Inspire Medical Systems, Inc. (NYSE:INSP) Short Interest Up 14.9% in November

Inspire Medical Systems, Inc. (NYSE:INSP) saw a large growth in short interest in the month of November. As of November 15th, there was short interest totalling 2,240,000 shares, a growth of 14.9% from the October 31st total of 1,950,000 shares. Based on an average daily volume of 598,000 shares, the short-interest ratio is presently 3.7 days.

Inspire Medical Systems Stock Performance

INSP traded up $3.54 during midday trading on Tuesday, hitting $192.06. The stock had a trading volume of 396,424 shares, compared to its average volume of 594,198. The company has a market cap of $5.76 billion, a P/E ratio of 179.50 and a beta of 1.31. The business has a fifty day moving average of $197.08 and a 200 day moving average of $176.92. Inspire Medical Systems has a 1 year low of $123.00 and a 1 year high of $257.40.

Inspire Medical Systems (NYSE:INSP) last issued its earnings results on Monday, November 4th. The company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate 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 in the prior year, the firm earned ($0.29) earnings per share. On average, equities research analysts anticipate that Inspire Medical Systems will post 1.33 earnings per share for the current year.

Insider Transactions at Inspire Medical Systems

In other news, Director Shawn Mccormick sold 800 shares of Inspire Medical Systems stock in a transaction on Monday, September 9th. The stock was sold at an average price of $220.00, for a total transaction of $176,000.00. Following the sale, the director now directly owns 23,140 shares in the company, valued at $5,090,800. The trade was a 3.34 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 4.10% of the company’s stock.

Hedge Funds Weigh In On Inspire Medical Systems

A number of hedge funds and other institutional investors have recently made changes to their positions in INSP. SouthState Corp bought a new position in shares of Inspire Medical Systems during the second quarter valued at approximately $27,000. True Wealth Design LLC bought a new position in Inspire Medical Systems in the third quarter worth $30,000. Farther Finance Advisors LLC raised its holdings in Inspire Medical Systems by 1,158.3% in the third quarter. Farther Finance Advisors LLC now owns 151 shares of the company’s stock worth $32,000 after purchasing an additional 139 shares in the last quarter. GAMMA Investing LLC raised its holdings in Inspire Medical Systems by 559.3% in the third quarter. GAMMA Investing LLC now owns 178 shares of the company’s stock worth $38,000 after purchasing an additional 151 shares in the last quarter. Finally, Quarry LP raised its holdings in Inspire Medical Systems by 105.4% in the second quarter. Quarry LP now owns 343 shares of the company’s stock worth $46,000 after purchasing an additional 176 shares in the last quarter. Institutional investors own 94.91% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on INSP. Royal Bank of Canada reiterated an “outperform” rating and set a $260.00 price target on shares of Inspire Medical Systems in a research report on Tuesday, November 5th. Truist Financial reiterated 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. Leerink Partners upped their price target on Inspire Medical Systems from $167.00 to $197.00 and gave the company a “market perform” rating in a research report on Tuesday, September 10th. KeyCorp decreased their price target on Inspire Medical Systems from $278.00 to $236.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 7th. Finally, Bank of America raised Inspire Medical Systems from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $220.00 to $255.00 in a report on Wednesday, November 20th. Three research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $233.58.

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.