Hinge Health (NYSE:HNGE) Trading Down 7.8% – Here’s What Happened

Hinge Health Inc. (NYSE:HNGE)’s share price fell 7.8% during mid-day trading on Wednesday . The stock traded as low as $43.41 and last traded at $43.4320. 440,508 shares were traded during trading, a decline of 45% from the average session volume of 796,549 shares. The stock had previously closed at $47.13.

Analysts Set New Price Targets

HNGE has been the subject of a number of research reports. Piper Sandler cut their target price on shares of Hinge Health from $71.00 to $60.00 and set an “overweight” rating for the company in a research note on Friday, January 9th. Canaccord Genuity Group raised their price objective 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. Evercore ISI boosted their price objective on Hinge Health from $60.00 to $65.00 and gave the stock an “outperform” rating in a report on Wednesday, October 8th. Wells Fargo & Company initiated coverage on Hinge Health in a report on Thursday, January 8th. They issued an “overweight” rating and a $68.00 price objective on the stock. Finally, Wall Street Zen cut Hinge Health from a “buy” rating to a “hold” rating in a research report on Sunday, December 28th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $60.06.

Hinge Health Stock Performance

The business has a fifty day moving average price of $46.95 and a 200 day moving average price of $50.08. The company has a market cap of $3.42 billion and a price-to-earnings ratio of -3.31.

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

Hinge Health declared that its Board of Directors has approved a share buyback plan on Wednesday, November 12th that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the company to purchase up to 7.2% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Hinge Health

In other Hinge Health news, Director Kristina M. Leslie sold 1,250 shares of the company’s stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $45.68, for a total value of $57,100.00. Following the completion of the transaction, the director owned 27,750 shares of the company’s stock, valued at $1,267,620. This represents a 4.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Insight Holdings Group, Llc sold 1,654,440 shares of Hinge Health stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $47.76, for a total value of $79,016,054.40. The SEC filing for this sale provides additional information. Insiders have sold a total of 2,805,105 shares of company stock worth $128,216,614 over the last three months.

Institutional Trading of Hinge Health

Institutional investors have recently added to or reduced their stakes in the stock. BIT Capital GmbH boosted its stake in shares of Hinge Health by 144.6% in the 3rd quarter. BIT Capital GmbH now owns 1,849,524 shares of the company’s stock valued at $90,775,000 after purchasing an additional 1,093,320 shares during the last quarter. Vanguard Group Inc. raised its stake in Hinge Health by 22.6% during the third quarter. Vanguard Group Inc. now owns 1,237,839 shares of the company’s stock worth $60,753,000 after buying an additional 228,234 shares during the last quarter. Bamco Inc. NY acquired a new position in Hinge Health in the second quarter valued at $48,943,000. Braidwell LP bought a new stake in Hinge Health during the third quarter valued at $44,686,000. Finally, JPMorgan Chase & Co. acquired a new stake in Hinge Health during the 2nd quarter worth about $43,840,000.

Hinge Health Company Profile

Hinge Health (NYSE: HNGE) is a digital musculoskeletal (MSK) clinic that provides end-to-end solutions for the prevention and management of musculoskeletal conditions. The company’s platform combines wearable motion sensors, personalized exercise therapy guided by licensed physical therapists, and behavioral health coaching to deliver tailored treatment plans. By integrating technology with evidence-based clinical protocols, Hinge Health aims to reduce pain, improve mobility and decrease reliance on more invasive interventions such as surgery or opioid prescriptions.

Founded in 2015 and headquartered in San Francisco, Hinge Health partners with employers, health plans and other payers to offer its self-directed, app-based programs.