Quantbot Technologies LP Invests $1.76 Million in Hinge Health Inc. $HNGE

Quantbot Technologies LP bought a new position in shares of Hinge Health Inc. (NYSE:HNGE) during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund bought 35,806 shares of the company’s stock, valued at approximately $1,757,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. BIT Capital GmbH grew its stake 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 worth $90,775,000 after acquiring an additional 1,093,320 shares during the last quarter. Vanguard Group Inc. boosted 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 worth $60,753,000 after purchasing an additional 228,234 shares in the last quarter. Bamco Inc. NY purchased a new stake in Hinge Health during the 2nd quarter worth approximately $48,943,000. JPMorgan Chase & Co. acquired a new position in Hinge Health during the 2nd quarter valued at approximately $43,840,000. Finally, Franklin Resources Inc. purchased a new position in shares of Hinge Health in the second quarter worth $28,462,000.

Hinge Health Stock Performance

NYSE HNGE opened at $45.67 on Thursday. The firm has a market capitalization of $3.60 billion and a P/E ratio of -3.57. The stock has a 50-day simple moving average of $41.73 and a two-hundred day simple moving average of $47.72. Hinge Health Inc. has a fifty-two week low of $30.08 and a fifty-two week high of $62.18.

Hinge Health (NYSE:HNGE) last posted its earnings results on Tuesday, February 10th. The company reported $0.49 EPS for the quarter, topping the consensus estimate of $0.04 by $0.45. The company had revenue of $170.73 million for the quarter, compared to analyst estimates of $157.31 million. The firm’s revenue for the quarter was up 45.5% compared to the same quarter last year.

Hinge Health declared that its Board of Directors has initiated a share repurchase program on Wednesday, November 12th that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 7.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Insider Activity

In other Hinge Health news, CFO James Budge sold 10,491 shares of Hinge Health stock in a transaction on Monday, December 22nd. The shares were sold at an average price of $48.41, for a total value of $507,869.31. Following the completion of the transaction, the chief financial officer owned 441,174 shares of the company’s stock, valued at approximately $21,357,233.34. The trade was a 2.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, President James Pursley sold 15,000 shares of the stock in a transaction dated Monday, December 22nd. The stock was sold at an average price of $48.40, for a total transaction of $726,000.00. Following the sale, 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. Insiders sold a total of 525,491 shares of company stock valued at $23,762,220 in the last three months.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on HNGE shares. Canaccord Genuity Group dropped their price objective on shares of Hinge Health from $65.00 to $53.00 and set a “buy” rating on the stock in a report on Wednesday, February 11th. KeyCorp set a $55.00 price target on Hinge Health in a research report on Wednesday, February 11th. Barclays cut their price objective on Hinge Health from $60.00 to $52.00 and set an “overweight” rating on the stock in a report on Wednesday, February 11th. Evercore set a $50.00 target price on Hinge Health and gave the stock an “outperform” rating in a report on Wednesday, February 11th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $59.00 target price on shares of Hinge Health in a research report on Wednesday, February 11th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $56.73.

Hinge Health Profile

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.