Hinge Health (NYSE:HNGE) Cut to “Hold” at Wall Street Zen

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

Other analysts have also recently issued reports about the company. Baird R W upgraded Hinge Health to a “hold” rating in a research report on Friday, September 5th. Stifel Nicolaus boosted their target price on shares of Hinge Health from $63.00 to $66.00 and gave the company a “buy” rating in a research note on Thursday, September 11th. Canaccord Genuity Group increased their target price 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 target on shares of Hinge Health from $60.00 to $65.00 and gave the company an “outperform” rating in a research report on Wednesday, October 8th. Finally, Morgan Stanley upped their price objective on shares of Hinge Health from $57.00 to $67.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 23rd. One equities research 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 given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $59.93.

Hinge Health Price Performance

NYSE:HNGE 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 has a 50-day simple moving average of $48.22.

Hinge Health (NYSE:HNGE) last released its quarterly earnings data on Tuesday, November 4th. The company reported ($0.02) earnings per share for the quarter, beating 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 for the quarter was up 53.3% compared to the same quarter last year.

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

Insider Transactions at Hinge Health

In related news, major shareholder Insight Holdings Group, Llc sold 1,654,440 shares of the firm’s stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $47.76, for a total value of $79,016,054.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO James Budge sold 44,589 shares of the business’s stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $47.47, for a total transaction of $2,116,639.83. Following the completion of the transaction, the chief financial officer owned 479,878 shares of the company’s stock, valued at $22,779,808.66. This trade represents a 8.50% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 2,446,279 shares of company stock worth $111,164,327.

Institutional Investors Weigh In On Hinge Health

Several hedge funds and other institutional investors have recently made changes to their positions in HNGE. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Hinge Health during the third quarter valued at $37,000. Montag A & Associates Inc. bought a new stake in Hinge Health during the 2nd quarter worth about $41,000. SBI Securities Co. Ltd. acquired a new position in Hinge Health during the 2nd quarter valued at about $48,000. Aster Capital Management DIFC Ltd bought a new position in shares of Hinge Health in the 3rd quarter valued at about $49,000. Finally, Jones Financial Companies Lllp grew its position in shares of Hinge Health by 348.0% during the 3rd quarter. Jones Financial Companies Lllp now owns 1,120 shares of the company’s stock worth $54,000 after buying an additional 870 shares during the period.

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.