Needham & Company LLC Increases Hinge Health (NYSE:HNGE) Price Target to $76.00

Hinge Health (NYSE:HNGE) had its price objective lifted by Needham & Company LLC from $63.00 to $76.00 in a research note issued on Thursday, MarketBeat.com reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s price objective indicates a potential upside of 22.75% from the stock’s previous close.

A number of other research firms have also issued reports on HNGE. Wells Fargo & Company increased their target price on Hinge Health from $68.00 to $80.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Citigroup reiterated an “outperform” rating on shares of Hinge Health in a research note on Wednesday, May 6th. Evercore reiterated an “outperform” rating and issued a $45.00 target price on shares of Hinge Health in a research note on Wednesday, April 8th. Zacks Research upgraded Hinge Health from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, May 13th. Finally, Canaccord Genuity Group increased their target price on Hinge Health from $63.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, June 4th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $70.40.

Hinge Health Price Performance

Hinge Health stock opened at $61.91 on Thursday. Hinge Health has a 12 month low of $30.08 and a 12 month high of $66.55. The company has a market cap of $4.79 billion and a price-to-earnings ratio of -5.02. The stock’s 50-day moving average is $49.42 and its 200-day moving average is $45.74.

Hinge Health (NYSE:HNGE) last posted its earnings results on Tuesday, May 5th. The company reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.33. Hinge Health had a negative return on equity of 310.62% and a negative net margin of 78.95%.The business had revenue of $182.31 million during the quarter. During the same quarter last year, the business posted $1.30 EPS. Hinge Health’s quarterly revenue was up 47.2% compared to the same quarter last year. Research analysts anticipate that Hinge Health will post 1.21 EPS for the current year.

Insider Transactions at Hinge Health

In other news, Chairman Gabriel M.I. Mecklenburg sold 83,334 shares of Hinge Health stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $60.22, for a total value of $5,018,373.48. Following the completion of the transaction, the chairman owned 83,334 shares in the company, valued at approximately $5,018,373.48. This trade represents a 50.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President James Pursley sold 16,000 shares of Hinge Health stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $53.79, for a total value of $860,640.00. Following the completion of the transaction, the president owned 780,223 shares of the company’s stock, valued at approximately $41,968,195.17. The trade was a 2.01% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 554,600 shares of company stock worth $29,859,068. 18.92% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of Hinge Health by 22.6% in the 3rd quarter. Vanguard Group Inc. now owns 1,237,839 shares of the company’s stock worth $60,753,000 after acquiring an additional 228,234 shares in the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of 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 lifted its holdings in shares of Hinge Health by 168.8% in the 4th quarter. UBS Group AG now owns 356,701 shares of the company’s stock worth $16,569,000 after purchasing an additional 223,980 shares during the last quarter. Tudor Investment Corp ET AL lifted its holdings in shares of Hinge Health by 25.9% in the 3rd quarter. Tudor Investment Corp ET AL now owns 376,266 shares of the company’s stock worth $18,467,000 after purchasing an additional 77,464 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Hinge Health by 755.1% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,354 shares of the company’s stock worth $1,271,000 after purchasing an additional 24,155 shares during 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.