Needham & Company LLC Increases Hinge Health (NYSE:HNGE) Price Target to $76.00

Hinge Health (NYSE:HNGE) had its target price hoisted by stock analysts at Needham & Company LLC from $63.00 to $76.00 in a report issued on Thursday, MarketBeat.com reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s price objective points to a potential upside of 22.75% from the stock’s previous close.

HNGE has been the topic of several other research reports. Evercore reaffirmed an “outperform” rating and set a $45.00 target price on shares of Hinge Health in a research note on Wednesday, April 8th. Wall Street Zen downgraded Hinge Health from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 6th. Citizens Jmp lifted their target price on Hinge Health from $65.00 to $80.00 and gave the company a “market outperform” rating in a research note on Wednesday, May 6th. Piper Sandler reaffirmed an “overweight” rating on shares of Hinge Health in a research note on Wednesday. Finally, Wells Fargo & Company lifted their target price on Hinge Health from $68.00 to $80.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $70.40.

Hinge Health Trading Down 1.4%

Shares of NYSE HNGE opened at $61.91 on Thursday. The company has a market cap of $4.79 billion and a price-to-earnings ratio of -5.02. Hinge Health has a 12-month low of $30.08 and a 12-month high of $66.55. The stock’s 50 day simple moving average is $49.42 and its 200 day simple moving average is $45.74.

Hinge Health (NYSE:HNGE) last announced its quarterly 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. The business had revenue of $182.31 million for 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 last year, the business posted $1.30 EPS. As a group, equities analysts forecast that Hinge Health will post 1.21 earnings per share for the current fiscal year.

Insider Activity

In other news, President James Pursley sold 16,000 shares of Hinge Health stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $53.79, for a total transaction of $860,640.00. Following the transaction, the president directly owned 780,223 shares in the company, valued at approximately $41,968,195.17. This trade represents a 2.01% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Daniel Antonio Perez sold 104,544 shares of Hinge Health stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $55.09, for a total value of $5,759,328.96. Following the completion of the transaction, the chief executive officer owned 35,470 shares in the company, valued at $1,954,042.30. The trade was a 74.67% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 554,600 shares of company stock worth $29,859,068. 18.92% of the stock is owned by company insiders.

Hedge Funds Weigh In On Hinge Health

Hedge funds have recently modified their holdings of the stock. Wells Fargo & Company MN grew its holdings 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 acquiring an additional 336 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in shares of Hinge Health in the 4th quarter worth $26,000. CENTRAL TRUST Co acquired a new position in shares of Hinge Health in the 1st quarter worth $37,000. First Horizon Corp grew its holdings in shares of Hinge Health by 163.9% in the 4th 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 acquired a new position in shares of Hinge Health in the 4th quarter worth $46,000.

Hinge Health Company 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.