Inspire Medical Systems (NYSE:INSP) Shares Gap Down – Here’s What Happened

Inspire Medical Systems, Inc. (NYSE:INSP) shares gapped down before the market opened on Monday . The stock had previously closed at $187.77, but opened at $182.00. Inspire Medical Systems shares last traded at $180.51, with a volume of 130,518 shares trading hands.

Analysts Set New Price Targets

INSP has been the subject of several analyst reports. Royal Bank of Canada reiterated an “outperform” rating and set a $260.00 price objective on shares of Inspire Medical Systems in a research report on Tuesday, November 5th. Leerink Partners increased their price target on 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. Robert W. Baird lifted their price objective on shares of Inspire Medical Systems from $240.00 to $252.00 and gave the company an “outperform” rating in a research note on Tuesday, November 5th. Bank of America raised shares of Inspire Medical Systems from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $220.00 to $255.00 in a report on Wednesday, November 20th. Finally, Truist Financial restated a “buy” rating and set a $240.00 price target (up from $217.00) on shares of Inspire Medical Systems in a research report on Monday, September 30th. Three analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $233.58.

Inspire Medical Systems Stock Down 0.7 %

The firm has a market capitalization of $5.58 billion, a price-to-earnings ratio of 174.10 and a beta of 1.31. The firm’s 50 day moving average is $191.90 and its 200 day moving average is $180.30.

Inspire Medical Systems (NYSE:INSP) last released its quarterly earnings results on Monday, November 4th. The company reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.06 by $0.54. The business 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%. Inspire Medical Systems’s revenue for the quarter was up 32.6% on a year-over-year basis. During the same quarter last year, the company posted ($0.29) EPS. On average, sell-side analysts predict that Inspire Medical Systems, Inc. will post 1.33 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Wasatch Advisors LP boosted its stake in Inspire Medical Systems by 1.6% in the 3rd quarter. Wasatch Advisors LP now owns 1,323,470 shares of the company’s stock worth $279,318,000 after purchasing an additional 20,481 shares during the period. State Street Corp boosted its position in shares of Inspire Medical Systems by 78.0% in the third quarter. State Street Corp now owns 1,049,784 shares of the company’s stock worth $221,557,000 after buying an additional 459,990 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. William Blair Investment Management LLC grew 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 valued at $103,104,000 after buying an additional 13,602 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its stake in Inspire Medical Systems by 5.8% in the 3rd quarter. Janus Henderson Group PLC now owns 502,609 shares of the company’s stock worth $106,075,000 after acquiring an additional 27,374 shares in the last quarter. 94.91% of the stock is owned by hedge funds and other 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.