Why Hinge Health, Inc. (HNGE) Soared Today

We recently published a list of These 10 Stocks Soared by Double Digits Today!. In this article, we are going to take a look at where Hinge Health, Inc. (NYSE:HNGE) stands against other stocks that soared today.

Hinge Health soared by 17.38 percent on its first day as a publicly-listed company, a reflection of strong investor confidence.

During the intra-day trading, Hinge Health, Inc. (NYSE:HNGE) opened at $39.25, reached as high as $40.26 or a 25.8-percent upside from its initial public offering (IPO) price of $32, before traders took early profits to pull its stock price slightly lower towards the end.

Following the IPO,  Hinge Health, Inc. (NYSE:HNGE) successfully raised $273 million from the sale of 8.52 million shares out of the aggregate 13 million shares.

According to the company, proceeds from the offer will be used to satisfy tax withholding and remittance obligations related to the net issuance of its Class A and B common shares, in connection with the vesting and settlement of certain restricted stock units and performance-based restricted stock units.

Founded in 2014, Hinge Health, Inc. (NYSE:HNGE) is a digital physical therapy startup based in San Francisco, California, which aims to help patients treat acute musculoskeletal injuries, chronic pain, and carry out post-surgery rehabilitation from anywhere.

Overall, HNGE ranks 8th on our list of stocks that soared today. While we acknowledge the potential of HNGE, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than HNGE and has 10,000% upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.