worth about $238,000. Finally, Scientech Research LLC purchased a new position in shares of Hinge Health during the 3rd quarter worth approximately $328,000.

Hinge Health Company Profile

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.