Short Interest in Inspire Medical Systems, Inc. (NYSE:INSP) Grows By 65.3%

Inspire Medical Systems, Inc. (NYSE:INSP) was the target of a large increase in short interest in September. As of September 30th, there was short interest totalling 2,000,000 shares, an increase of 65.3% from the September 15th total of 1,210,000 shares. Based on an average daily trading volume, of 647,300 shares, the short-interest ratio is presently 3.1 days.

Analyst Ratings Changes

INSP has been the topic of several recent research reports. Leerink Partners increased their price objective on shares of Inspire Medical Systems from $167.00 to $197.00 and gave the stock a “market perform” rating in a research note on Tuesday, September 10th. Robert W. Baird decreased their price objective on shares of Inspire Medical Systems from $220.00 to $200.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Truist Financial reissued a “buy” rating and set a $240.00 price objective (up from $217.00) on shares of Inspire Medical Systems in a report on Monday, September 30th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $260.00 price target on shares of Inspire Medical Systems in a report on Wednesday, August 7th. Finally, Stifel Nicolaus reduced their price target on shares of 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. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $216.62.

Insiders Place Their Bets

In other news, Director Shawn Mccormick sold 800 shares of the business’s stock in a transaction that occurred on 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 in the company, valued at approximately $5,090,800. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Inspire Medical Systems news, Director Shawn Mccormick sold 800 shares of the business’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $220.00, for a total transaction of $176,000.00. Following the transaction, the director now directly owns 23,140 shares of the company’s stock, valued at approximately $5,090,800. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Randy Ban sold 4,861 shares of the company’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $188.55, for a total transaction of $916,541.55. Following the completion of the sale, the insider now directly owns 3,056 shares in the company, valued at $576,208.80. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,692 shares of company stock valued at $1,099,207 in the last quarter. Corporate insiders own 4.10% of the company’s stock.

Institutional Investors Weigh In On Inspire Medical Systems

A number of hedge funds have recently added to or reduced their stakes in the business. Van ECK Associates Corp lifted its holdings in Inspire Medical Systems by 7.5% during the 2nd quarter. Van ECK Associates Corp now owns 1,029 shares of the company’s stock worth $138,000 after buying an additional 72 shares in the last quarter. Amalgamated Bank raised its holdings in shares of Inspire Medical Systems by 4.1% in the 2nd quarter. Amalgamated Bank now owns 2,005 shares of the company’s stock valued at $268,000 after purchasing an additional 79 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Inspire Medical Systems by 0.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 21,193 shares of the company’s stock valued at $2,836,000 after purchasing an additional 92 shares in the last quarter. Bessemer Group Inc. raised its holdings 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 valued at $1,820,000 after purchasing an additional 100 shares in the last quarter. Finally, Gilliland Jeter Wealth Management LLC raised its holdings in shares of Inspire Medical Systems by 0.8% in the 2nd quarter. Gilliland Jeter Wealth Management LLC now owns 15,508 shares of the company’s stock valued at $2,075,000 after purchasing an additional 125 shares in the last quarter. 94.91% of the stock is currently owned by institutional investors and hedge funds.

Inspire Medical Systems Price Performance

Shares of NYSE:INSP traded up $2.19 during mid-day trading on Monday, reaching $213.02. 52,544 shares of the company were exchanged, compared to its average volume of 607,163. The firm has a market cap of $6.33 billion, a price-to-earnings ratio of -383.33 and a beta of 1.34. The firm’s 50-day simple moving average is $197.04 and its 200 day simple moving average is $183.00. 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 released its earnings results on Tuesday, August 6th. The company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.46. The company had revenue of $195.89 million for 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 firm’s quarterly revenue was up 29.6% on a year-over-year basis. During the same period in the prior year, the business earned ($0.41) EPS. On average, research analysts forecast that Inspire Medical Systems will post 0.75 earnings per share for the current fiscal year.

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.