Hinge Health (NYSE:HNGE) Stock Price Down 7.8% – What’s Next?

Hinge Health Inc. (NYSE:HNGE)’s stock price traded down 7.8% on Wednesday . The company traded as low as $43.41 and last traded at $43.4320. 440,508 shares changed hands during trading, a decline of 45% from the average session volume of 796,549 shares. The stock had previously closed at $47.13.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on HNGE. KeyCorp dropped their price target on shares of Hinge Health from $72.00 to $70.00 and set an “overweight” rating on the stock in a research note on Thursday, January 8th. Evercore ISI boosted their target price on shares of Hinge Health from $60.00 to $65.00 and gave the company an “outperform” rating in a report on Wednesday, October 8th. Morgan Stanley increased their target price on Hinge Health from $57.00 to $67.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 23rd. Canaccord Genuity Group lifted their price target on Hinge Health from $61.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, November 5th. Finally, Needham & Company LLC reissued a “buy” rating and set a $59.00 price objective on shares of Hinge Health in a report on Tuesday, January 6th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $60.06.

Hinge Health Price Performance

The stock has a market cap of $3.41 billion and a P/E ratio of -3.31. The firm’s fifty day moving average price is $46.88 and its two-hundred day moving average price is $49.93.

Hinge Health (NYSE:HNGE) last posted its quarterly earnings data on Tuesday, November 4th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.20) by $0.18. The business had revenue of $154.21 million for the quarter, compared to the consensus estimate of $142.44 million. Hinge Health’s revenue for the quarter was up 53.3% compared to the same quarter last year.

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

Insider Activity at Hinge Health

In related news, President James Pursley sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, December 22nd. The shares were sold at an average price of $48.40, for a total value of $726,000.00. Following the transaction, the president directly owned 769,778 shares in the company, valued at approximately $37,257,255.20. This represents a 1.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Insight Holdings Group, Llc sold 1,654,440 shares of Hinge Health stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $47.76, for a total transaction of $79,016,054.40. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 2,805,105 shares of company stock valued at $128,216,614 in the last ninety days.

Institutional Investors Weigh In On Hinge Health

A number of hedge funds have recently made changes to their positions in the business. SG Americas Securities LLC bought a new position in shares of Hinge Health during the 4th quarter valued at $509,000. Tudor Investment Corp ET AL boosted its position in Hinge Health by 25.9% during the third quarter. Tudor Investment Corp ET AL now owns 376,266 shares of the company’s stock valued at $18,467,000 after buying an additional 77,464 shares during the period. Jacobs Levy Equity Management Inc. bought a new position in shares of Hinge Health during the third quarter valued at about $743,000. Dark Forest Capital Management LP purchased a new position in shares of Hinge Health in the third quarter worth about $290,000. Finally, Voleon Capital Management LP bought a new stake in shares of Hinge Health in the 3rd quarter valued at about $5,991,000.

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.