Hinge Health (NYSE:HNGE) Posts Quarterly Earnings Results

Hinge Health (NYSE:HNGE) released its quarterly earnings results on Tuesday. The company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.27, Zacks reports.

Hinge Health Stock Up 3.3%

Shares of Hinge Health stock traded up $1.06 during trading on Tuesday, hitting $33.22. The stock had a trading volume of 2,914,304 shares, compared to its average volume of 1,043,646. Hinge Health has a 1 year low of $30.08 and a 1 year high of $62.18. The stock has a 50 day simple moving average of $44.38 and a 200 day simple moving average of $49.02. The company has a market capitalization of $2.62 billion and a PE ratio of -2.53.

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

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on HNGE. Freedom Capital upgraded shares of Hinge Health to a “strong-buy” rating in a research report on Thursday, January 22nd. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Hinge Health in a research note on Thursday, January 22nd. Wells Fargo & Company began coverage on Hinge Health in a report on Thursday, January 8th. They issued an “overweight” rating and a $68.00 price objective for the company. Needham & Company LLC reiterated a “buy” rating and issued a $59.00 price target on shares of Hinge Health in a research report on Tuesday, January 6th. Finally, Stifel Nicolaus set a $59.00 price objective on shares of Hinge Health in a research report on Thursday, February 5th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Hinge Health has an average rating of “Moderate Buy” and an average target price of $59.63.

Insider Transactions at Hinge Health

In other Hinge Health news, President James Pursley sold 15,000 shares of Hinge Health stock in a transaction that occurred on Monday, December 22nd. The shares were sold at an average price of $48.40, for a total transaction of $726,000.00. Following the transaction, the president directly owned 769,778 shares in the company, valued at approximately $37,257,255.20. The trade was a 1.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Daniel Antonio Perez sold 166,670 shares of the firm’s stock in a transaction on Monday, December 15th. The stock was sold at an average price of $48.53, for a total value of $8,088,495.10. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 2,805,105 shares of company stock worth $128,216,614.

Institutional Trading of Hinge Health

Hedge funds and other institutional investors have recently modified their holdings of the company. Bamco Inc. NY bought a new stake in shares of Hinge Health in the 2nd quarter valued at approximately $48,943,000. Ameriprise Financial Inc. acquired a new stake in Hinge Health in the second quarter valued at approximately $27,040,000. Holocene Advisors LP bought a new stake in Hinge Health in the second quarter worth approximately $25,803,000. Squarepoint Ops LLC acquired a new position in shares of Hinge Health during the 2nd quarter worth $19,706,000. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Hinge Health by 89.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 591,711 shares of the company’s stock valued at $27,485,000 after purchasing an additional 279,998 shares in the last quarter.

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.