Inspire Medical Systems (NYSE:INSP) Shares Gap Down to $245.63

Inspire Medical Systems, Inc. (NYSE:INSP) shares gapped down prior to trading on Wednesday . The stock had previously closed at $245.63, but opened at $179.14. Inspire Medical Systems shares last traded at $170.43, with a volume of 1,422,150 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on INSP shares. Bank of America cut shares of Inspire Medical Systems from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $265.00 to $225.00 in a report on Wednesday. Piper Sandler upped their price objective on Inspire Medical Systems from $250.00 to $255.00 and gave the stock an “overweight” rating in a research note on Wednesday. Mizuho reissued a “buy” rating and issued a $250.00 price target on shares of Inspire Medical Systems in a report on Wednesday, March 27th. Royal Bank of Canada initiated coverage on shares of Inspire Medical Systems in a research report on Friday, April 19th. They set an “outperform” rating and a $285.00 price objective on the stock. Finally, Jefferies Financial Group initiated coverage on shares of Inspire Medical Systems in a research report on Friday, January 19th. They set a “buy” rating and a $245.00 target price for the company. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $256.53.

Inspire Medical Systems Stock Down 33.7 %

The firm has a market cap of $4.94 billion, a PE ratio of -233.89 and a beta of 1.35. The stock has a 50 day moving average price of $215.94 and a two-hundred day moving average price of $190.56.

Inspire Medical Systems (NYSE:INSP) last released its earnings results on Tuesday, May 7th. The company reported ($0.34) earnings per share for the quarter, topping the consensus estimate of ($0.63) by $0.29. The company had revenue of $164.01 million for the quarter, compared to the consensus estimate of $161.41 million. Inspire Medical Systems had a negative net margin of 3.39% and a negative return on equity of 3.93%. Inspire Medical Systems’s revenue was up 28.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.53) EPS. As a group, equities analysts anticipate that Inspire Medical Systems, Inc. will post -0.35 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Jerry C. Griffin sold 554 shares of the firm’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $198.05, for a total value of $109,719.70. Following the completion of the transaction, the director now directly owns 9,744 shares in the company, valued at $1,929,799.20. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Director Jerry C. Griffin sold 554 shares of the stock in a transaction on Monday, March 11th. The shares were sold at an average price of $198.05, for a total value of $109,719.70. Following the sale, the director now owns 9,744 shares in the company, valued at $1,929,799.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Richard Buchholz sold 15,000 shares of the business’s stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $230.03, for a total transaction of $3,450,450.00. Following the transaction, the chief financial officer now owns 28,271 shares of the company’s stock, valued at $6,503,178.13. The disclosure for this sale can be found here. In the last 90 days, insiders sold 76,371 shares of company stock valued at $15,664,278. 4.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of INSP. FMR LLC raised its holdings in shares of Inspire Medical Systems by 130.1% during the third quarter. FMR LLC now owns 2,471,464 shares of the company’s stock valued at $490,437,000 after acquiring an additional 1,397,510 shares during the last quarter. Baillie Gifford & Co. increased its position in shares of Inspire Medical Systems by 6,846.9% during the fourth quarter. Baillie Gifford & Co. now owns 1,229,879 shares of the company’s stock valued at $250,194,000 after acquiring an additional 1,212,175 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Inspire Medical Systems by 46.4% in the 4th quarter. Wellington Management Group LLP now owns 1,430,266 shares of the company’s stock valued at $290,959,000 after acquiring an additional 453,294 shares during the period. Frontier Capital Management Co. LLC lifted its holdings in shares of Inspire Medical Systems by 105.2% in the 4th quarter. Frontier Capital Management Co. LLC now owns 742,046 shares of the company’s stock worth $150,954,000 after acquiring an additional 380,362 shares during the last quarter. Finally, Jennison Associates LLC increased its holdings in Inspire Medical Systems by 648.2% in the 4th quarter. Jennison Associates LLC now owns 304,886 shares of the company’s stock valued at $62,023,000 after purchasing an additional 264,139 shares during the last quarter. 94.91% of the stock is owned by institutional investors and hedge funds.

About Inspire Medical Systems

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.