Inspire Medical Systems, Inc. (NYSE:INSP) Sees Large Drop in Short Interest

Inspire Medical Systems, Inc. (NYSE:INSP) saw a significant decline in short interest in the month of September. As of September 15th, there was short interest totalling 1,210,000 shares, a decline of 6.9% from the August 31st total of 1,300,000 shares. Based on an average trading volume of 714,900 shares, the short-interest ratio is presently 1.7 days.

Insider Buying and Selling

In related news, Director Shawn Mccormick sold 800 shares of Inspire Medical Systems stock in a transaction on Monday, September 9th. The stock was sold at an average price of $220.00, for a total value of $176,000.00. Following the completion of the sale, the director now owns 23,140 shares of the company’s stock, valued at $5,090,800. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Inspire Medical Systems news, insider Randy Ban sold 4,861 shares of the business’s stock in a transaction dated 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 sale, the insider now owns 3,056 shares of the company’s stock, valued at $576,208.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Shawn Mccormick sold 800 shares of the business’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $220.00, for a total value of $176,000.00. Following the sale, the director now directly owns 23,140 shares of the company’s stock, valued at approximately $5,090,800. The disclosure for this sale can be found here. Insiders sold 5,692 shares of company stock valued at $1,099,207 over the last 90 days. Company insiders own 4.10% of the company’s stock.

Institutional Investors Weigh In On Inspire Medical Systems

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Van ECK Associates Corp raised its position in Inspire Medical Systems by 7.5% during the second quarter. Van ECK Associates Corp now owns 1,029 shares of the company’s stock valued at $138,000 after purchasing an additional 72 shares during the period. Amalgamated Bank grew its stake in shares of Inspire Medical Systems by 4.1% during the second quarter. Amalgamated Bank now owns 2,005 shares of the company’s stock valued at $268,000 after buying an additional 79 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Inspire Medical Systems by 0.4% during 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 during the last quarter. Bessemer Group Inc. grew its stake in shares of Inspire Medical Systems by 1.2% during the first quarter. Bessemer Group Inc. now owns 8,475 shares of the company’s stock valued at $1,820,000 after buying an additional 100 shares during the last quarter. Finally, Treasurer of the State of North Carolina grew its stake in shares of Inspire Medical Systems by 1.0% during the fourth quarter. Treasurer of the State of North Carolina now owns 12,750 shares of the company’s stock valued at $2,594,000 after buying an additional 120 shares during the last quarter. 94.91% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Robert W. Baird cut their price target on Inspire Medical Systems from $220.00 to $200.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Royal Bank of Canada reissued an “outperform” rating and set a $260.00 price target on shares of Inspire Medical Systems in a report on Wednesday, August 7th. Leerink Partners boosted their price target on Inspire Medical Systems from $167.00 to $197.00 and gave the company a “market perform” rating in a report on Tuesday, September 10th. Bank of America dropped their price objective on Inspire Medical Systems from $225.00 to $185.00 and set a “neutral” rating for the company in a research note on Monday, June 3rd. Finally, Morgan Stanley dropped their price objective on Inspire Medical Systems from $250.00 to $210.00 and set an “overweight” rating for the company in a research note on Monday, July 15th. Five research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $216.62.

Inspire Medical Systems Trading Down 0.2 %

Shares of NYSE:INSP traded down $0.51 during mid-day trading on Tuesday, reaching $210.54. The stock had a trading volume of 200,654 shares, compared to its average volume of 617,194. The company has a market cap of $6.26 billion, a P/E ratio of -383.73 and a beta of 1.33. Inspire Medical Systems has a 1 year low of $123.00 and a 1 year high of $257.40. The business’s 50 day moving average price is $184.45 and its 200 day moving average price is $182.54.

Inspire Medical Systems (NYSE:INSP) last posted its earnings results on Tuesday, August 6th. The company reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.46. The company had revenue of $195.89 million for the quarter, compared to the consensus estimate of $189.08 million. Inspire Medical Systems had a return on equity of 1.03% and a net margin of 0.85%. The firm’s revenue for the quarter was up 29.6% on a year-over-year basis. During the same period in the previous year, the business earned ($0.41) earnings per share. Analysts predict that Inspire Medical Systems will post 0.75 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.