Inspire Medical Systems (NYSE:INSP) Shares Down 10.2% – Here’s Why

Inspire Medical Systems, Inc. (NYSE:INSP)’s share price fell 10.2% on Monday . The company traded as low as $181.05 and last traded at $181.73. 195,983 shares changed hands during trading, a decline of 64% from the average session volume of 537,953 shares. The stock had previously closed at $202.48.

Analyst Ratings Changes

INSP has been the topic of several research analyst reports. Stifel Nicolaus reaffirmed a “hold” rating and issued a $200.00 price target (up previously from $170.00) on shares of Inspire Medical Systems in a report on Tuesday, November 5th. Royal Bank of Canada restated an “outperform” rating and set a $260.00 price objective on shares of Inspire Medical Systems in a research report on Tuesday, November 5th. Robert W. Baird upped their target price on shares of Inspire Medical Systems from $240.00 to $252.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 5th. Bank of America raised Inspire Medical Systems from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $220.00 to $255.00 in a research note on Wednesday, November 20th. Finally, Piper Sandler reiterated an “overweight” rating and set a $260.00 price objective (up from $255.00) on shares of Inspire Medical Systems in a research report on Tuesday, November 5th. Three equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $233.58.

Inspire Medical Systems Price Performance

The stock has a market capitalization of $5.34 billion, a P/E ratio of 166.44 and a beta of 1.32. The firm’s 50 day moving average price is $191.71 and its 200 day moving average price is $184.02.

Inspire Medical Systems (NYSE:INSP) last announced its quarterly earnings results on Monday, November 4th. The company reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.54. The company had revenue of $203.20 million during the quarter, compared to analyst estimates of $197.59 million. Inspire Medical Systems had a return on equity of 5.30% and a net margin of 4.37%. The firm’s revenue was up 32.6% on a year-over-year basis. During the same quarter last year, the firm posted ($0.29) earnings per share. On average, equities research analysts forecast that Inspire Medical Systems, Inc. will post 1.33 earnings per share for the current year.

Hedge Funds Weigh In On Inspire Medical Systems

Several large investors have recently made changes to their positions in INSP. Rhumbline Advisers raised its holdings in Inspire Medical Systems by 0.9% in the 2nd quarter. Rhumbline Advisers now owns 35,861 shares of the company’s stock worth $4,799,000 after acquiring an additional 304 shares during the last quarter. Daiwa Securities Group Inc. bought a new position in shares of Inspire Medical Systems in the second quarter worth about $53,000. Oppenheimer Asset Management Inc. lifted its holdings in Inspire Medical Systems by 26.3% during the second quarter. Oppenheimer Asset Management Inc. now owns 10,768 shares of the company’s stock valued at $1,441,000 after purchasing an additional 2,242 shares in the last quarter. WINTON GROUP Ltd bought a new position in Inspire Medical Systems in the 2nd quarter worth $1,084,000. Finally, Dimensional Fund Advisors LP increased its stake in Inspire Medical Systems by 79.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 109,560 shares of the company’s stock worth $14,663,000 after buying an additional 48,590 shares in the last quarter. 94.91% of the stock is currently owned by hedge funds and other institutional investors.

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.