Hinge Health’s (HNGE) “Buy” Rating Reiterated at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Hinge Health (NYSE:HNGE) in a research note released on Wednesday,Benzinga reports. The brokerage currently has a $59.00 price objective on the stock.

HNGE has been the subject of several other reports. KeyCorp reduced their price target on Hinge Health from $72.00 to $70.00 and set an “overweight” rating for the company in a research report on Thursday, January 8th. Wells Fargo & Company initiated coverage on Hinge Health in a research report on Thursday, January 8th. They set an “overweight” rating and a $68.00 price target on the stock. Barclays reduced their target price on shares of Hinge Health from $65.00 to $60.00 and set an “overweight” rating on the stock in a report on Monday, January 5th. Weiss Ratings reissued a “sell (d)” rating on shares of Hinge Health in a research note on Thursday, January 22nd. Finally, Canaccord Genuity Group raised their target price on Hinge Health from $61.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, November 5th. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $57.71.

Hinge Health Price Performance

NYSE HNGE opened at $38.91 on Wednesday. The stock has a market capitalization of $3.06 billion and a price-to-earnings ratio of -2.97. Hinge Health has a one year low of $30.08 and a one year high of $62.18. The business’s fifty day moving average is $43.53 and its 200-day moving average is $48.75.

Hinge Health announced that its Board of Directors has approved a stock repurchase program on Wednesday, November 12th that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 7.2% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Insider Transactions at Hinge Health

In other Hinge Health news, major shareholder Insight Holdings Group, Llc sold 1,654,440 shares of the company’s stock in a transaction on Monday, December 1st. The stock was sold at an average price of $47.76, for a total value of $79,016,054.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, President James Pursley sold 15,000 shares of Hinge Health stock in a transaction that occurred on Monday, December 22nd. The shares were sold at an average price of $48.40, for a total transaction of $726,000.00. Following the transaction, the president directly owned 769,778 shares in the company, valued at approximately $37,257,255.20. The trade was a 1.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 2,971,770 shares of company stock worth $134,926,547.

Hedge Funds Weigh In On Hinge Health

Institutional investors have recently modified their holdings of the stock. Wells Fargo & Company MN grew its holdings in Hinge Health by 160.0% in the fourth quarter. Wells Fargo & Company MN now owns 546 shares of the company’s stock valued at $25,000 after purchasing an additional 336 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Hinge Health during the 3rd quarter valued at approximately $37,000. Montag A & Associates Inc. purchased a new position in shares of Hinge Health during the 2nd quarter valued at approximately $41,000. First Horizon Corp grew its stake in Hinge Health by 163.9% in the 4th quarter. First Horizon Corp now owns 855 shares of the company’s stock valued at $40,000 after acquiring an additional 531 shares during the period. Finally, SBI Securities Co. Ltd. purchased a new stake in Hinge Health in the 2nd quarter worth $48,000.

About Hinge Health

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.