Hinge Health (NYSE:HNGE) Stock Rating Lowered by Wall Street Zen

Hinge Health (NYSE:HNGE) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a report issued on Saturday.

A number of other equities research analysts have also weighed in on the company. Barclays boosted their price target on Hinge Health from $62.00 to $65.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 5th. Canaccord Genuity Group lifted their target price on shares of Hinge Health from $61.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, November 5th. Baird R W upgraded shares of Hinge Health to a “hold” rating in a research note on Friday, September 5th. Morgan Stanley raised their price target on shares of Hinge Health from $57.00 to $67.00 and gave the stock an “overweight” rating in a report on Tuesday, September 23rd. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Hinge Health in a report on Wednesday, October 8th. One 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. Based on data from MarketBeat, Hinge Health presently has a consensus rating of “Moderate Buy” and an average target price of $59.93.

Hinge Health Stock Performance

Shares of HNGE stock opened at $50.08 on Friday. Hinge Health has a 12-month low of $33.42 and a 12-month high of $62.18. The business’s fifty day simple moving average is $48.22.

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

Hinge Health declared that its Board of Directors has initiated a stock buyback program on Wednesday, November 12th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the company to reacquire up to 7.2% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity at Hinge Health

In other news, CFO James Budge sold 44,589 shares of the company’s stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $47.47, for a total value of $2,116,639.83. Following the sale, the chief financial officer owned 479,878 shares in the company, valued at $22,779,808.66. This represents a 8.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kristina M. Leslie sold 1,250 shares of the firm’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 sale, the director directly owned 27,750 shares in the company, valued at approximately $1,267,620. This trade represents a 4.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 2,446,279 shares of company stock worth $111,164,327 in the last three months.

Institutional Investors Weigh In On Hinge Health

Several hedge funds have recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Hinge Health during the 3rd quarter worth approximately $37,000. Montag A & Associates Inc. purchased a new stake in Hinge Health during the second quarter worth $41,000. SBI Securities Co. Ltd. purchased a new stake in Hinge Health during the second quarter worth $48,000. Aster Capital Management DIFC Ltd acquired a new stake in Hinge Health during the third quarter valued at $49,000. Finally, Jones Financial Companies Lllp increased its holdings in Hinge Health by 348.0% in the third quarter. Jones Financial Companies Lllp now owns 1,120 shares of the company’s stock valued at $54,000 after buying an additional 870 shares in the last quarter.

About Hinge Health

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.