Inspire Medical Systems (NYSE:INSP) Stock Price Down 6.3% – Should You Sell?

Inspire Medical Systems, Inc. (NYSE:INSP) shares were down 6.3% during mid-day trading on Thursday . The company traded as low as $93.66 and last traded at $92.7650. Approximately 238,729 shares changed hands during trading, a decline of 73% from the average daily volume of 896,797 shares. The stock had previously closed at $99.03.

Analyst Upgrades and Downgrades

INSP has been the topic of several research reports. Mizuho increased their price target on shares of Inspire Medical Systems from $110.00 to $130.00 and gave the company an “outperform” rating in a research report on Wednesday, December 17th. Robert W. Baird increased their target price on Inspire Medical Systems from $125.00 to $180.00 and gave the company an “outperform” rating in a report on Thursday, December 4th. Piper Sandler raised their price target on Inspire Medical Systems from $135.00 to $165.00 and gave the stock an “overweight” rating in a research report on Monday, December 8th. Stifel Nicolaus set a $110.00 price target on Inspire Medical Systems and gave the stock a “buy” rating in a report on Monday, November 24th. Finally, Truist Financial reduced their price objective on Inspire Medical Systems from $165.00 to $120.00 and set a “buy” rating on the stock in a research report on Thursday. Eleven analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Inspire Medical Systems presently has a consensus rating of “Moderate Buy” and a consensus target price of $136.35.

Inspire Medical Systems Trading Down 3.8%

The business has a 50 day simple moving average of $103.79 and a two-hundred day simple moving average of $100.09. The company has a market cap of $2.77 billion, a PE ratio of 64.81, a price-to-earnings-growth ratio of 9.85 and a beta of 0.72.

Inspire Medical Systems (NYSE:INSP) last released its earnings results on Monday, November 3rd. The company reported $0.38 EPS for the quarter, beating the consensus estimate of ($0.15) by $0.53. Inspire Medical Systems had a return on equity of 9.41% and a net margin of 5.05%.The firm had revenue of $224.50 million during the quarter, compared to analyst estimates of $220.39 million. During the same period in the prior year, the firm posted $0.60 earnings per share. The business’s quarterly revenue was up 10.5% compared to the same quarter last year. On average, equities research analysts expect that Inspire Medical Systems, Inc. will post 2.16 earnings per share for the current fiscal year.

Insider Buying and Selling at Inspire Medical Systems

In other news, Director Shawn Mccormick sold 2,000 shares of the stock in a transaction dated Friday, November 28th. The shares were sold at an average price of $127.48, for a total transaction of $254,960.00. Following the transaction, the director directly owned 26,046 shares in the company, valued at $3,320,344.08. This represents a 7.13% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 4.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Inspire Medical Systems

Several institutional investors and hedge funds have recently bought and sold shares of INSP. Dragoneer Investment Group LLC boosted its holdings in shares of Inspire Medical Systems by 81.4% in the 2nd quarter. Dragoneer Investment Group LLC now owns 2,354,411 shares of the company’s stock valued at $305,532,000 after purchasing an additional 1,056,808 shares during the last quarter. Deerfield Management Company L.P. increased its holdings in shares of Inspire Medical Systems by 648.4% during the 3rd quarter. Deerfield Management Company L.P. now owns 1,047,694 shares of the company’s stock worth $77,739,000 after buying an additional 907,694 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Inspire Medical Systems by 214.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,112,925 shares of the company’s stock worth $177,267,000 after buying an additional 759,090 shares during the period. Balyasny Asset Management L.P. boosted its holdings in Inspire Medical Systems by 16,504.3% in the third quarter. Balyasny Asset Management L.P. now owns 614,359 shares of the company’s stock valued at $45,585,000 after acquiring an additional 610,659 shares during the last quarter. Finally, William Blair Investment Management LLC grew its position in Inspire Medical Systems by 68.7% during the third quarter. William Blair Investment Management LLC now owns 1,297,573 shares of the company’s stock valued at $96,280,000 after acquiring an additional 528,404 shares during the period. Institutional investors and hedge funds own 94.91% of the company’s stock.

About Inspire Medical Systems

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.