Inspire Medical Systems (NYSE:INSP) Stock Price Down 6.3% – Here’s Why

Inspire Medical Systems, Inc. (NYSE:INSP)’s stock price was down 6.3% on Thursday . The company traded as low as $93.66 and last traded at $92.7650. Approximately 238,729 shares changed hands during trading, a decline of 73% from the average daily volume of 896,797 shares. The stock had previously closed at $99.03.

Analyst Ratings Changes

INSP has been the topic of a number of recent research reports. Truist Financial dropped their price objective on shares of Inspire Medical Systems from $165.00 to $120.00 and set a “buy” rating on the stock in a research note on Thursday. Oppenheimer reissued an “outperform” rating on shares of Inspire Medical Systems in a report on Friday, December 19th. Wells Fargo & Company raised Inspire Medical Systems from an “equal weight” rating to an “overweight” rating and reduced their price objective for the company from $101.00 to $90.00 in a research note on Tuesday, November 4th. Royal Bank Of Canada lifted their target price on Inspire Medical Systems from $125.00 to $175.00 and gave the company an “outperform” rating in a research note on Wednesday, December 17th. Finally, Stifel Nicolaus set a $110.00 target price on Inspire Medical Systems and gave the company a “buy” rating in a report on Monday, November 24th. Eleven investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Inspire Medical Systems currently has an average rating of “Moderate Buy” and an average price target of $136.35.

Inspire Medical Systems Price Performance

The company has a 50-day simple moving average of $103.79 and a 200-day simple moving average of $100.09. The stock has a market cap of $2.77 billion, a PE ratio of 64.81, a PEG ratio of 9.85 and a beta of 0.72.

Inspire Medical Systems (NYSE:INSP) last posted its quarterly earnings results on Monday, November 3rd. The company reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.53. Inspire Medical Systems had a net margin of 5.05% and a return on equity of 9.41%. The business had revenue of $224.50 million for the quarter, compared to analysts’ expectations of $220.39 million. During the same period in the prior year, the company posted $0.60 EPS. The business’s revenue for the quarter was up 10.5% on a year-over-year basis. On average, equities analysts expect that Inspire Medical Systems, Inc. will post 2.16 EPS for the current fiscal year.

Insider Transactions at Inspire Medical Systems

In other news, Director Shawn Mccormick sold 2,000 shares of Inspire Medical Systems stock in a transaction that occurred on Friday, November 28th. The shares were sold at an average price of $127.48, for a total transaction of $254,960.00. Following the completion of the sale, the director directly owned 26,046 shares in the company, valued at approximately $3,320,344.08. This trade represents a 7.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 4.10% of the company’s stock.

Hedge Funds Weigh In On Inspire Medical Systems

Several hedge funds have recently bought and sold shares of INSP. Dragoneer Investment Group LLC boosted its position in Inspire Medical Systems by 81.4% during the second quarter. Dragoneer Investment Group LLC now owns 2,354,411 shares of the company’s stock worth $305,532,000 after purchasing an additional 1,056,808 shares in the last quarter. Deerfield Management Company L.P. raised its stake in shares of Inspire Medical Systems by 648.4% during the 3rd quarter. Deerfield Management Company L.P. now owns 1,047,694 shares of the company’s stock worth $77,739,000 after buying an additional 907,694 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Inspire Medical Systems by 214.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,112,925 shares of the company’s stock worth $177,267,000 after buying an additional 759,090 shares in the last quarter. Balyasny Asset Management L.P. grew its stake in Inspire Medical Systems by 16,504.3% in the 3rd quarter. Balyasny Asset Management L.P. now owns 614,359 shares of the company’s stock valued at $45,585,000 after acquiring an additional 610,659 shares during the last quarter. Finally, William Blair Investment Management LLC grew its stake in Inspire Medical Systems by 68.7% in the 3rd quarter. William Blair Investment Management LLC now owns 1,297,573 shares of the company’s stock valued at $96,280,000 after acquiring an additional 528,404 shares during the last quarter. 94.91% of the stock is owned by hedge funds and other institutional investors.

Inspire Medical Systems Company Profile

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.