Inspire Medical Systems (NYSE:INSP) Trading 5.4% Higher

Inspire Medical Systems, Inc. (NYSE:INSP)’s share price rose 5.4% during trading on Wednesday . The company traded as high as $186.58 and last traded at $186.58. Approximately 29,435 shares were traded during mid-day trading, a decline of 95% from the average daily volume of 587,071 shares. The stock had previously closed at $177.07.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on INSP. Morgan Stanley lowered their price target on shares of Inspire Medical Systems from $250.00 to $210.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. Truist Financial cut their price target on shares of Inspire Medical Systems from $280.00 to $217.00 and set a “buy” rating on the stock in a report on Tuesday, July 16th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $260.00 price target on shares of Inspire Medical Systems in a research report on Wednesday, August 7th. Bank of America lowered their price objective on Inspire Medical Systems from $225.00 to $185.00 and set a “neutral” rating for the company in a research report on Monday, June 3rd. Finally, Robert W. Baird reduced their target price on Inspire Medical Systems from $220.00 to $200.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Inspire Medical Systems currently has an average rating of “Moderate Buy” and a consensus target price of $219.79.

Inspire Medical Systems Stock Performance

The company’s fifty day moving average is $160.61 and its two-hundred day moving average is $180.31. The company has a market cap of $5.86 billion, a price-to-earnings ratio of -358.64 and a beta of 1.33.

Inspire Medical Systems (NYSE:INSP) last posted its 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. The company had revenue of $195.89 million during the quarter, compared to the consensus estimate 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 previous year, the firm posted ($0.41) earnings per share. On average, sell-side analysts anticipate that Inspire Medical Systems, Inc. will post 0.75 EPS for the current fiscal year.

Insider Transactions at Inspire Medical Systems

In related news, insider Randy Ban sold 4,861 shares of Inspire Medical Systems stock in a transaction that occurred on 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 transaction, the insider now directly owns 3,056 shares in the company, valued at $576,208.80. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 4.10% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Van ECK Associates Corp grew its position in shares of Inspire Medical Systems by 7.5% during the 2nd quarter. Van ECK Associates Corp now owns 1,029 shares of the company’s stock valued at $138,000 after acquiring an additional 72 shares during the period. Amalgamated Bank grew its holdings in Inspire Medical Systems by 4.1% in the second quarter. Amalgamated Bank now owns 2,005 shares of the company’s stock valued at $268,000 after purchasing an additional 79 shares during the period. The Manufacturers Life Insurance Company increased its position in shares of Inspire Medical Systems by 0.4% in the second quarter. The Manufacturers Life Insurance Company now owns 21,193 shares of the company’s stock valued at $2,836,000 after buying an additional 92 shares in the last quarter. Bessemer Group Inc. raised its stake in shares of Inspire Medical Systems by 1.2% during the 1st quarter. Bessemer Group Inc. now owns 8,475 shares of the company’s stock worth $1,820,000 after buying an additional 100 shares during the period. Finally, Qsemble Capital Management LP raised its stake in shares of Inspire Medical Systems by 2.5% during the 4th quarter. Qsemble Capital Management LP now owns 4,253 shares of the company’s stock worth $865,000 after buying an additional 105 shares during the period. Hedge funds and other 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.