Inspire Medical Systems, Inc. (NYSE:INSP) Short Interest Update

Inspire Medical Systems, Inc. (NYSE:INSP) was the recipient of a large drop in short interest during the month of September. As of September 15th, there was short interest totalling 1,210,000 shares, a drop of 6.9% from the August 31st total of 1,300,000 shares. Based on an average daily trading volume, of 714,900 shares, the short-interest ratio is currently 1.7 days.

Inspire Medical Systems Price Performance

INSP traded down $2.76 during midday trading on Tuesday, reaching $208.29. 21,110 shares of the company’s stock were exchanged, compared to its average volume of 616,325. The stock has a market capitalization of $6.19 billion, a PE ratio of -383.73 and a beta of 1.33. The business’s 50-day moving average price is $184.45 and its 200 day moving average price is $182.54. Inspire Medical Systems has a 1-year low of $123.00 and a 1-year high of $257.40.

Inspire Medical Systems (NYSE:INSP) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.46. The business had revenue of $195.89 million during the quarter, compared to analyst estimates of $189.08 million. Inspire Medical Systems had a net margin of 0.85% and a return on equity of 1.03%. The company’s revenue was up 29.6% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.41) earnings per share. As a group, analysts expect that Inspire Medical Systems will post 0.75 EPS for the current fiscal year.

Analysts Set New Price Targets

INSP has been the subject of several recent analyst reports. Royal Bank of Canada restated an “outperform” rating and issued a $260.00 target price on shares of Inspire Medical Systems in a research note on Wednesday, August 7th. Truist Financial reaffirmed a “buy” rating and issued a $240.00 target price (up previously from $217.00) on shares of Inspire Medical Systems in a report on Monday. Robert W. Baird lowered their target price on shares of Inspire Medical Systems from $220.00 to $200.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. KeyCorp lowered their target price on shares of Inspire Medical Systems from $278.00 to $236.00 and set an “overweight” rating on the stock in a report on Wednesday, August 7th. Finally, Morgan Stanley lowered their target price on shares of Inspire Medical Systems from $250.00 to $210.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $216.62.

Insider Activity at Inspire Medical Systems

In related news, Director Shawn Mccormick sold 800 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $220.00, for a total transaction of $176,000.00. Following the transaction, the director now owns 23,140 shares in the company, valued at approximately $5,090,800. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director Shawn Mccormick sold 800 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $220.00, for a total value of $176,000.00. Following the completion of the sale, the director now directly owns 23,140 shares of the company’s stock, valued at $5,090,800. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Randy Ban sold 4,861 shares of the business’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $188.55, for a total value of $916,541.55. Following the completion of the transaction, the insider now owns 3,056 shares in the company, valued at approximately $576,208.80. The disclosure for this sale can be found here. Insiders have sold 5,692 shares of company stock valued at $1,099,207 in the last ninety days. Insiders own 4.10% of the company’s stock.

Hedge Funds Weigh In On Inspire Medical Systems

Institutional investors have recently modified their holdings of the company. Wellington Management Group LLP grew its holdings in Inspire Medical Systems by 46.4% in the fourth quarter. Wellington Management Group LLP now owns 1,430,266 shares of the company’s stock valued at $290,959,000 after purchasing an additional 453,294 shares during the period. Frontier Capital Management Co. LLC grew its holdings in Inspire Medical Systems by 105.2% in the fourth quarter. Frontier Capital Management Co. LLC now owns 742,046 shares of the company’s stock valued at $150,954,000 after purchasing an additional 380,362 shares during the period. Baillie Gifford & Co. grew its stake in Inspire Medical Systems by 19.3% during the first quarter. Baillie Gifford & Co. now owns 1,467,613 shares of the company’s stock worth $315,229,000 after buying an additional 237,734 shares during the period. Bank of New York Mellon Corp grew its stake in Inspire Medical Systems by 49.5% during the first quarter. Bank of New York Mellon Corp now owns 595,577 shares of the company’s stock worth $127,924,000 after buying an additional 197,097 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its stake in Inspire Medical Systems by 51.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 459,766 shares of the company’s stock worth $98,754,000 after buying an additional 156,893 shares during the period. Institutional investors and hedge funds own 94.91% of the company’s stock.

Inspire Medical Systems Company Profile

Inspire Medical Systems, Inc, a medical technology company, focuses on the development and commercialization of minimally invasive solutions for patients with obstructive sleep apnea (OSA) in the United States and internationally. The company offers Inspire system, a neurostimulation technology that provides a safe and effective treatment for moderate to severe OSA.