Short Interest in Inspire Medical Systems, Inc. (NYSE:INSP) Increases By 5.8%

Inspire Medical Systems, Inc. (NYSE:INSP) saw a large increase in short interest during the month of August. As of August 15th, there was short interest totalling 1,270,000 shares, an increase of 5.8% from the July 31st total of 1,200,000 shares. Based on an average trading volume of 607,200 shares, the days-to-cover ratio is currently 2.1 days.

Inspire Medical Systems Price Performance

Shares of NYSE:INSP opened at $177.16 on Wednesday. The company has a market cap of $5.28 billion, a P/E ratio of -322.11 and a beta of 1.31. Inspire Medical Systems has a 1 year low of $123.00 and a 1 year high of $257.40. The stock’s fifty day moving average price is $158.19 and its 200-day moving average price is $180.07.

Inspire Medical Systems (NYSE:INSP) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.46. Inspire Medical Systems had a return on equity of 1.03% and a net margin of 0.85%. The firm had revenue of $195.89 million for the quarter, compared to the consensus estimate of $189.08 million. During the same period in the prior year, the company posted ($0.41) earnings per share. The company’s quarterly revenue was up 29.6% on a year-over-year basis. On average, sell-side analysts anticipate that Inspire Medical Systems will post 0.75 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have recently commented on INSP. Piper Sandler boosted their price objective on Inspire Medical Systems from $250.00 to $255.00 and gave the stock an “overweight” rating in a report on Wednesday, May 8th. Bank of America cut their price objective on Inspire Medical Systems from $225.00 to $185.00 and set a “neutral” rating for the company in a report on Monday, June 3rd. Stifel Nicolaus dropped their target price on Inspire Medical Systems from $210.00 to $170.00 and set a “hold” rating for the company in a research report on Monday, June 24th. Robert W. Baird dropped their target price on Inspire Medical Systems from $220.00 to $200.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Finally, Truist Financial dropped their target price on Inspire Medical Systems from $280.00 to $217.00 and set a “buy” rating for the company in a research report on Tuesday, July 16th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $219.79.

Insider Buying and Selling

In related news, insider Randy Ban sold 4,861 shares of Inspire Medical Systems stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $188.55, for a total value of $916,541.55. Following the completion of the sale, the insider now owns 3,056 shares of the company’s stock, valued at approximately $576,208.80. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 4.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Clearbridge Investments LLC bought a new position in shares of Inspire Medical Systems in the second quarter worth about $1,580,000. Teachers Retirement System of The State of Kentucky raised its stake in shares of Inspire Medical Systems by 1.1% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 40,938 shares of the company’s stock worth $5,479,000 after buying an additional 437 shares during the period. Cetera Investment Advisers raised its stake in shares of Inspire Medical Systems by 497.7% in the second quarter. Cetera Investment Advisers now owns 17,512 shares of the company’s stock worth $2,344,000 after buying an additional 14,582 shares during the period. Quarry LP raised its stake in shares of Inspire Medical Systems by 105.4% in the second quarter. Quarry LP now owns 343 shares of the company’s stock worth $46,000 after buying an additional 176 shares during the period. Finally, Creative Planning grew its position in shares of Inspire Medical Systems by 12.4% during the second quarter. Creative Planning now owns 2,575 shares of the company’s stock worth $345,000 after purchasing an additional 284 shares in the last quarter. Institutional investors own 94.91% of the company’s stock.

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.