Principal Financial Group Inc. Acquires 85,809 Shares of Hinge Health Inc. $HNGE

Principal Financial Group Inc. boosted its stake in Hinge Health Inc. (NYSE:HNGE) by 83.3% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 188,866 shares of the company’s stock after purchasing an additional 85,809 shares during the period. Principal Financial Group Inc.’s holdings in Hinge Health were worth $7,283,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of HNGE. Wells Fargo & Company MN lifted its holdings in Hinge Health by 160.0% during the 4th quarter. Wells Fargo & Company MN now owns 546 shares of the company’s stock worth $25,000 after buying an additional 336 shares during the period. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Hinge Health in the fourth quarter valued at about $26,000. CENTRAL TRUST Co acquired a new stake in shares of Hinge Health in the first quarter valued at about $37,000. First Horizon Corp raised its position in shares of Hinge Health by 163.9% during the fourth quarter. First Horizon Corp now owns 855 shares of the company’s stock worth $40,000 after acquiring an additional 531 shares during the last quarter. Finally, High Point Wealth Management LLC bought a new position in shares of Hinge Health during the fourth quarter worth about $46,000.

Insiders Place Their Bets

In other news, major shareholder Insight Holdings Group, Llc sold 1,466,667 shares of the firm’s stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $82.83, for a total transaction of $121,484,027.61. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Gabriel M.I. Mecklenburg sold 83,334 shares of Hinge Health stock in a transaction on Monday, June 1st. The shares were sold at an average price of $60.22, for a total transaction of $5,018,373.48. Following the completion of the sale, the chairman owned 83,334 shares of the company’s stock, valued at $5,018,373.48. This represents a 50.00% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 3,921,100 shares of company stock worth $299,222,881. Corporate insiders own 18.92% of the company’s stock.

Hinge Health Price Performance

Shares of Hinge Health stock opened at $75.05 on Tuesday. Hinge Health Inc. has a one year low of $30.08 and a one year high of $91.50. The stock’s 50-day moving average is $71.94 and its 200 day moving average is $52.97. The firm has a market cap of $5.81 billion, a price-to-earnings ratio of -6.08 and a beta of 1.13.

Hinge Health (NYSE:HNGE) last released its earnings results on Tuesday, May 5th. The company reported $0.45 EPS for the quarter, topping the consensus estimate of $0.12 by $0.33. The business had revenue of $182.31 million during the quarter. Hinge Health had a negative return on equity of 310.62% and a negative net margin of 78.95%.The company’s revenue for the quarter was up 47.2% on a year-over-year basis. During the same period in the prior year, the business earned $1.30 EPS. On average, sell-side analysts expect that Hinge Health Inc. will post 1.37 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Barclays upped their target price on Hinge Health from $70.00 to $97.00 and gave the company an “overweight” rating in a report on Monday, July 13th. Raymond James Financial raised their price target on shares of Hinge Health from $70.00 to $80.00 and gave the stock an “outperform” rating in a report on Monday, June 15th. Evercore restated an “outperform” rating and issued a $45.00 price target on shares of Hinge Health in a research report on Wednesday, April 8th. Royal Bank Of Canada upped their price objective on shares of Hinge Health from $65.00 to $75.00 and gave the company an “outperform” rating in a research note on Thursday, June 11th. Finally, Weiss Ratings upgraded shares of Hinge Health from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, May 6th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $86.07.

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.