Inspire Medical Systems, Inc. (NYSE:INSP) Short Interest Update

Inspire Medical Systems, Inc. (NYSE:INSP) was the target of a large decrease in short interest in November. As of November 30th, there was short interest totalling 2,000,000 shares, a decrease of 10.7% from the November 15th total of 2,240,000 shares. Based on an average trading volume of 572,700 shares, the short-interest ratio is currently 3.5 days.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. State Street Corp lifted its holdings in Inspire Medical Systems by 78.0% in the 3rd quarter. State Street Corp now owns 1,049,784 shares of the company’s stock valued at $221,557,000 after purchasing an additional 459,990 shares in the last quarter. Point72 Asset Management L.P. boosted its position in Inspire Medical Systems by 954.4% during the third quarter. Point72 Asset Management L.P. now owns 319,364 shares of the company’s stock worth $67,402,000 after acquiring an additional 289,075 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in Inspire Medical Systems by 798.3% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 267,852 shares of the company’s stock valued at $56,530,000 after acquiring an additional 238,034 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Inspire Medical Systems by 32.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 787,815 shares of the company’s stock valued at $105,433,000 after acquiring an additional 192,238 shares during the last quarter. Finally, AQR Capital Management LLC lifted its stake in Inspire Medical Systems by 152.7% in the 2nd quarter. AQR Capital Management LLC now owns 231,845 shares of the company’s stock worth $31,028,000 after purchasing an additional 140,090 shares in the last quarter. Institutional investors and hedge funds own 94.91% of the company’s stock.

Analyst Ratings Changes

Several research analysts have issued reports on INSP shares. Piper Sandler restated an “overweight” rating and set a $260.00 target price (up previously from $255.00) on shares of Inspire Medical Systems in a research report on Tuesday, November 5th. Truist Financial restated a “buy” rating and issued a $240.00 price target (up from $217.00) on shares of Inspire Medical Systems in a report on Monday, September 30th. Robert W. Baird upped their target price on shares of Inspire Medical Systems from $240.00 to $252.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 5th. Wells Fargo & Company boosted their price target on Inspire Medical Systems from $187.00 to $198.00 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Finally, Leerink Partners lifted their target price on Inspire Medical Systems from $167.00 to $197.00 and gave the company a “market perform” rating in a research report on Tuesday, September 10th. Three analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $233.58.

Inspire Medical Systems Price Performance

INSP traded up $0.03 during trading on Tuesday, reaching $188.86. 86,750 shares of the company’s stock were exchanged, compared to its average volume of 583,271. Inspire Medical Systems has a 1 year low of $123.00 and a 1 year high of $257.40. The stock has a market capitalization of $5.66 billion, a P/E ratio of 176.38 and a beta of 1.31. The company’s fifty day simple moving average is $193.93 and its 200-day simple moving average is $179.07.

Inspire Medical Systems (NYSE:INSP) last posted its earnings results on Monday, November 4th. The company reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.54. The firm had revenue of $203.20 million during the quarter, compared to analysts’ expectations of $197.59 million. Inspire Medical Systems had a net margin of 4.37% and a return on equity of 5.30%. The business’s revenue was up 32.6% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.29) EPS. Equities analysts forecast that Inspire Medical Systems will post 1.33 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.