Inspire Medical Systems, Inc. (NYSE:INSP) Short Interest Update

Inspire Medical Systems, Inc. (NYSE:INSP) was the target of a large decrease in short interest in June. As of June 15th, there was short interest totalling 1,790,000 shares, a decrease of 8.7% from the May 31st total of 1,960,000 shares. Based on an average daily volume of 666,400 shares, the days-to-cover ratio is presently 2.7 days.

Inspire Medical Systems Price Performance

Inspire Medical Systems stock traded down $0.31 during mid-day trading on Wednesday, hitting $133.94. 305,987 shares of the company’s stock traded hands, compared to its average volume of 597,847. The firm has a 50 day simple moving average of $173.32 and a two-hundred day simple moving average of $191.79. Inspire Medical Systems has a fifty-two week low of $123.27 and a fifty-two week high of $330.00. The stock has a market cap of $3.98 billion, a price-to-earnings ratio of -244.13 and a beta of 1.31.

Inspire Medical Systems (NYSE:INSP) last announced its quarterly earnings results on Tuesday, May 7th. The company reported ($0.34) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.63) by $0.29. The business had revenue of $164.01 million during the quarter, compared to the consensus estimate of $161.41 million. Inspire Medical Systems had a negative return on equity of 2.82% and a negative net margin of 2.38%. The company’s quarterly revenue was up 28.2% on a year-over-year basis. During the same quarter last year, the firm posted ($0.53) EPS. On average, research analysts anticipate that Inspire Medical Systems will post 0.16 earnings per share for the current fiscal year.

Analysts Set New Price Targets

INSP has been the subject of a number of recent research reports. Bank of America reduced their price target on Inspire Medical Systems from $225.00 to $185.00 and set a “neutral” rating for the company in a research report on Monday, June 3rd. Piper Sandler upped their price target on Inspire Medical Systems from $250.00 to $255.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 8th. Mizuho reaffirmed a “buy” rating and set a $250.00 price target on shares of Inspire Medical Systems in a research report on Wednesday, March 27th. Morgan Stanley started coverage on Inspire Medical Systems in a report on Tuesday, March 19th. They issued an “overweight” rating and a $250.00 price objective for the company. Finally, Truist Financial reissued a “buy” rating and issued a $280.00 price objective on shares of Inspire Medical Systems in a report on Wednesday, March 20th. Five research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $251.20.

Insider Buying and Selling

In related news, CFO Richard Buchholz sold 15,000 shares of the stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $230.03, for a total transaction of $3,450,450.00. Following the completion of the sale, the chief financial officer now directly owns 28,271 shares of the company’s stock, valued at approximately $6,503,178.13. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 4.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in INSP. Envestnet Asset Management Inc. increased its position in shares of Inspire Medical Systems by 40.8% in the third quarter. Envestnet Asset Management Inc. now owns 30,062 shares of the company’s stock worth $5,965,000 after purchasing an additional 8,711 shares during the period. Stifel Financial Corp increased its position in shares of Inspire Medical Systems by 186.8% in the third quarter. Stifel Financial Corp now owns 11,930 shares of the company’s stock worth $2,367,000 after purchasing an additional 7,770 shares during the period. Northern Trust Corp increased its position in shares of Inspire Medical Systems by 2.4% in the third quarter. Northern Trust Corp now owns 149,275 shares of the company’s stock worth $29,622,000 after purchasing an additional 3,501 shares during the period. Tower Research Capital LLC TRC increased its position in shares of Inspire Medical Systems by 891.7% in the third quarter. Tower Research Capital LLC TRC now owns 3,114 shares of the company’s stock worth $618,000 after purchasing an additional 2,800 shares during the period. Finally, Teza Capital Management LLC bought a new position in shares of Inspire Medical Systems in the third quarter worth $508,000. Institutional investors own 94.91% of the company’s stock.

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.