Hinge Health (NYSE:HNGE) Receives Buy Rating from Needham & Company LLC

Hinge Health (NYSE:HNGE)‘s stock had its “buy” rating restated by stock analysts at Needham & Company LLC in a research note issued on Tuesday,Benzinga reports. They presently have a $59.00 price target on the stock. Needham & Company LLC’s price target would suggest a potential upside of 26.22% from the company’s previous close.

HNGE has been the topic of several other reports. Stifel Nicolaus raised their price objective on Hinge Health from $63.00 to $66.00 and gave the company a “buy” rating in a report on Thursday, September 11th. Piper Sandler reiterated an “overweight” rating and set a $71.00 target price (up previously from $70.00) on shares of Hinge Health in a research report on Wednesday, November 5th. Evercore ISI lifted their price target on shares of Hinge Health from $60.00 to $65.00 and gave the company an “outperform” rating in a research note on Wednesday, October 8th. Barclays reduced their price objective on shares of Hinge Health from $65.00 to $60.00 and set an “overweight” rating for the company in a research report on Monday. Finally, Morgan Stanley increased their price objective on shares of Hinge Health from $57.00 to $67.00 and gave the company an “overweight” rating in a report on Tuesday, September 23rd. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Hinge Health has an average rating of “Moderate Buy” and an average target price of $59.60.

Hinge Health Stock Performance

HNGE opened at $46.74 on Tuesday. The company has a fifty day moving average of $47.19 and a two-hundred day moving average of $49.92. The stock has a market capitalization of $3.68 billion and a price-to-earnings ratio of -3.56. Hinge Health has a fifty-two week low of $33.42 and a fifty-two week high of $62.18.

Hinge Health (NYSE:HNGE) last posted its earnings results on Tuesday, November 4th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.20) by $0.18. The firm had revenue of $154.21 million for the quarter, compared to analysts’ expectations of $142.44 million. Hinge Health’s quarterly revenue was up 53.3% on a year-over-year basis.

Hinge Health declared that its board has authorized a stock buyback program on Wednesday, November 12th that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 7.2% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Insider Activity

In other news, President James Pursley sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $45.57, for a total transaction of $683,550.00. Following the transaction, the president directly owned 789,902 shares in the company, valued at $35,995,834.14. The trade was a 1.86% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Insight Holdings Group, Llc sold 1,654,440 shares of the company’s stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $47.76, for a total value of $79,016,054.40. The SEC filing for this sale provides additional information. Insiders sold a total of 2,638,440 shares of company stock valued at $120,486,691 in the last ninety days.

Hedge Funds Weigh In On Hinge Health

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BIT Capital GmbH grew its holdings in Hinge Health by 144.6% in the 3rd quarter. BIT Capital GmbH now owns 1,849,524 shares of the company’s stock valued at $90,775,000 after buying an additional 1,093,320 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Hinge Health by 22.6% during the 3rd quarter. Vanguard Group Inc. now owns 1,237,839 shares of the company’s stock valued at $60,753,000 after acquiring an additional 228,234 shares during the last quarter. Bamco Inc. NY acquired a new stake in Hinge Health during the second quarter worth about $48,943,000. Braidwell LP purchased a new position in Hinge Health during the third quarter worth about $44,686,000. Finally, JPMorgan Chase & Co. purchased a new position in Hinge Health during the second quarter worth about $43,840,000.

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.