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

Inspire Medical Systems, Inc. (NYSE:INSP) was the target of a significant decline in short interest during the month of June. As of June 15th, there was short interest totalling 1,790,000 shares, a decline of 8.7% from the May 31st total of 1,960,000 shares. Based on an average daily volume of 666,400 shares, the short-interest ratio is currently 2.7 days.

Insiders Place Their Bets

In other Inspire Medical Systems news, CFO Richard Buchholz sold 15,000 shares of the business’s stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $230.03, for a total value of $3,450,450.00. Following the transaction, the chief financial officer now owns 28,271 shares of the company’s stock, valued at $6,503,178.13. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 4.10% of the company’s stock.

Hedge Funds Weigh In On Inspire Medical Systems

Institutional investors have recently modified their holdings of the company. Massmutual Trust Co. FSB ADV increased its position in shares of Inspire Medical Systems by 176,312.5% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 14,113 shares of the company’s stock valued at $3,031,000 after purchasing an additional 14,105 shares during the last quarter. Bullseye Asset Management LLC boosted its holdings in Inspire Medical Systems by 119.6% during the 4th quarter. Bullseye Asset Management LLC now owns 27,199 shares of the company’s stock valued at $5,534,000 after acquiring an additional 14,812 shares during the period. Private Ocean LLC purchased a new stake in Inspire Medical Systems during the 1st quarter valued at about $2,738,000. Sumitomo Mitsui Trust Holdings Inc. purchased a new stake in Inspire Medical Systems during the 4th quarter valued at about $1,271,000. Finally, Gilliland Jeter Wealth Management LLC purchased a new stake in Inspire Medical Systems during the 4th quarter valued at about $3,369,000. 94.91% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently commented on INSP shares. Bank of America dropped their price target on Inspire Medical Systems from $225.00 to $185.00 and set a “neutral” rating on the stock in a research report on Monday, June 3rd. Piper Sandler upped their price target on Inspire Medical Systems from $250.00 to $255.00 and gave the company an “overweight” rating in a research report on Wednesday, May 8th. Royal Bank of Canada began coverage on Inspire Medical Systems in a research report on Friday, April 19th. They set an “outperform” rating and a $285.00 price target on the stock. Stifel Nicolaus decreased their price objective on Inspire Medical Systems from $210.00 to $170.00 and set a “hold” rating on the stock in a research note on Monday, June 24th. Finally, Mizuho reiterated a “buy” rating and set a $250.00 price objective on shares of Inspire Medical Systems in a research note on Wednesday, March 27th. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $251.20.

Inspire Medical Systems Price Performance

NYSE INSP traded down $0.31 during trading on Wednesday, reaching $133.94. The company’s stock had a trading volume of 305,987 shares, compared to its average volume of 597,847. The stock has a market capitalization of $3.98 billion, a PE ratio of -244.13 and a beta of 1.31. The firm has a fifty day moving average of $173.32 and a 200 day moving average of $191.79. Inspire Medical Systems has a one year low of $123.27 and a one year high of $330.00.

Inspire Medical Systems (NYSE:INSP) last announced its earnings results on Tuesday, May 7th. The company reported ($0.34) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.63) by $0.29. The business had revenue of $164.01 million for the quarter, compared to analyst estimates of $161.41 million. Inspire Medical Systems had a negative return on equity of 2.82% and a negative net margin of 2.38%. The company’s quarterly revenue was up 28.2% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.53) EPS. Research analysts expect that Inspire Medical Systems will post 0.16 earnings per share for the current fiscal 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.