Inspire Medical Systems (NYSE:INSP) Shares Gap Down to $245.63

Inspire Medical Systems, Inc. (NYSE:INSP)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $245.63, but opened at $179.14. Inspire Medical Systems shares last traded at $170.43, with a volume of 1,422,150 shares.

Wall Street Analyst Weigh In

INSP has been the subject of several recent analyst reports. Royal Bank of Canada started coverage on Inspire Medical Systems in a research note on Friday, April 19th. They set an “outperform” rating and a $285.00 target price for the company. Morgan Stanley started coverage on Inspire Medical Systems in a research report on Tuesday, March 19th. They issued an “overweight” rating and a $250.00 target price on the stock. KeyCorp began coverage on Inspire Medical Systems in a research report on Tuesday, February 6th. They set an “overweight” rating and a $278.00 price target for the company. Truist Financial reissued a “buy” rating and set a $280.00 price target on shares of Inspire Medical Systems in a report on Wednesday, March 20th. Finally, Jefferies Financial Group initiated coverage on shares of Inspire Medical Systems in a report on Friday, January 19th. They issued a “buy” rating and a $245.00 price objective for the company. Five research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $256.53.

Inspire Medical Systems Stock Down 33.7 %

The firm has a market capitalization of $4.94 billion, a price-to-earnings ratio of -233.89 and a beta of 1.35. The firm’s 50 day moving average is $215.94 and its 200 day moving average is $190.56.

Inspire Medical Systems (NYSE:INSP) last announced its quarterly earnings data on Tuesday, May 7th. The company reported ($0.34) EPS for the quarter, beating analysts’ consensus estimates of ($0.63) by $0.29. The company had revenue of $164.01 million during the quarter, compared to the consensus estimate of $161.41 million. Inspire Medical Systems had a negative return on equity of 3.93% and a negative net margin of 3.39%. The company’s quarterly revenue was up 28.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.53) EPS. On average, sell-side analysts predict that Inspire Medical Systems, Inc. will post -0.35 earnings per share for the current year.

Insider Buying and Selling at Inspire Medical Systems

In other news, CEO Timothy P. Herbert sold 40,000 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $205.09, for a total transaction of $8,203,600.00. Following the sale, the chief executive officer now owns 63,658 shares in the company, valued at $13,055,619.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CFO Richard Buchholz sold 15,000 shares of the company’s stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $230.03, for a total transaction of $3,450,450.00. Following the completion of the transaction, the chief financial officer now owns 28,271 shares of the company’s stock, valued at $6,503,178.13. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Timothy P. Herbert sold 40,000 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $205.09, for a total transaction of $8,203,600.00. Following the completion of the sale, the chief executive officer now owns 63,658 shares of the company’s stock, valued at approximately $13,055,619.22. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 76,371 shares of company stock valued at $15,664,278. 4.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Inspire Medical Systems

Several large investors have recently added to or reduced their stakes in the company. Commonwealth Equity Services LLC boosted its stake in Inspire Medical Systems by 5.5% during the third quarter. Commonwealth Equity Services LLC now owns 7,253 shares of the company’s stock worth $1,439,000 after buying an additional 381 shares in the last quarter. Xponance Inc. raised its stake in Inspire Medical Systems by 2.2% during the third quarter. Xponance Inc. now owns 4,096 shares of the company’s stock worth $813,000 after acquiring an additional 88 shares in the last quarter. Raymond James & Associates boosted its stake in shares of Inspire Medical Systems by 10.8% in the 3rd quarter. Raymond James & Associates now owns 5,767 shares of the company’s stock valued at $1,144,000 after purchasing an additional 564 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its holdings in shares of Inspire Medical Systems by 47.9% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 2,849 shares of the company’s stock worth $565,000 after buying an additional 923 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in Inspire Medical Systems by 52.1% in the third quarter. Bank of New York Mellon Corp now owns 373,794 shares of the company’s stock worth $74,176,000 after purchasing an additional 128,078 shares in the last quarter. Institutional investors and hedge funds 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.