CenterBook Partners LP Buys 8,807 Shares of Hinge Health Inc. $HNGE

CenterBook Partners LP bought a new stake in shares of Hinge Health Inc. (NYSE:HNGE) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 8,807 shares of the company’s stock, valued at approximately $856,000.

Several other hedge funds also recently added to or reduced their stakes in the business. Calamos Advisors LLC purchased a new position in shares of Hinge Health during the 3rd quarter valued at about $4,779,000. Kestra Advisory Services LLC acquired a new stake in Hinge Health during the third quarter worth about $242,000. Pathway Capital Management LP purchased a new position in Hinge Health during the third quarter valued at approximately $7,730,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in Hinge Health during the third quarter valued at approximately $2,520,000. Finally, ProShare Advisors LLC lifted its holdings in Hinge Health by 2.1% in the third quarter. ProShare Advisors LLC now owns 5,588 shares of the company’s stock valued at $543,000 after acquiring an additional 117 shares during the period.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on HNGE shares. Wells Fargo & Company raised their price objective on shares of Hinge Health from $103.00 to $132.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 3rd. Stifel Nicolaus upped their target price on Hinge Health from $130.00 to $135.00 and gave the stock a “buy” rating in a research note on Tuesday, November 3rd. Royal Bank Of Canada raised their price target on shares of Hinge Health from $110.00 to $135.00 and gave the company an “outperform” rating in a research note on Tuesday, November 3rd. KeyCorp boosted their price target on Hinge Health from $125.00 to $140.00 and gave the stock an “overweight” rating in a research report on Friday, October 16th. Finally, Canaccord Genuity Group increased their price objective on Hinge Health from $105.00 to $134.00 and gave the company a “buy” rating in a research note on Tuesday, November 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, Hinge Health has an average rating of “Buy” and a consensus price target of $118.93.

Hinge Health Price Performance

HNGE stock opened at $123.17 on Wednesday. The business has a 50 day simple moving average of $102.11 and a 200-day simple moving average of $69.64. The firm has a market capitalization of $9.94 billion, a PE ratio of 66.41, a price-to-earnings-growth ratio of 1.72 and a beta of 1.19. Hinge Health Inc. has a 1 year low of $30.08 and a 1 year high of $124.94.

Hinge Health (NYSE:HNGE) last announced its quarterly earnings data on Monday, November 2nd. The company reported $0.71 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.44. The firm had revenue of $234.97 million for the quarter. Hinge Health had a return on equity of 73.91% and a net margin of 21.02%. The business’s quarterly revenue was up 52.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.02) EPS. On average, equities research analysts expect that Hinge Health Inc. will post 1.56 EPS for the current year.

Insider Activity

In related news, CFO James Budge sold 47,720 shares of the firm’s stock in a transaction dated Monday, October 12th. The shares were sold at an average price of $103.13, for a total transaction of $4,921,363.60. Following the completion of the sale, the chief financial officer directly owned 296,728 shares in the company, valued at approximately $30,601,558.64. This trade represents a 13.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Gabriel Mecklenburg sold 200,000 shares of the firm’s stock in a transaction dated Monday, October 12th. The stock was sold at an average price of $103.13, for a total transaction of $20,626,000.00. Following the sale, the chairman owned 200,000 shares of the company’s stock, valued at approximately $20,626,000. The trade was a 50.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 1,024,581 shares of company stock worth $95,632,761. Company insiders own 18.92% of the company’s stock.

About Hinge Health

Hinge Health is a digital health company focused on musculoskeletal care, including support for people with back, joint and muscle pain. Its services are designed to help members manage conditions through personalized, technology-enabled care. The company’s offerings include app-based exercise therapy, education and behavioral support, along with access to clinical care teams. Hinge Health also uses wearable motion sensors in some programs to guide and track exercises. Founded in 2015, Hinge Health primarily provides its services through employers and health plans.