Inspire Medical Systems (NYSE:INSP) Trading Down 5.9% – Here’s What Happened
by Danessa Lincoln · The Markets DailyInspire Medical Systems, Inc. (NYSE:INSP – Get Free Report)’s share price dropped 5.9% during mid-day trading on Tuesday . The company traded as low as $56.43 and last traded at $55.3720. Approximately 617,189 shares changed hands during trading, a decline of 52% from the average daily volume of 1,297,001 shares. The stock had previously closed at $58.87.
Analyst Upgrades and Downgrades
Several research analysts have commented on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Inspire Medical Systems from $82.00 to $118.00 and gave the company a “neutral” rating in a research report on Tuesday, December 16th. Royal Bank Of Canada dropped their price objective on Inspire Medical Systems from $90.00 to $68.00 and set a “sector perform” rating for the company in a research report on Thursday, February 12th. Wolfe Research downgraded Inspire Medical Systems from an “outperform” rating to a “peer perform” rating in a research note on Friday, February 13th. Stifel Nicolaus reduced their price target on shares of Inspire Medical Systems from $95.00 to $85.00 and set a “buy” rating on the stock in a research note on Thursday, March 5th. Finally, Robert W. Baird set a $74.00 price target on shares of Inspire Medical Systems and gave the company a “neutral” rating in a report on Thursday, February 12th. Five equities research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Inspire Medical Systems has an average rating of “Hold” and an average price target of $104.24.
View Our Latest Stock Analysis on INSP
Inspire Medical Systems Trading Down 6.1%
The stock has a market capitalization of $1.58 billion, a P/E ratio of 11.09, a price-to-earnings-growth ratio of 2.90 and a beta of 0.74. The stock’s fifty day moving average price is $73.14 and its two-hundred day moving average price is $85.74.
Inspire Medical Systems (NYSE:INSP – Get Free Report) last released its earnings results on Wednesday, February 11th. The company reported $1.65 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.96. Inspire Medical Systems had a return on equity of 10.96% and a net margin of 15.95%.The company had revenue of $269.08 million during the quarter, compared to analyst estimates of $264.02 million. During the same quarter in the previous year, the company posted $1.15 EPS. Inspire Medical Systems’s revenue for the quarter was up 12.2% on a year-over-year basis. As a group, analysts expect that Inspire Medical Systems, Inc. will post 2.16 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently made changes to their positions in the company. Royal Bank of Canada raised its holdings in Inspire Medical Systems by 16.0% during the 1st quarter. Royal Bank of Canada now owns 32,769 shares of the company’s stock valued at $5,220,000 after buying an additional 4,528 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new position in shares of Inspire Medical Systems in the first quarter valued at about $524,000. Goldman Sachs Group Inc. raised its stake in shares of Inspire Medical Systems by 57.9% during the first quarter. Goldman Sachs Group Inc. now owns 51,422 shares of the company’s stock valued at $8,190,000 after acquiring an additional 18,857 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Inspire Medical Systems by 0.3% during the second quarter. Geode Capital Management LLC now owns 512,836 shares of the company’s stock valued at $66,562,000 after acquiring an additional 1,627 shares during the last quarter. Finally, Police & Firemen s Retirement System of New Jersey boosted its holdings in shares of Inspire Medical Systems by 4.2% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 11,189 shares of the company’s stock worth $1,452,000 after purchasing an additional 454 shares during the period. Institutional investors own 94.91% of the company’s stock.
Inspire Medical Systems Company Profile
Inspire Medical Systems, Inc is a medical technology company specializing in implantable neurostimulation devices for the treatment of obstructive sleep apnea (OSA). The company’s flagship offering, the Inspire® system, delivers targeted stimulation of the hypoglossal nerve to maintain airway patency during sleep, providing an alternative therapy for patients who are intolerant of or inadequately managed by continuous positive airway pressure (CPAP) devices.
The Inspire system comprises an implantable pulse generator, a sensing lead that monitors breathing patterns, and a stimulation lead that activates the hypoglossal nerve.