1832 Asset Management L.P. Takes $1.74 Million Position in Inspire Medical Systems, Inc. (NYSE:INSP)

1832 Asset Management L.P. purchased a new position in shares of Inspire Medical Systems, Inc. (NYSE:INSP) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 8,100 shares of the company’s stock, valued at approximately $1,740,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Twin Capital Management Inc. acquired a new position in Inspire Medical Systems in the first quarter worth about $849,000. Bessemer Group Inc. grew its position in shares of Inspire Medical Systems by 1.2% in the 1st quarter. Bessemer Group Inc. now owns 8,475 shares of the company’s stock worth $1,820,000 after acquiring an additional 100 shares in the last quarter. Thornburg Investment Management Inc. increased its holdings in shares of Inspire Medical Systems by 3.8% in the 1st quarter. Thornburg Investment Management Inc. now owns 25,808 shares of the company’s stock valued at $5,543,000 after acquiring an additional 947 shares during the last quarter. Intech Investment Management LLC acquired a new stake in shares of Inspire Medical Systems during the 1st quarter valued at approximately $2,147,000. Finally, Beacon Investment Advisory Services Inc. raised its position in shares of Inspire Medical Systems by 3.0% during the 1st quarter. Beacon Investment Advisory Services Inc. now owns 8,747 shares of the company’s stock valued at $1,879,000 after acquiring an additional 254 shares in the last quarter. Institutional investors own 94.91% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Stifel Nicolaus lowered their target price on shares of Inspire Medical Systems from $210.00 to $170.00 and set a “hold” rating for the company in a research note on Monday, June 24th. Bank of America dropped their price objective on shares of Inspire Medical Systems from $225.00 to $185.00 and set a “neutral” rating on the stock in a research note on Monday, June 3rd. Piper Sandler raised their target price on shares of Inspire Medical Systems from $250.00 to $255.00 and gave the stock an “overweight” rating in a report on Wednesday, May 8th. Royal Bank of Canada initiated coverage on Inspire Medical Systems in a report on Friday, April 19th. They set an “outperform” rating and a $285.00 target price for the company. Finally, Morgan Stanley cut their price target on 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 analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $235.29.

Inspire Medical Systems Price Performance

Shares of INSP traded down $9.26 during trading hours on Friday, reaching $125.79. 956,555 shares of the company’s stock traded hands, compared to its average volume of 425,876. Inspire Medical Systems, Inc. has a twelve month low of $123.00 and a twelve month high of $293.63. The business’s fifty day simple moving average is $148.29 and its two-hundred day simple moving average is $185.05. The firm has a market capitalization of $3.74 billion, a price-to-earnings ratio of -228.71 and a beta of 1.31.

Inspire Medical Systems (NYSE:INSP) last announced its earnings results on Tuesday, May 7th. The company reported ($0.34) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.63) by $0.29. Inspire Medical Systems had a negative net margin of 2.38% and a negative return on equity of 2.82%. The firm had revenue of $164.01 million during the quarter, compared to analyst estimates of $161.41 million. During the same quarter in the prior year, the firm posted ($0.53) EPS. Inspire Medical Systems’s revenue was up 28.2% compared to the same quarter last year. On average, equities research analysts expect that Inspire Medical Systems, Inc. will post 0.16 EPS for the current year.

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.