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

Hinge Health Inc. (NYSE:HNGE) major shareholder Insight Holdings Group, Llc sold 1,654,440 shares of the stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $47.76, for a total transaction of $79,016,054.40. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Large shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Hinge Health Stock Up 8.1%

Shares of NYSE:HNGE opened at $49.75 on Friday. The business has a 50 day simple moving average of $48.18. 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, beating analysts’ consensus estimates of ($0.20) by $0.18. The company had revenue of $154.21 million during the quarter, compared to analysts’ expectations of $142.44 million. The company’s revenue was up 53.3% on a year-over-year basis.

Hinge Health declared that its Board of Directors has approved a share buyback program 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 programs are usually a sign that the company’s board believes its stock is undervalued.

Institutional Investors Weigh In On Hinge Health

A number of large investors have recently made changes to their positions in HNGE. Lisanti Capital Growth LLC purchased a new stake in Hinge Health during the 2nd quarter valued at about $3,089,000. JPMorgan Chase & Co. purchased a new position in shares of Hinge Health in the second quarter worth about $43,840,000. Seven Grand Managers LLC acquired a new stake in shares of Hinge Health during the second quarter worth about $12,938,000. Strategic Blueprint LLC purchased a new stake in Hinge Health in the second quarter valued at approximately $346,000. Finally, Foresite Capital Management VI LLC acquired a new position in Hinge Health in the 2nd quarter worth approximately $6,986,000.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on HNGE. Weiss Ratings restated a “sell (d)” rating on shares of Hinge Health in a report on Wednesday, October 8th. Morgan Stanley raised their target price on shares of Hinge Health from $57.00 to $67.00 and gave the company an “overweight” rating in a research note on Tuesday, September 23rd. Evercore ISI upped their price target on Hinge Health from $60.00 to $65.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 8th. Baird R W upgraded Hinge Health to a “hold” rating in a report on Friday, September 5th. Finally, Stifel Nicolaus boosted their target price on Hinge Health from $63.00 to $66.00 and gave the stock a “buy” rating in a research note on Thursday, September 11th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target 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.