Redmile Group LLC Buys New Shares in Hinge Health Inc. $HNGE

Redmile Group LLC bought a new position in shares of Hinge Health Inc. (NYSE:HNGE) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 300,000 shares of the company’s stock, valued at approximately $15,525,000. Hinge Health accounts for about 1.7% of Redmile Group LLC’s holdings, making the stock its 16th largest holding. Redmile Group LLC owned about 0.38% of Hinge Health at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in the company. Montag A & Associates Inc. purchased a new position in Hinge Health in the second quarter valued at $41,000. SBI Securities Co. Ltd. acquired a new stake in Hinge Health during the 2nd quarter worth approximately $48,000. PNC Financial Services Group Inc. purchased a new position in Hinge Health during the 2nd quarter worth $71,000. Emerald Advisers LLC acquired a new stake in shares of Hinge Health in the 2nd quarter worth $108,000. Finally, Mark Sheptoff Financial Planning LLC purchased a new stake in shares of Hinge Health in the second quarter valued at about $114,000.

Insider Transactions at Hinge Health

In related news, President James Pursley sold 15,000 shares of the stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $45.57, for a total transaction of $683,550.00. Following the transaction, the president directly owned 789,902 shares in the company, valued at approximately $35,995,834.14. This represents a 1.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Kristina M. Leslie sold 3,813 shares of Hinge Health stock in a transaction dated Wednesday, November 19th. The shares were sold at an average price of $43.60, for a total value of $166,246.80. Following the completion of the sale, the director owned 29,000 shares of the company’s stock, valued at $1,264,400. This trade represents a 11.62% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 2,446,279 shares of company stock valued at $111,164,327.

Hinge Health Stock Performance

HNGE stock opened at $49.92 on Friday. The company has a 50 day moving average of $48.17. Hinge Health Inc. has a 1 year low of $33.42 and a 1 year high of $62.18.

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

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

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on HNGE shares. Barclays raised their price objective on shares of Hinge Health from $62.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday, November 5th. Evercore ISI lifted their price target on Hinge Health from $60.00 to $65.00 and gave the company an “outperform” rating in a research note on Wednesday, October 8th. Robert W. Baird began coverage on Hinge Health in a research report on Friday, September 5th. They issued a “neutral” rating and a $56.00 price objective for the company. Canaccord Genuity Group boosted their target price on shares of Hinge Health from $61.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, November 5th. Finally, Stifel Nicolaus raised their price objective on shares of Hinge Health from $63.00 to $66.00 and gave the company a “buy” rating in a research note on Thursday, September 11th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $59.93.

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.