Inogen (NASDAQ:INGN) Issues Quarterly Earnings Results, Beats Estimates By $0.24 EPS

Inogen (NASDAQ:INGNGet Rating) issued its quarterly earnings data on Thursday. The medical technology company reported ($0.15) earnings per share for the quarter, topping the consensus estimate of ($0.39) by $0.24, Briefing.com reports. The company had revenue of $103.38 million during the quarter, compared to analyst estimates of $100.64 million. Inogen had a negative return on equity of 3.83% and a negative net margin of 5.64%. The firm’s revenue for the quarter was up 1.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.22 earnings per share. Inogen updated its Q3 2022 guidance to EPS.

Inogen Stock Performance

Shares of INGN traded down $0.93 during midday trading on Friday, hitting $27.71. 193,090 shares of the stock were exchanged, compared to its average volume of 184,513. The firm has a market cap of $632.79 million, a P/E ratio of -31.49 and a beta of 1.02. The stock has a fifty day simple moving average of $26.32 and a 200 day simple moving average of $28.43. Inogen has a 52-week low of $22.51 and a 52-week high of $65.83.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on INGN. Stifel Nicolaus lowered their price objective on Inogen from $40.00 to $30.00 in a research report on Monday, May 9th. StockNews.com lowered Inogen from a “hold” rating to a “sell” rating in a research report on Friday, July 8th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, Inogen currently has a consensus rating of “Hold” and a consensus price target of $41.00.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Renaissance Technologies LLC boosted its holdings in Inogen by 15.1% in the first quarter. Renaissance Technologies LLC now owns 336,400 shares of the medical technology company’s stock valued at $10,906,000 after purchasing an additional 44,100 shares during the period. Federated Hermes Inc. boosted its holdings in Inogen by 1,774.4% in the first quarter. Federated Hermes Inc. now owns 234,502 shares of the medical technology company’s stock valued at $7,603,000 after purchasing an additional 221,991 shares during the period. Bank of New York Mellon Corp boosted its holdings in Inogen by 1.0% in the first quarter. Bank of New York Mellon Corp now owns 181,133 shares of the medical technology company’s stock valued at $5,871,000 after purchasing an additional 1,836 shares during the period. Meros Investment Management LP boosted its holdings in Inogen by 14.6% in the first quarter. Meros Investment Management LP now owns 171,522 shares of the medical technology company’s stock valued at $5,560,000 after purchasing an additional 21,828 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Inogen by 2.4% in the first quarter. Charles Schwab Investment Management Inc. now owns 148,049 shares of the medical technology company’s stock valued at $4,800,000 after purchasing an additional 3,494 shares during the period. 96.01% of the stock is currently owned by hedge funds and other institutional investors.

Inogen Company Profile

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Inogen, Inc, a medical technology company, develops, manufactures, and markets portable oxygen concentrators to patients, physicians and other clinicians, and third-party payors in the United States and internationally. Its oxygen concentrators are used to deliver supplemental long-term oxygen therapy to patients suffering from chronic respiratory conditions.

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Earnings History for Inogen (NASDAQ:INGN)

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