Hinge Health (NYSE:HNGE) Price Target Raised to $134.00

Hinge Health (NYSE:HNGE) had its price objective hoisted by Canaccord Genuity Group from $105.00 to $134.00 in a research report released on Tuesday morning, MarketBeat reports. Canaccord Genuity Group currently has a buy rating on the stock.

Other analysts have also recently issued research reports about the company. Citizens Jmp lifted their price target on Hinge Health from $96.00 to $107.00 and gave the company a “market outperform” rating in a report on Wednesday, August 5th. Stifel Nicolaus increased their price objective on shares of Hinge Health from $130.00 to $135.00 and gave the stock a “buy” rating in a report on Tuesday. Robert W. Baird raised their target price on shares of Hinge Health from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 22nd. Bank of America started coverage on shares of Hinge Health in a research report on Tuesday, September 29th. They set a “buy” rating and a $110.00 price target for the company. Finally, Citigroup reaffirmed an “outperform” rating on shares of Hinge Health in a research report on Monday, July 27th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $118.93.

Hinge Health Stock Down 4.1%

Shares of NYSE:HNGE opened at $115.86 on Tuesday. The company has a market cap of $9.35 billion, a P/E ratio of 65.69, a P/E/G ratio of 2.12 and a beta of 1.19. Hinge Health has a 52 week low of $30.08 and a 52 week high of $124.94. The business has a fifty day simple moving average of $100.34 and a 200-day simple moving average of $68.46.

Hinge Health (NYSE:HNGE) last released its earnings results on Monday, November 2nd. The company reported $0.71 EPS for the quarter, beating the consensus estimate of $0.27 by $0.44. Hinge Health had a return on equity of 73.91% and a net margin of 21.02%. The firm had revenue of $234.97 million during the quarter. During the same quarter in the previous year, the company posted ($0.02) earnings per share. The business’s revenue for the quarter was up 52.4% compared to the same quarter last year. Sell-side analysts expect that Hinge Health will post 1.25 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, President James Pursley sold 33,000 shares of Hinge Health stock in a transaction dated Monday, September 21st. The stock was sold at an average price of $94.14, for a total transaction of $3,106,620.00. Following the sale, the president directly owned 666,909 shares of the company’s stock, valued at approximately $62,782,813.26. The trade was a 4.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Daniel Perez sold 4,100 shares of the firm’s stock in a transaction that occurred on Tuesday, October 6th. The shares were sold at an average price of $100.20, for a total value of $410,820.00. Following the sale, the chief executive officer owned 4,100 shares of the company’s stock, valued at approximately $410,820. This trade 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. Insiders have sold 1,024,581 shares of company stock valued at $95,632,761 over the last ninety days. Insiders own 18.92% of the company’s stock.

Hedge Funds Weigh In On Hinge Health

Several large investors have recently modified their holdings of HNGE. 11.2 Capital Management LLC acquired a new position in Hinge Health in the second quarter worth about $204,566,531. Assenagon Asset Management S.A. increased its holdings in Hinge Health by 2,141.9% in the third quarter. Assenagon Asset Management S.A. now owns 1,854,922 shares of the company’s stock valued at $180,373,000 after buying an additional 1,772,182 shares during the last quarter. Wellington Management Group LLP raised its stake in Hinge Health by 169.7% during the second quarter. Wellington Management Group LLP now owns 1,205,584 shares of the company’s stock valued at $100,063,000 after buying an additional 758,594 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its stake in Hinge Health by 225.7% during the first quarter. Arrowstreet Capital Limited Partnership now owns 1,163,187 shares of the company’s stock valued at $44,852,000 after buying an additional 806,007 shares in the last quarter. Finally, M&G PLC bought a new stake in shares of Hinge Health in the 3rd quarter valued at approximately $17,522,000.

About Hinge Health

Hinge Health is a digital healthcare company focused on musculoskeletal (MSK) conditions, including back and joint pain. The company provides virtual care programs designed to help members manage pain, improve mobility and reduce the need for more costly or invasive treatments.

Its platform combines personalized exercise therapy, behavioral support, education and access to clinical professionals. Hinge Health also uses technologies such as motion-sensing wearable devices and artificial intelligence to help guide exercises, monitor progress and tailor care plans to individual needs.

Hinge Health primarily serves employers and health plans, which offer its programs to eligible members in the United States.