Zacks Research Downgrades Hinge Health (NYSE:HNGE) to Hold

Hinge Health (NYSE:HNGE) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

Several other research analysts have also weighed in on the company. Stifel Nicolaus set a $96.00 price target on Hinge Health in a research report on Wednesday, August 5th. Needham & Company LLC raised their price objective on Hinge Health from $76.00 to $97.00 and gave the stock a “buy” rating in a research report on Wednesday, August 5th. Truist Financial lifted their target price on Hinge Health from $85.00 to $112.00 and gave the company a “buy” rating in a research note on Monday. Piper Sandler reissued an “overweight” rating on shares of Hinge Health in a research report on Wednesday, June 10th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Hinge Health in a report on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $100.57.

Hinge Health Stock Performance

Shares of NYSE:HNGE opened at $86.00 on Tuesday. The firm has a 50 day simple moving average of $77.99 and a 200 day simple moving average of $56.01. Hinge Health has a 52 week low of $30.08 and a 52 week high of $93.13. The company has a market cap of $6.65 billion, a PE ratio of 67.19 and a beta of 1.30.

Hinge Health (NYSE:HNGE) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.31. The firm had revenue of $212.82 million for the quarter. Hinge Health had a net margin of 15.15% and a return on equity of 65.44%. The company’s revenue for the quarter was up 53.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.59 earnings per share. On average, equities analysts predict that Hinge Health will post 1.25 earnings per share for the current year.

Insider Activity

In related news, major shareholder Insight Holdings Group, Llc sold 181,499 shares of the firm’s stock in a transaction that occurred on Thursday, July 9th. The shares were sold at an average price of $90.20, for a total transaction of $16,371,209.80. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman Gabriel M.I. Mecklenburg sold 83,334 shares of Hinge Health stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $85.05, for a total transaction of $7,087,556.70. Following the completion of the sale, the chairman owned 83,334 shares of the company’s stock, valued at $7,087,556.70. This trade represents a 50.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 3,715,194 shares of company stock worth $287,886,932 in the last three months. 18.92% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of HNGE. BNP Paribas Financial Markets lifted its holdings in Hinge Health by 162.7% in the 4th quarter. BNP Paribas Financial Markets now owns 727,672 shares of the company’s stock worth $33,800,000 after purchasing an additional 450,643 shares during the last quarter. UBS Group AG grew its holdings in Hinge Health by 168.8% during the fourth quarter. UBS Group AG now owns 356,701 shares of the company’s stock valued at $16,569,000 after purchasing an additional 223,980 shares during the last quarter. Royce & Associates LP acquired a new position in Hinge Health during the fourth quarter valued at approximately $2,091,000. Alkeon Capital Management LLC raised its position in shares of Hinge Health by 110.4% in the fourth quarter. Alkeon Capital Management LLC now owns 791,104 shares of the company’s stock valued at $36,747,000 after purchasing an additional 415,093 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Hinge Health by 755.1% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,354 shares of the company’s stock worth $1,271,000 after buying an additional 24,155 shares during the last quarter.

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.