Inspire Medical Systems (NYSE:INSP) Trading 4.9% Higher – Here’s Why

Shares of Inspire Medical Systems, Inc. (NYSE:INSP) traded up 4.9% on Wednesday . The company traded as high as $57.88 and last traded at $57.8750. 391,167 shares traded hands during trading, a decline of 70% from the average session volume of 1,295,712 shares. The stock had previously closed at $55.15.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on INSP shares. Oppenheimer lowered shares of Inspire Medical Systems from an “outperform” rating to a “market perform” rating in a research report on Thursday, January 22nd. Wolfe Research cut shares of Inspire Medical Systems from an “outperform” rating to a “peer perform” rating in a research report on Friday, February 13th. Stifel Nicolaus lowered their price target on Inspire Medical Systems from $95.00 to $85.00 and set a “buy” rating for the company in a report on Thursday, March 5th. Wells Fargo & Company set a $70.00 price objective on Inspire Medical Systems and gave the company an “equal weight” rating in a research report on Thursday, February 12th. Finally, UBS Group set a $67.00 price objective on Inspire Medical Systems in a research note on Friday, February 13th. Five research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $104.24.

Inspire Medical Systems Stock Performance

The business’s fifty day simple moving average is $72.30 and its 200 day simple moving average is $85.46. The stock has a market cap of $1.62 billion, a price-to-earnings ratio of 11.37, a price-to-earnings-growth ratio of 2.91 and a beta of 0.74.

Inspire Medical Systems (NYSE:INSP) last announced its earnings results on Wednesday, February 11th. The company reported $1.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.96. The business had revenue of $269.08 million for the quarter, compared to analyst estimates of $264.02 million. Inspire Medical Systems had a return on equity of 10.96% and a net margin of 15.95%.The company’s revenue for the quarter was up 12.2% compared to the same quarter last year. During the same period in the previous year, the company earned $1.15 earnings per share. As a group, analysts forecast that Inspire Medical Systems, Inc. will post 2.16 EPS for the current fiscal year.

Hedge Funds Weigh In On Inspire Medical Systems

Several institutional investors and hedge funds have recently made changes to their positions in INSP. Texas Permanent School Fund Corp grew its holdings in Inspire Medical Systems by 42.2% during the 2nd quarter. Texas Permanent School Fund Corp now owns 40,042 shares of the company’s stock worth $5,196,000 after acquiring an additional 11,892 shares in the last quarter. Y Intercept Hong Kong Ltd raised its stake in shares of Inspire Medical Systems by 553.1% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 99,049 shares of the company’s stock valued at $7,349,000 after purchasing an additional 83,883 shares in the last quarter. CW Advisors LLC lifted its position in shares of Inspire Medical Systems by 45.3% during 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. Illinois Municipal Retirement Fund grew its stake in Inspire Medical Systems by 262.0% in the third quarter. Illinois Municipal Retirement Fund now owns 25,424 shares of the company’s stock worth $1,886,000 after purchasing an additional 18,400 shares in the last quarter. Finally, Capital Fund Management S.A. increased its holdings in Inspire Medical Systems by 44.1% in 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 last quarter. 94.91% of the stock is currently owned by hedge funds and other institutional investors.

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.