Inspire Medical Systems (NYSE:INSP) Trading Down 10.2% – Here’s What Happened

Inspire Medical Systems, Inc. (NYSE:INSP) shares traded down 10.2% during mid-day trading on Monday . The company traded as low as $181.05 and last traded at $181.73. 195,983 shares changed hands during trading, a decline of 64% from the average session volume of 537,953 shares. The stock had previously closed at $202.48.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Stifel Nicolaus reissued a “hold” rating and issued a $200.00 target price (up previously from $170.00) on shares of Inspire Medical Systems in a report on Tuesday, November 5th. Truist Financial reaffirmed a “buy” rating and set a $240.00 price target (up previously from $217.00) on shares of Inspire Medical Systems in a research note on Monday, September 30th. Bank of America upgraded Inspire Medical Systems from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $220.00 to $255.00 in a research report on Wednesday, November 20th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $260.00 price objective on shares of Inspire Medical Systems in a research note on Tuesday, November 5th. Finally, Piper Sandler reissued an “overweight” rating and set a $260.00 target price (up previously from $255.00) on shares of Inspire Medical Systems in a research report on Tuesday, November 5th. Three research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, Inspire Medical Systems presently has an average rating of “Moderate Buy” and an average price target of $233.58.

Inspire Medical Systems Trading Down 12.0 %

The business has a 50-day moving average price of $191.71 and a 200-day moving average price of $184.02. The firm has a market cap of $5.34 billion, a P/E ratio of 166.44 and a beta of 1.32.

Inspire Medical Systems (NYSE:INSP) last released its quarterly earnings data on Monday, November 4th. The company reported $0.60 earnings per share (EPS) 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 the consensus estimate of $197.59 million. Inspire Medical Systems had a net margin of 4.37% and a return on equity of 5.30%. The company’s quarterly revenue was up 32.6% on a year-over-year basis. During the same period last year, the firm earned ($0.29) earnings per share. On average, equities analysts anticipate that Inspire Medical Systems, Inc. will post 1.33 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Inspire Medical Systems

Large investors have recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Inspire Medical Systems by 1.0% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 7,879 shares of the company’s stock valued at $1,461,000 after buying an additional 79 shares during the period. Diversified Trust Co grew its stake in shares of Inspire Medical Systems by 3.8% during the 4th quarter. Diversified Trust Co now owns 4,686 shares of the company’s stock worth $869,000 after purchasing an additional 173 shares during the period. Principal Financial Group Inc. increased its holdings in shares of Inspire Medical Systems by 3,812.6% during the 3rd quarter. Principal Financial Group Inc. now owns 141,089 shares of the company’s stock valued at $29,777,000 after purchasing an additional 137,483 shares in the last quarter. Oddo BHF Asset Management Sas purchased a new stake in Inspire Medical Systems during the third quarter worth $1,208,000. Finally, Synovus Financial Corp grew its position in Inspire Medical Systems by 7.5% during the third quarter. Synovus Financial Corp now owns 3,502 shares of the company’s stock valued at $739,000 after buying an additional 244 shares during the period. Hedge funds and other 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.