Hinge Health Inc. (NYSE:HNGE) Short Interest Update

Hinge Health Inc. (NYSE:HNGE) saw a significant increase in short interest in December. As of December 15th, there was short interest totaling 4,180,660 shares, an increase of 117.4% from the November 30th total of 1,922,965 shares. Based on an average daily volume of 1,473,836 shares, the days-to-cover ratio is currently 2.8 days. Currently, 5.3% of the company’s stock are short sold. Currently, 5.3% of the company’s stock are short sold. Based on an average daily volume of 1,473,836 shares, the days-to-cover ratio is currently 2.8 days.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on HNGE. Robert W. Baird initiated coverage on Hinge Health in a research report on Friday, September 5th. They issued a “neutral” rating and a $56.00 target price for the company. Evercore ISI increased their price objective on Hinge Health from $60.00 to $65.00 and gave the company an “outperform” rating in a report on Wednesday, October 8th. Piper Sandler restated an “overweight” rating and set a $71.00 target price (up from $70.00) on shares of Hinge Health in a research report on Wednesday, November 5th. Barclays upped their price target on shares of Hinge Health from $62.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday, November 5th. Finally, Canaccord Genuity Group raised their price objective on shares of Hinge Health from $61.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, November 5th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, two have assigned 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 price target of $59.93.

Insider Buying and Selling at Hinge Health

In other news, major shareholder Insight Holdings Group, Llc sold 1,654,440 shares of the company’s stock in a transaction 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kristina M. Leslie sold 1,250 shares of the stock in a transaction on Friday, November 21st. The shares were sold at an average price of $45.68, for a total transaction of $57,100.00. Following the completion of the transaction, the director directly owned 27,750 shares in the company, valued at $1,267,620. This trade represents a 4.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 2,638,440 shares of company stock worth $120,486,691.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Lisanti Capital Growth LLC purchased a new stake in Hinge Health during the second quarter worth about $3,089,000. JPMorgan Chase & Co. purchased a new position in Hinge Health in the second quarter valued at about $43,840,000. Seven Grand Managers LLC acquired a new stake in shares of Hinge Health during the 2nd quarter valued at approximately $12,938,000. Strategic Blueprint LLC purchased a new stake in shares of Hinge Health during the 2nd quarter worth approximately $346,000. Finally, Foresite Capital Management VI LLC acquired a new stake in shares of Hinge Health in the 2nd quarter worth approximately $6,986,000.

Hinge Health Price Performance

NYSE:HNGE opened at $47.57 on Friday. The stock’s 50 day simple moving average is $47.59 and its 200-day simple moving average is $49.34. Hinge Health has a 12-month low of $33.42 and a 12-month high of $62.18.

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

Hinge Health announced that its board has approved a stock buyback program on Wednesday, November 12th that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the company to buy up to 7.2% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

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.