Inspire Medical Systems (NYSE:INSP) Shares Down 6.3% – Here’s Why

Inspire Medical Systems, Inc. (NYSE:INSP)’s stock price traded down 6.3% during mid-day trading on Thursday . The company traded as low as $93.66 and last traded at $92.7650. 238,729 shares were traded during mid-day trading, a decline of 73% from the average session volume of 896,797 shares. The stock had previously closed at $99.03.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on INSP shares. Jefferies Financial Group restated a “hold” rating and set a $85.00 target price (down from $160.00) on shares of Inspire Medical Systems in a research report on Friday, October 24th. Zacks Research raised Inspire Medical Systems from a “strong sell” rating to a “hold” rating in a research note on Monday, October 27th. Weiss Ratings reissued a “sell (d)” rating on shares of Inspire Medical Systems in a research note on Monday, December 29th. Truist Financial reduced their price objective on shares of Inspire Medical Systems from $165.00 to $120.00 and set a “buy” rating for the company in a research report on Thursday. Finally, Robert W. Baird increased their price objective on shares of Inspire Medical Systems from $125.00 to $180.00 and gave the company an “outperform” rating in a report on Thursday, December 4th. Eleven analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $136.35.

Inspire Medical Systems Stock Up 3.6%

The company’s 50-day moving average is $104.75 and its 200-day moving average is $99.83. The stock has a market capitalization of $2.86 billion, a price-to-earnings ratio of 66.94, a PEG ratio of 9.62 and a beta of 0.72.

Inspire Medical Systems (NYSE:INSP) last posted its earnings results on Monday, November 3rd. The company reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.53. The company had revenue of $224.50 million during the quarter, compared to analysts’ expectations of $220.39 million. Inspire Medical Systems had a return on equity of 9.41% and a net margin of 5.05%.The firm’s quarterly revenue was up 10.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.60 earnings per share. Sell-side analysts anticipate that Inspire Medical Systems, Inc. will post 2.16 EPS for the current year.

Insiders Place Their Bets

In other Inspire Medical Systems news, Director Shawn Mccormick sold 2,000 shares of the firm’s stock in a transaction that occurred on Friday, November 28th. The shares were sold at an average price of $127.48, for a total value of $254,960.00. Following the completion of the transaction, the director owned 26,046 shares of the company’s stock, valued at $3,320,344.08. This trade represents a 7.13% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 4.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Inspire Medical Systems

A number of institutional investors and hedge funds have recently modified their holdings of INSP. Dragoneer Investment Group LLC raised its stake in Inspire Medical Systems by 81.4% in the second quarter. Dragoneer Investment Group LLC now owns 2,354,411 shares of the company’s stock valued at $305,532,000 after buying an additional 1,056,808 shares in the last quarter. Deerfield Management Company L.P. boosted its position in shares of Inspire Medical Systems by 648.4% during the 3rd quarter. Deerfield Management Company L.P. now owns 1,047,694 shares of the company’s stock worth $77,739,000 after acquiring an additional 907,694 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Inspire Medical Systems by 214.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,112,925 shares of the company’s stock valued at $177,267,000 after acquiring an additional 759,090 shares during the last quarter. Balyasny Asset Management L.P. increased its holdings in shares of Inspire Medical Systems by 16,504.3% in the 3rd quarter. Balyasny Asset Management L.P. now owns 614,359 shares of the company’s stock valued at $45,585,000 after acquiring an additional 610,659 shares during the last quarter. Finally, William Blair Investment Management LLC raised its position in shares of Inspire Medical Systems by 68.7% during the 3rd quarter. William Blair Investment Management LLC now owns 1,297,573 shares of the company’s stock worth $96,280,000 after acquiring an additional 528,404 shares in the last quarter. Institutional investors and hedge funds own 94.91% of the company’s stock.

Inspire Medical Systems Company Profile

Inspire Medical Systems, Inc is a medical technology company specializing in implantable neurostimulation devices for the treatment of obstructive sleep apnea (OSA). The company’s flagship offering, the Inspire® system, delivers targeted stimulation of the hypoglossal nerve to maintain airway patency during sleep, providing an alternative therapy for patients who are intolerant of or inadequately managed by continuous positive airway pressure (CPAP) devices.

The Inspire system comprises an implantable pulse generator, a sensing lead that monitors breathing patterns, and a stimulation lead that activates the hypoglossal nerve.