Inspire Medical Systems, Inc. (NYSE:INSP) Short Interest Down 6.9% in September

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 daily trading volume, of 714,900 shares, the days-to-cover ratio is currently 1.7 days.

Analysts Set New Price Targets

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

Inspire Medical Systems Stock Performance

Shares of Inspire Medical Systems stock traded down $2.76 during trading on Tuesday, hitting $208.29. 21,110 shares of the stock were exchanged, compared to its average volume of 616,325. The stock’s fifty day moving average is $184.45 and its 200 day moving average is $182.54. The stock has a market cap of $6.19 billion, a PE ratio of -383.73 and a beta of 1.33. Inspire Medical Systems has a 12 month low of $123.00 and a 12 month high of $257.40.

Inspire Medical Systems (NYSE:INSP) last released 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 company had revenue of $195.89 million for the quarter, compared to the consensus estimate of $189.08 million. Inspire Medical Systems had a net margin of 0.85% and a return on equity of 1.03%. Inspire Medical Systems’s revenue was up 29.6% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.41) EPS. Sell-side analysts anticipate that Inspire Medical Systems will post 0.75 EPS for the current fiscal year.

Insiders Place Their Bets

In other Inspire Medical Systems news, insider Randy Ban sold 4,861 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The shares were 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 directly owns 3,056 shares in the company, valued at $576,208.80. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, Director Shawn Mccormick sold 800 shares of the business’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $220.00, for a total transaction 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 filing with the SEC, which is available at the SEC website. Also, insider Randy Ban sold 4,861 shares of the business’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $188.55, for a total transaction of $916,541.55. Following the transaction, the insider now directly owns 3,056 shares in the company, valued at $576,208.80. The disclosure for this sale can be found here. Insiders sold a total of 5,692 shares of company stock worth $1,099,207 over the last ninety days. 4.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Inspire Medical Systems

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Wellington Management Group LLP lifted its stake in Inspire Medical Systems by 46.4% during the fourth quarter. Wellington Management Group LLP now owns 1,430,266 shares of the company’s stock valued at $290,959,000 after purchasing an additional 453,294 shares during the last quarter. Frontier Capital Management Co. LLC increased its position in shares of Inspire Medical Systems by 105.2% in the fourth quarter. Frontier Capital Management Co. LLC now owns 742,046 shares of the company’s stock worth $150,954,000 after acquiring an additional 380,362 shares in the last quarter. Baillie Gifford & Co. raised its holdings in shares of Inspire Medical Systems by 19.3% during the first quarter. Baillie Gifford & Co. now owns 1,467,613 shares of the company’s stock valued at $315,229,000 after acquiring an additional 237,734 shares during the period. Bank of New York Mellon Corp lifted its position in shares of Inspire Medical Systems by 49.5% in the 1st quarter. Bank of New York Mellon Corp now owns 595,577 shares of the company’s stock valued at $127,924,000 after acquiring an additional 197,097 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its stake in Inspire Medical Systems by 51.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 459,766 shares of the company’s stock worth $98,754,000 after purchasing an additional 156,893 shares during the period. 94.91% of the stock is currently owned by institutional investors.

About Inspire Medical Systems

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.