Key Points
- Insight Holdings Group, a major Hinge Health shareholder, sold 1,654,440 shares on Dec. 1 at an average price of $47.76, for a total of about $79.0 million, per an SEC filing.
- Hinge Health's Board authorized a $250 million share buyback (up to ~7.2% of outstanding shares), a move typically interpreted as management signaling the stock may be undervalued.
- The company recently beat quarterly estimates with EPS of -$0.02 vs. -$0.20 expected and revenue of $154.21 million (up 53.3% YoY), while the stock trades within a 52-week range of $33.42–$62.18.
Hinge Health Inc. (NYSE:HNGE - Get Free Report) major shareholder Insight Holdings Group, Llc sold 1,654,440 shares of the firm's stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $47.76, for a total value of $79,016,054.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Major shareholders that own at least 10% of a company's shares are required to disclose their transactions with the SEC.
Hinge Health Price Performance
NYSE HNGE opened at $45.99 on Thursday. Hinge Health Inc. has a fifty-two week low of $33.42 and a fifty-two week high of $62.18. The business has a 50 day moving average of $48.21.
Hinge Health (NYSE:HNGE - Get Free Report) last posted its quarterly earnings results on Tuesday, November 4th. The company reported ($0.02) EPS for the quarter, topping analysts' consensus estimates of ($0.20) by $0.18. The firm had revenue of $154.21 million during the quarter, compared to analyst estimates of $142.44 million. The company's revenue for the quarter was up 53.3% compared to the same quarter last year.
Hinge Health declared that its Board of Directors has initiated a stock buyback program on Wednesday, November 12th that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 7.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board of directors believes its stock is undervalued.
Wall Street Analysts Forecast Growth
HNGE has been the subject of a number of research reports. Wall Street Zen raised shares of Hinge Health from a "hold" rating to a "buy" rating in a report on Saturday, November 8th. Morgan Stanley boosted their price objective on shares of Hinge Health from $57.00 to $67.00 and gave the company an "overweight" rating in a research report on Tuesday, September 23rd. Robert W. Baird assumed coverage on shares of Hinge Health in a research note on Friday, September 5th. They set a "neutral" rating and a $56.00 price objective on the stock. JMP Securities raised their target price on shares of Hinge Health from $58.00 to $65.00 and gave the stock a "market outperform" rating in a report on Wednesday, August 6th. Finally, Weiss Ratings reaffirmed a "sell (d)" rating on shares of Hinge Health in a report on Wednesday, October 8th. One equities 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 given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $59.93.
View Our Latest Analysis on HNGE
Institutional Investors Weigh In On Hinge Health
Hedge funds have recently made changes to their positions in the business. BIT Capital GmbH boosted its position in shares of Hinge Health by 144.6% during the third quarter. BIT Capital GmbH now owns 1,849,524 shares of the company's stock worth $90,775,000 after buying an additional 1,093,320 shares during the period. Vanguard Group Inc. raised its stake in Hinge Health by 22.6% during the 3rd quarter. Vanguard Group Inc. now owns 1,237,839 shares of the company's stock valued at $60,753,000 after acquiring an additional 228,234 shares in the last quarter. Bamco Inc. NY acquired a new position in Hinge Health during the 2nd quarter worth $48,943,000. Braidwell LP bought a new position in shares of Hinge Health in the third quarter worth $44,686,000. Finally, JPMorgan Chase & Co. bought a new position in shares of Hinge Health in the second quarter worth $43,840,000.
About Hinge Health
(
Get Free Report)
Our vision is to build a new health system that transforms outcomes, experience and costs by using technology to scale and automate the delivery of care. Hinge Health leverages software, including AI, to largely automate care for joint and muscle health, delivering an outstanding member experience, improved member outcomes, and cost reductions for our clients.
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