Hinge Health (NYSE:HNGE) Price Target Raised to $63.00

Hinge Health (NYSE:HNGE) had its price objective hoisted by Needham & Company LLC from $59.00 to $63.00 in a report issued on Wednesday morning, MarketBeat Ratings reports. Needham & Company LLC currently has a buy rating on the stock.

HNGE has been the topic of several other reports. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Hinge Health in a report on Thursday, January 22nd. Barclays lifted their target price on Hinge Health from $52.00 to $62.00 and gave the stock an “overweight” rating in a report on Wednesday. Evercore reaffirmed an “outperform” rating and issued a $45.00 target price on shares of Hinge Health in a report on Wednesday, April 8th. Canaccord Genuity Group reduced their target price on Hinge Health from $65.00 to $53.00 and set a “buy” rating on the stock in a report on Wednesday, February 11th. Finally, Piper Sandler reduced their target price on Hinge Health from $71.00 to $60.00 and set an “overweight” rating on the stock in a report on Friday, January 9th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $67.40.

Hinge Health Trading Up 1.6%

Shares of HNGE stock opened at $55.89 on Wednesday. Hinge Health has a 12-month low of $30.08 and a 12-month high of $62.18. The stock’s 50-day moving average price is $42.81 and its 200-day moving average price is $44.00. The stock has a market capitalization of $4.40 billion and a price-to-earnings ratio of -4.53.

Hinge Health (NYSE:HNGE) last issued its earnings results on Tuesday, May 5th. The company reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.33. Hinge Health had a negative return on equity of 279.39% and a negative net margin of 78.95%.The firm had revenue of $182.31 million for the quarter. During the same period last year, the firm posted $1.30 earnings per share. The company’s revenue for the quarter was up 47.2% compared to the same quarter last year. As a group, research analysts predict that Hinge Health will post 0.78 EPS for the current fiscal year.

Insider Activity

In related news, Chairman Gabriel M.I. Mecklenburg sold 50,000 shares of the stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $55.01, for a total value of $2,750,500.00. Following the sale, the chairman directly owned 50,000 shares of the company’s stock, valued at $2,750,500. This represents a 50.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Daniel Antonio Perez sold 45,456 shares of the stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $55.05, for a total transaction of $2,502,352.80. Following the completion of the sale, the chief executive officer directly owned 35,470 shares in the company, valued at $1,952,623.50. This trade represents a 56.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 642,670 shares of company stock valued at $29,799,083. Company insiders own 18.92% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. PNC Financial Services Group Inc. boosted its position in shares of Hinge Health by 172.7% during the first quarter. PNC Financial Services Group Inc. now owns 9,898 shares of the company’s stock valued at $382,000 after buying an additional 6,268 shares during the period. Swiss National Bank boosted its position in shares of Hinge Health by 8.1% during the first quarter. Swiss National Bank now owns 34,800 shares of the company’s stock valued at $1,342,000 after buying an additional 2,600 shares during the period. Bank of New York Mellon Corp purchased a new position in shares of Hinge Health during the first quarter valued at approximately $292,000. Emerald Mutual Fund Advisers Trust purchased a new position in shares of Hinge Health during the first quarter valued at approximately $7,009,000. Finally, Emerald Advisers LLC purchased a new stake in shares of Hinge Health in the first quarter valued at approximately $10,754,000.

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.