Brant Point Investment Management LLC Takes Position in Hinge Health Inc. $HNGE

Brant Point Investment Management LLC purchased a new position in shares of Hinge Health Inc. (NYSE:HNGE) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 55,000 shares of the company’s stock, valued at approximately $2,846,000. Brant Point Investment Management LLC owned approximately 0.07% of Hinge Health at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Montag A & Associates Inc. acquired a new stake in shares of Hinge Health in the 2nd quarter valued at about $41,000. SBI Securities Co. Ltd. acquired a new stake in shares of Hinge Health in the second quarter valued at approximately $48,000. PNC Financial Services Group Inc. purchased a new position in shares of Hinge Health during the second quarter worth approximately $71,000. Emerald Advisers LLC acquired a new position in shares of Hinge Health in the 2nd quarter valued at $108,000. Finally, Mark Sheptoff Financial Planning LLC acquired a new stake in Hinge Health during the 2nd quarter worth $114,000.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Wall Street Zen cut shares of Hinge Health from a “buy” rating to a “hold” rating in a report on Saturday. Barclays upped 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. Evercore ISI increased their price target on Hinge Health from $60.00 to $65.00 and gave the stock an “outperform” rating in a report on Wednesday, October 8th. Robert W. Baird initiated coverage on shares of Hinge Health in a research report on Friday, September 5th. They set a “neutral” rating and a $56.00 price objective for the company. Finally, Canaccord Genuity Group lifted their target price on shares of Hinge Health from $61.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. One investment 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 assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $59.93.

Insider Activity

In other news, major shareholder Insight Holdings Group, Llc sold 1,654,440 shares of Hinge Health 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 Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Bessemer Venture Partners X. L. sold 725,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 18th. The stock was sold at an average price of $40.05, for a total value of $29,036,250.00. Following the sale, the insider directly owned 3,383,707 shares in the company, valued at $135,517,465.35. This trade represents a 17.65% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 2,446,279 shares of company stock valued at $111,164,327 in the last quarter.

Hinge Health Price Performance

NYSE:HNGE opened at $50.08 on Monday. Hinge Health Inc. has a 1 year low of $33.42 and a 1 year high of $62.18. The business has a fifty day simple moving average of $48.22.

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

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

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.