Inspire Medical Systems, Inc. (NYSE:INSP) Short Interest Up 31.1% in January

Inspire Medical Systems, Inc. (NYSE:INSP) was the recipient of a large increase in short interest during the month of January. As of January 30th, there was short interest totaling 3,868,836 shares, an increase of 31.1% from the January 15th total of 2,950,708 shares. Based on an average daily trading volume, of 1,491,778 shares, the short-interest ratio is currently 2.6 days. Approximately 13.6% of the shares of the stock are short sold. Approximately 13.6% of the shares of the stock are short sold. Based on an average daily trading volume, of 1,491,778 shares, the short-interest ratio is currently 2.6 days.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on INSP. Piper Sandler decreased their price target on Inspire Medical Systems from $165.00 to $85.00 and set an “overweight” rating for the company in a research note on Thursday, February 12th. Wells Fargo & Company set a $70.00 target price on Inspire Medical Systems and gave the stock an “equal weight” rating in a research report on Thursday, February 12th. Truist Financial cut their price target on shares of Inspire Medical Systems from $96.00 to $70.00 and set a “hold” rating on the stock in a report on Thursday, February 12th. KeyCorp reaffirmed a “sector weight” rating on shares of Inspire Medical Systems in a research note on Tuesday, November 4th. Finally, Stifel Nicolaus set a $95.00 price objective on shares of Inspire Medical Systems in a research report on Thursday, February 12th. Five analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Inspire Medical Systems presently has an average rating of “Hold” and a consensus target price of $108.94.

Insider Activity

In related news, Director Shawn Mccormick sold 2,000 shares of the stock in a transaction dated Friday, November 28th. The shares were sold at an average price of $127.48, for a total value of $254,960.00. Following the completion of the transaction, the director owned 26,046 shares of the company’s stock, valued at approximately $3,320,344.08. This trade represents a 7.13% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Inspire Medical Systems

Hedge funds and other institutional investors have recently bought and sold shares of the company. Dragoneer Investment Group LLC lifted its holdings in shares of Inspire Medical Systems by 81.4% during the 2nd quarter. Dragoneer Investment Group LLC now owns 2,354,411 shares of the company’s stock valued at $305,532,000 after purchasing an additional 1,056,808 shares during the last quarter. M&T Bank Corp acquired a new position in Inspire Medical Systems during the 4th quarter valued at about $85,871,000. Deerfield Management Company L.P. raised its stake in Inspire Medical Systems by 648.4% in the third quarter. Deerfield Management Company L.P. now owns 1,047,694 shares of the company’s stock valued at $77,739,000 after buying an additional 907,694 shares during the last quarter. Morgan Stanley boosted its holdings in Inspire Medical Systems by 179.5% in the fourth quarter. Morgan Stanley now owns 1,259,762 shares of the company’s stock worth $116,188,000 after acquiring an additional 809,121 shares in the last quarter. Finally, Fuller & Thaler Asset Management Inc. purchased a new stake in shares of Inspire Medical Systems during the fourth quarter worth about $61,619,000. Hedge funds and other institutional investors own 94.91% of the company’s stock.

Inspire Medical Systems Stock Up 1.2%

INSP stock traded up $0.69 during trading on Tuesday, hitting $60.45. 1,266,431 shares of the company’s stock traded hands, compared to its average volume of 1,558,433. The firm has a market capitalization of $1.76 billion, a P/E ratio of 12.14, a PEG ratio of 2.98 and a beta of 0.74. Inspire Medical Systems has a 1 year low of $53.11 and a 1 year high of $197.75. The business has a fifty day simple moving average of $89.59 and a two-hundred day simple moving average of $89.51.

Inspire Medical Systems (NYSE:INSP) last announced its earnings results on Wednesday, February 11th. The company reported $1.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.96. The business had revenue of $269.08 million for the quarter, compared to analysts’ expectations of $264.02 million. Inspire Medical Systems had a return on equity of 10.96% and a net margin of 15.95%.The business’s revenue for the quarter was up 12.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.15 EPS. On average, equities research analysts predict that Inspire Medical Systems will post 2.16 EPS for the current fiscal year.

About Inspire Medical Systems

Inspire Medical Systems, Inc is a medical technology company specializing in implantable neurostimulation devices for the treatment of obstructive sleep apnea (OSA). The company’s flagship offering, the Inspire® system, delivers targeted stimulation of the hypoglossal nerve to maintain airway patency during sleep, providing an alternative therapy for patients who are intolerant of or inadequately managed by continuous positive airway pressure (CPAP) devices.

The Inspire system comprises an implantable pulse generator, a sensing lead that monitors breathing patterns, and a stimulation lead that activates the hypoglossal nerve.