Hinge Health

HNGE · NYSE

$107.51+$3.55 (+3.41%)TodayMarket closed · Oct 20, 7:58 PM ET

Prev close $103.96

HNGE analyst rating

BuyConsensus of 15 analysts over the last 12 months. 93% rate it a buy.

Strong buy0
Buy14
Hold1
Underperform0
Sell0

12-month price target · 18 analysts

Average $111.50 (+3.7% upside)

Low: $90.90
Now: $107.51
High: $147.00

Upgrades and downgrades

The latest rating actions, newest first

HNGE analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Keybanc	Oct 16, 2026	Maintains	Overweight	$125.00 → $140.00	35%
Barclays	Oct 12, 2026	Maintains	Overweight	$100.00 → $110.00	66%
Needham	Sep 30, 2026	Maintains	Buy	$97.00 → $115.00	46%
Baird	Sep 22, 2026	Maintains	Neutral	$85.00 → $90.00	44%
Stifel	Sep 8, 2026	Maintains	Buy	$96.00 → $115.00	55%
Truist Securities	Aug 11, 2026	Maintains	Buy	$85.00 → $112.00	37%
RBC Capital	Aug 5, 2026	Maintains	Outperform	$75.00 → $110.00	51%
Citizens	Aug 5, 2026	Maintains	Market Outperform	$96.00 → $107.00	45%
Wells Fargo	Aug 5, 2026	Maintains	Overweight	$90.00 → $103.00	48%
Evercore ISI Group	Aug 5, 2026	Maintains	Outperform	$100.00 → $105.00	60%

The case for and against

Updated Oct 14, 2026

Bull case

Hinge Health is viewed positively because its selling season and pipeline remain very strong, with win-rates above 80%, rapid 4-6 week onboarding, and a net add expectation of at least 4-5mn lives versus 25mn installed base, suggesting durable demand and expanding penetration. Its core value proposition is reinforced by clinical and operational evidence: payers see it as the differentiated MSK leader due to engagement, seamless integration, and measurable cost savings, while retention is 97% and newer cohorts are starting at higher yields as client relationships mature. Growth is further supported by high-margin adjacencies like HingeSelect Surgery and Migraine, with management’s target model calling for 20%-25% revenue growth, ~85% gross margin, and 35%+ operating margin, indicating meaningful operating leverage ahead.

Bear case

Hinge Health is facing a fundamentally fragile engagement backdrop, as August MAUs fell 8% y/y to 527.4k and 12% m/m, marking the first y/y decline in the data set despite downloads rising 42% y/y to 132.1k. While 3Q26 QTD downloads are up 37% y/y and still far ahead of Sword, the divergence between new-download momentum and weakening active usage suggests the installed base is less durable than headline growth implies. That matters because the business depends on retaining members, renewing client relationships, and sustaining ROI for health-plan partners, while competition, regulation, and upfront client costs increase the risk that growth does not convert into profitable scale.

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