Inspire Medical Systems (NYSE:INSP) Stock Price Down 7.5% After Analyst Downgrade

Inspire Medical Systems, Inc. (NYSE:INSP) shares were down 7.5% during trading on Thursday after Truist Financial downgraded the stock from a buy rating to a hold rating. Truist Financial now has a $96.00 price target on the stock. Inspire Medical Systems traded as low as $86.12 and last traded at $88.99. Approximately 791,237 shares traded hands during mid-day trading, a decline of 10% from the average daily volume of 882,158 shares. The stock had previously closed at $96.20.

Other equities research analysts also recently issued research reports about the company. Piper Sandler increased their target price 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. UBS Group increased their price objective on Inspire Medical Systems from $89.00 to $91.00 and gave the stock a “neutral” rating in a report on Tuesday, December 23rd. Zacks Research raised Inspire Medical Systems from a “strong sell” rating to a “hold” rating in a report on Monday, October 27th. Evercore ISI decreased their price target on Inspire Medical Systems from $150.00 to $125.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 7th. Finally, JPMorgan Chase & Co. increased their price target on shares of Inspire Medical Systems from $82.00 to $118.00 and gave the stock a “neutral” rating in a report on Tuesday, December 16th. Nine analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Inspire Medical Systems presently has a consensus rating of “Hold” and a consensus price target of $138.47.

Insider Activity

In other news, Director Shawn Mccormick sold 2,000 shares of the business’s stock in a transaction dated Friday, November 28th. The stock was sold at an average price of $127.48, for a total transaction of $254,960.00. Following the completion of the transaction, the director owned 26,046 shares of the company’s stock, valued at approximately $3,320,344.08. The trade was a 7.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 4.10% of the company’s stock.

Institutional Trading of Inspire Medical Systems

Several institutional investors and hedge funds have recently made changes to their positions in INSP. Texas Permanent School Fund Corp raised its position in Inspire Medical Systems by 42.2% during the second quarter. Texas Permanent School Fund Corp now owns 40,042 shares of the company’s stock valued at $5,196,000 after purchasing an additional 11,892 shares in the last quarter. Nordea Investment Management AB purchased a new stake in Inspire Medical Systems during the 2nd quarter valued at $1,634,000. CW Advisors LLC grew its stake in shares of Inspire Medical Systems by 45.3% in the second quarter. CW Advisors LLC now owns 49,960 shares of the company’s stock worth $6,484,000 after purchasing an additional 15,576 shares during the last quarter. Capital Fund Management S.A. increased its stake in shares of Inspire Medical Systems by 44.1% during the second quarter. Capital Fund Management S.A. now owns 68,663 shares of the company’s stock valued at $8,910,000 after buying an additional 21,021 shares during the period. Finally, Norges Bank purchased a new position in Inspire Medical Systems during the 2nd quarter valued at $31,066,000. Hedge funds and other institutional investors own 94.91% of the company’s stock.

Inspire Medical Systems Price Performance

The company has a market capitalization of $2.35 billion, a P/E ratio of 54.97, a P/E/G ratio of 9.47 and a beta of 0.72. The stock’s 50 day moving average is $106.33 and its 200-day moving average is $97.59.

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

Inspire Medical Systems Company Profile

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.