Royal Bank Of Canada Issues Positive Forecast for Hinge Health (NYSE:HNGE) Stock Price

Hinge Health (NYSE:HNGE) had its price target raised by Royal Bank Of Canada from $50.00 to $55.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank Of Canada’s target price would suggest a potential upside of 21.07% from the stock’s previous close.

Several other research firms have also issued reports on HNGE. KeyCorp set a $55.00 price target on shares of Hinge Health in a research report on Wednesday, February 11th. Stifel Nicolaus set a $59.00 price objective on shares of Hinge Health in a report on Thursday, February 5th. Barclays reduced their price objective on shares of Hinge Health from $60.00 to $52.00 and set an “overweight” rating for the company in a research note on Wednesday, February 11th. Canaccord Genuity Group lowered their target price on shares of Hinge Health from $65.00 to $53.00 and set a “buy” rating on the stock in a report on Wednesday, February 11th. Finally, Wells Fargo & Company assumed coverage on Hinge Health in a report on Thursday, January 8th. They issued an “overweight” rating and a $68.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $57.07.

Hinge Health Stock Down 1.2%

HNGE traded down $0.54 during trading hours on Wednesday, hitting $45.43. The stock had a trading volume of 73,605 shares, compared to its average volume of 1,352,631. The company’s fifty day simple moving average is $41.62 and its 200 day simple moving average is $47.34. Hinge Health has a 1 year low of $30.08 and a 1 year high of $62.18. The stock has a market cap of $3.58 billion and a PE ratio of -3.55.

Hinge Health (NYSE:HNGE) last announced its quarterly earnings data on Tuesday, February 10th. The company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.45. The firm had revenue of $170.73 million during the quarter, compared to the consensus estimate of $157.31 million. The business’s quarterly revenue was up 45.5% on a year-over-year basis.

Hinge Health announced that its Board of Directors has initiated 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 purchase up to 7.2% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Insider Activity

In other Hinge Health news, Chairman Gabriel M.I. Mecklenburg sold 166,666 shares of the stock in a transaction that occurred on Friday, March 6th. The shares were sold at an average price of $45.32, for a total value of $7,553,303.12. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, President James Pursley sold 15,000 shares of the firm’s stock in a transaction on Monday, December 22nd. The shares were sold at an average price of $48.40, for a total transaction of $726,000.00. Following the completion of the transaction, the president directly owned 769,778 shares of the company’s stock, valued at approximately $37,257,255.20. The trade was a 1.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 692,157 shares of company stock valued at $31,315,523 over the last ninety days.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Wells Fargo & Company MN raised its position in shares of Hinge Health by 160.0% in the fourth quarter. Wells Fargo & Company MN now owns 546 shares of the company’s stock worth $25,000 after buying an additional 336 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in Hinge Health during the fourth quarter valued at $26,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in Hinge Health during the third quarter worth about $37,000. First Horizon Corp grew its position in Hinge Health by 163.9% during the fourth quarter. First Horizon Corp now owns 855 shares of the company’s stock worth $40,000 after buying an additional 531 shares in the last quarter. Finally, Montag A & Associates Inc. bought a new position in Hinge Health in the 2nd quarter worth about $41,000.

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.