Hinge Health (NYSE:HNGE) Shares Gap Up – What’s Next?

Hinge Health Inc. (NYSE:HNGE)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $33.05, but opened at $38.50. Hinge Health shares last traded at $35.3690, with a volume of 1,816,589 shares.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on HNGE. KeyCorp set a $55.00 price target on shares of Hinge Health in a report on Wednesday. Piper Sandler reduced their price target on shares of Hinge Health from $71.00 to $60.00 and set an “overweight” rating for the company in a research note on Friday, January 9th. Canaccord Genuity Group lowered their price target on Hinge Health from $65.00 to $53.00 and set a “buy” rating on the stock in a report on Wednesday. Evercore ISI set a $50.00 target price on Hinge Health and gave the stock an “outperform” rating in a research report on Wednesday. Finally, Freedom Capital raised shares of Hinge Health to a “strong-buy” rating in a report on Thursday, January 22nd. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $57.71.

Hinge Health Stock Down 1.4%

The stock has a fifty day simple moving average of $43.53 and a 200 day simple moving average of $48.75. The firm has a market capitalization of $3.06 billion and a P/E ratio of -2.97.

Hinge Health announced that its board has approved a share 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 repurchase up to 7.2% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other news, CFO James Budge sold 10,491 shares of the stock in a transaction that occurred on Monday, December 22nd. The stock was sold at an average price of $48.41, for a total transaction of $507,869.31. Following the completion of the transaction, the chief financial officer directly owned 441,174 shares in the company, valued at approximately $21,357,233.34. This represents a 2.32% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Daniel Antonio Perez sold 166,665 shares of the stock in a transaction on Thursday, February 12th. The shares were sold at an average price of $40.26, for a total transaction of $6,709,932.90. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 2,971,770 shares of company stock worth $134,926,547.

Institutional Investors Weigh In On Hinge Health

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wells Fargo & Company MN raised its stake in shares of Hinge Health by 160.0% during the fourth quarter. Wells Fargo & Company MN now owns 546 shares of the company’s stock valued at $25,000 after acquiring an additional 336 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in Hinge Health during the 3rd quarter valued at $37,000. Montag A & Associates Inc. bought a new stake in Hinge Health during the 2nd quarter valued at $41,000. First Horizon Corp lifted 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 buying an additional 531 shares during the period. Finally, SBI Securities Co. Ltd. bought a new position in shares of Hinge Health during the 2nd quarter worth $48,000.

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.