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

Inspire Medical Systems, Inc. (NYSE:INSP)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $176.05, but opened at $188.74. Inspire Medical Systems shares last traded at $186.05, with a volume of 109,621 shares.

Wall Street Analysts Forecast Growth

INSP has been the subject of several research reports. Wells Fargo & Company upped their target price on Inspire Medical Systems from $187.00 to $198.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. Royal Bank of Canada reissued an “outperform” rating and set a $260.00 target price on shares of Inspire Medical Systems in a research report on Tuesday, November 5th. Robert W. Baird increased their target price on Inspire Medical Systems from $240.00 to $252.00 and gave the company an “outperform” rating in a research report on Tuesday, November 5th. KeyCorp decreased their price objective on Inspire Medical Systems from $278.00 to $236.00 and set an “overweight” rating for the company in a research note on Wednesday, August 7th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $260.00 target price (up from $255.00) on shares of Inspire Medical Systems in a report on Tuesday, November 5th. Three equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $233.58.

Inspire Medical Systems Stock Performance

The company has a market capitalization of $5.58 billion, a price-to-earnings ratio of 174.01 and a beta of 1.36. The business’s 50 day moving average is $199.84 and its 200 day moving average is $176.24.

Inspire Medical Systems (NYSE:INSP) last announced its quarterly earnings data 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 firm had revenue of $203.20 million for the quarter, compared to analyst estimates of $197.59 million. Inspire Medical Systems had a net margin of 4.37% and a return on equity of 5.30%. The business’s quarterly revenue was up 32.6% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.29) earnings per share. Sell-side analysts predict that Inspire Medical Systems, Inc. will post 1.33 EPS for the current year.

Insider Buying and Selling

In other Inspire Medical Systems news, Director Shawn Mccormick sold 800 shares of the company’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $220.00, for a total value of $176,000.00. Following the sale, the director now directly owns 23,140 shares of the company’s stock, valued at approximately $5,090,800. This represents a 3.34 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 4.10% of the company’s stock.

Institutional Trading of Inspire Medical Systems

Hedge funds have recently modified their holdings of the stock. State Street Corp lifted its holdings in Inspire Medical Systems by 78.0% in the third quarter. State Street Corp now owns 1,049,784 shares of the company’s stock valued at $221,557,000 after acquiring an additional 459,990 shares during the period. Point72 Asset Management L.P. increased its holdings in Inspire Medical Systems by 954.4% in the third quarter. Point72 Asset Management L.P. now owns 319,364 shares of the company’s stock valued at $67,402,000 after buying an additional 289,075 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of Inspire Medical Systems by 798.3% in the third quarter. Allspring Global Investments Holdings LLC now owns 267,852 shares of the company’s stock worth $56,530,000 after acquiring an additional 238,034 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Inspire Medical Systems by 32.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 787,815 shares of the company’s stock worth $105,433,000 after acquiring an additional 192,238 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its position in shares of Inspire Medical Systems by 51.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 459,766 shares of the company’s stock valued at $98,754,000 after acquiring an additional 156,893 shares during the period. Hedge funds and other institutional investors own 94.91% of the company’s stock.

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.