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

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

Inspire Medical Systems Stock Performance

Shares of NYSE INSP traded up $0.21 during midday trading on Tuesday, reaching $211.26. 205,209 shares of the company’s stock were exchanged, compared to its average volume of 617,299. Inspire Medical Systems has a 52-week low of $123.00 and a 52-week high of $257.40. The business’s fifty day moving average price is $184.45 and its two-hundred day moving average price is $182.54. The stock has a market capitalization of $6.28 billion, a PE ratio of -383.73 and a beta of 1.33.

Inspire Medical Systems (NYSE:INSP) last posted its quarterly 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 business had revenue of $195.89 million during 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 company’s revenue for the quarter was up 29.6% compared to the same quarter last year. During the same period last year, the firm earned ($0.41) earnings per share. Analysts predict that Inspire Medical Systems will post 0.75 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

INSP has been the subject of a number of recent analyst reports. Morgan Stanley cut their price target on shares of Inspire Medical Systems from $250.00 to $210.00 and set an “overweight” rating for the company in a report on Monday, July 15th. KeyCorp cut their target price on Inspire Medical Systems from $278.00 to $236.00 and set an “overweight” rating for the company in a research note on Wednesday, August 7th. Truist Financial reiterated a “buy” rating and set a $240.00 price target (up from $217.00) on shares of Inspire Medical Systems in a report on Monday. Leerink Partners increased their target price on shares of Inspire Medical Systems from $167.00 to $197.00 and gave the stock a “market perform” rating in a research note on Tuesday, September 10th. Finally, Robert W. Baird reduced their price target on shares of Inspire Medical Systems from $220.00 to $200.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Five research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, Inspire Medical Systems has an average rating of “Moderate Buy” and a consensus price target of $216.62.

Insider Activity

In other news, Director Shawn Mccormick sold 800 shares of the firm’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 transaction, the director now directly owns 23,140 shares of the company’s stock, valued at $5,090,800. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Shawn Mccormick sold 800 shares of Inspire Medical Systems stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $220.00, for a total transaction of $176,000.00. Following the transaction, the director now owns 23,140 shares in the company, valued at $5,090,800. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Randy Ban sold 4,861 shares of the company’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $188.55, for a total value 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 disclosure for this sale can be found here. Insiders have sold a total of 5,692 shares of company stock worth $1,099,207 over the last quarter. 4.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of INSP. Baillie Gifford & Co. lifted its holdings in Inspire Medical Systems by 19.3% in the first quarter. Baillie Gifford & Co. now owns 1,467,613 shares of the company’s stock worth $315,229,000 after acquiring an additional 237,734 shares during the last quarter. Wellington Management Group LLP raised its holdings in Inspire Medical Systems by 46.4% during the 4th quarter. Wellington Management Group LLP now owns 1,430,266 shares of the company’s stock worth $290,959,000 after buying an additional 453,294 shares during the period. Wasatch Advisors LP boosted its stake in Inspire Medical Systems by 0.5% in the 1st quarter. Wasatch Advisors LP now owns 1,102,867 shares of the company’s stock worth $236,885,000 after purchasing an additional 5,522 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of Inspire Medical Systems by 32.3% during the second quarter. Bank of New York Mellon Corp now owns 787,815 shares of the company’s stock valued at $105,433,000 after buying an additional 192,238 shares in the last quarter. Finally, William Blair Investment Management LLC boosted its holdings in shares of Inspire Medical Systems by 1.8% during the second quarter. William Blair Investment Management LLC now owns 770,413 shares of the company’s stock worth $103,104,000 after purchasing an additional 13,602 shares during the period. 94.91% of the stock is owned by institutional investors and hedge funds.

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.