Inspire Medical Systems (NYSE:INSP) Trading Down 7.5% Following Analyst Downgrade

Inspire Medical Systems, Inc. (NYSE:INSP) shares were down 7.5% 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 trading, a decline of 10% from the average daily volume of 882,158 shares. The stock had previously closed at $96.20.

Several other brokerages have also recently commented on INSP. JPMorgan Chase & Co. boosted their price target on shares of Inspire Medical Systems from $82.00 to $118.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 16th. Mizuho raised their price objective on Inspire Medical Systems from $110.00 to $130.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 17th. Oppenheimer downgraded Inspire Medical Systems from an “outperform” rating to a “market perform” rating in a report on Thursday. KeyCorp reissued a “sector weight” rating on shares of Inspire Medical Systems in a research note on Tuesday, November 4th. Finally, Robert W. Baird boosted their price objective on Inspire Medical Systems from $125.00 to $180.00 and gave the stock an “outperform” rating in a report on Thursday, December 4th. Nine analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $138.47.

Insider Buying and Selling

In other Inspire Medical Systems news, Director Shawn Mccormick sold 2,000 shares of Inspire Medical Systems 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 transaction, the director owned 26,046 shares of the company’s stock, valued at $3,320,344.08. The trade was a 7.13% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 4.10% of the company’s stock.

Institutional Investors Weigh In On Inspire Medical Systems

A number of large investors have recently bought and sold shares of the business. Dragoneer Investment Group LLC raised its holdings in Inspire Medical Systems by 81.4% during the second quarter. Dragoneer Investment Group LLC now owns 2,354,411 shares of the company’s stock valued at $305,532,000 after buying an additional 1,056,808 shares in the last quarter. Wasatch Advisors LP increased its holdings in shares of Inspire Medical Systems by 7.2% during the 2nd quarter. Wasatch Advisors LP now owns 1,634,395 shares of the company’s stock valued at $212,095,000 after acquiring an additional 110,288 shares during the last quarter. William Blair Investment Management LLC raised its stake in shares of Inspire Medical Systems by 68.7% in the 3rd 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 in the last quarter. Deerfield Management Company L.P. lifted its holdings in Inspire Medical Systems by 648.4% in the 3rd quarter. Deerfield Management Company L.P. now owns 1,047,694 shares of the company’s stock worth $77,739,000 after purchasing an additional 907,694 shares during the last quarter. Finally, State Street Corp lifted its holdings in Inspire Medical Systems by 2.3% in the 2nd quarter. State Street Corp now owns 1,030,902 shares of the company’s stock worth $133,780,000 after purchasing an additional 22,843 shares during the last quarter. 94.91% of the stock is currently owned by institutional investors.

Inspire Medical Systems Stock Down 16.0%

The business has a 50-day simple moving average of $106.21 and a 200-day simple moving average of $97.47. The stock has a market cap of $2.35 billion, a P/E ratio of 54.97, a PEG ratio of 9.65 and a beta of 0.72.

Inspire Medical Systems (NYSE:INSP) last released its quarterly earnings results on Monday, November 3rd. The company reported $0.38 EPS for the quarter, beating analysts’ consensus estimates 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 net margin of 5.05% and a return on equity of 9.41%. The company’s quarterly revenue was up 10.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.60 earnings per share. On average, analysts predict that Inspire Medical Systems, Inc. will post 2.16 earnings per share for the current fiscal year.

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.