Wall Street Zen Upgrades Hinge Health (NYSE:HNGE) to Buy

Hinge Health (NYSE:HNGE) was upgraded by analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday.

HNGE has been the subject of several other reports. Royal Bank Of Canada reduced their price objective on Hinge Health from $60.00 to $50.00 and set an “outperform” rating for the company in a report on Wednesday, February 11th. Stifel Nicolaus set a $59.00 target price on shares of Hinge Health in a research note on Thursday, February 5th. Wells Fargo & Company assumed coverage on shares of Hinge Health in a research note on Thursday, January 8th. They issued an “overweight” rating and a $68.00 price target for the company. Canaccord Genuity Group decreased their price objective on shares of Hinge Health from $65.00 to $53.00 and set a “buy” rating for the company in a report on Wednesday, February 11th. Finally, Freedom Capital upgraded shares of Hinge Health to a “strong-buy” rating in a research report on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $56.73.

Hinge Health Stock Performance

Shares of HNGE stock opened at $45.93 on Friday. The company has a market capitalization of $3.62 billion and a price-to-earnings ratio of -3.59. Hinge Health has a one year low of $30.08 and a one year high of $62.18. The company’s 50-day moving average is $41.65 and its 200 day moving average is $47.49.

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

Hinge Health announced that its board has initiated a share buyback plan on Wednesday, November 12th that permits the company to buyback $250.00 million in shares. This buyback authorization permits the company to repurchase up to 7.2% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In related news, CFO James Budge sold 10,491 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief financial officer owned 441,174 shares of the company’s stock, valued at approximately $21,357,233.34. This trade represents a 2.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Daniel Antonio Perez sold 166,665 shares of the business’s stock in a transaction that occurred on Thursday, February 12th. The shares were sold at an average price of $40.26, for a total transaction of $6,709,932.90. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 525,491 shares of company stock valued at $23,762,220 in the last quarter.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of HNGE. Wells Fargo & Company MN increased its stake in shares of Hinge Health by 160.0% in the 4th quarter. Wells Fargo & Company MN now owns 546 shares of the company’s stock worth $25,000 after purchasing an additional 336 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in Hinge Health in the fourth quarter worth about $26,000. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Hinge Health in the third quarter worth about $37,000. First Horizon Corp raised its stake in shares of Hinge Health by 163.9% in the fourth quarter. First Horizon Corp now owns 855 shares of the company’s stock worth $40,000 after buying an additional 531 shares during the period. Finally, Montag A & Associates Inc. purchased a new position in shares of Hinge Health during the 2nd quarter valued at about $41,000.

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.