Hinge Health (NYSE:HNGE) Trading Down 7.8% – Here’s What Happened

Hinge Health Inc. (NYSE:HNGE)’s stock price dropped 7.8% during mid-day trading on Wednesday . The company traded as low as $43.41 and last traded at $43.4320. Approximately 440,508 shares changed hands during mid-day trading, a decline of 45% from the average daily volume of 796,549 shares. The stock had previously closed at $47.13.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Morgan Stanley raised their target price on Hinge Health from $57.00 to $67.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 23rd. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Hinge Health in a research report on Wednesday, October 8th. KeyCorp lowered their price objective on shares of Hinge Health from $72.00 to $70.00 and set an “overweight” rating for the company in a research note on Thursday, January 8th. Canaccord Genuity Group boosted their target price on shares of Hinge Health from $61.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, November 5th. Finally, Evercore ISI raised their price target on shares of Hinge Health from $60.00 to $65.00 and gave the stock an “outperform” rating in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $60.06.

Hinge Health Price Performance

The stock has a market cap of $3.42 billion and a price-to-earnings ratio of -3.31. The company’s fifty day simple moving average is $46.95 and its two-hundred day simple moving average is $50.08.

Hinge Health (NYSE:HNGE) last posted its earnings results on Tuesday, November 4th. The company reported ($0.02) EPS 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 the consensus estimate of $142.44 million. Hinge Health’s revenue was up 53.3% compared to the same quarter last year.

Hinge Health declared that its board has initiated a share repurchase plan on Wednesday, November 12th that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the company to buy up to 7.2% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its shares are undervalued.

Insider Transactions at Hinge Health

In other 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 stock was sold at an average price of $47.76, for a total value of $79,016,054.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Daniel Antonio Perez sold 166,665 shares of Hinge Health stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $46.38, for a total value of $7,729,922.70. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 2,805,105 shares of company stock valued at $128,216,614.

Institutional Trading of Hinge Health

Several institutional investors have recently made changes to their positions in the company. BIT Capital GmbH lifted its position in shares of Hinge Health by 144.6% during the third quarter. BIT Capital GmbH now owns 1,849,524 shares of the company’s stock valued at $90,775,000 after purchasing an additional 1,093,320 shares in the last quarter. Vanguard Group Inc. increased its stake in Hinge Health by 22.6% in the 3rd quarter. Vanguard Group Inc. now owns 1,237,839 shares of the company’s stock valued at $60,753,000 after buying an additional 228,234 shares during the last quarter. Bamco Inc. NY bought a new position in shares of Hinge Health during the 2nd quarter worth approximately $48,943,000. Braidwell LP purchased a new position in shares of Hinge Health in the 3rd quarter worth approximately $44,686,000. Finally, JPMorgan Chase & Co. bought a new position in shares of Hinge Health in the second quarter valued at approximately $43,840,000.

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.