Inspire Medical Systems (NYSE:INSP) Shares Gap Down – Here’s Why

Inspire Medical Systems, Inc. (NYSE:INSP) gapped down before the market opened on Friday . The stock had previously closed at $68.05, but opened at $63.02. Inspire Medical Systems shares last traded at $62.9650, with a volume of 315,166 shares.

Analysts Set New Price Targets

A number of brokerages have recently commented on INSP. JPMorgan Chase & Co. increased their price target on Inspire Medical Systems from $82.00 to $118.00 and gave the company a “neutral” rating in a research note on Tuesday, December 16th. Oppenheimer downgraded Inspire Medical Systems from an “outperform” rating to a “market perform” rating in a research report on Thursday, January 22nd. Robert W. Baird set a $74.00 price target on Inspire Medical Systems and gave the company a “neutral” rating in a research note on Thursday, February 12th. Truist Financial lowered their price objective on Inspire Medical Systems from $96.00 to $70.00 and set a “hold” rating for the company in a research note on Thursday, February 12th. Finally, Piper Sandler dropped their price objective on shares of Inspire Medical Systems from $165.00 to $85.00 and set an “overweight” rating for the company in a report on Thursday, February 12th. Five analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Inspire Medical Systems has an average rating of “Hold” and a consensus price target of $104.82.

Inspire Medical Systems Stock Performance

The stock has a market cap of $1.84 billion, a P/E ratio of 12.95, a price-to-earnings-growth ratio of 3.16 and a beta of 0.74. The firm’s fifty day simple moving average is $80.35 and its 200-day simple moving average is $88.00.

Inspire Medical Systems (NYSE:INSP) last posted its quarterly earnings data on Wednesday, February 11th. The company reported $1.65 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.96. Inspire Medical Systems had a net margin of 15.95% and a return on equity of 10.96%. The company had revenue of $269.08 million for the quarter, compared to analyst estimates of $264.02 million. During the same period in the prior year, the firm posted $1.15 EPS. The company’s quarterly revenue was up 12.2% on a year-over-year basis. Analysts predict that Inspire Medical Systems, Inc. will post 2.16 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Inspire Medical Systems

Institutional investors and hedge funds have recently made changes to their positions in the business. Dragoneer Investment Group LLC increased its holdings in Inspire Medical Systems by 81.4% in the second quarter. Dragoneer Investment Group LLC now owns 2,354,411 shares of the company’s stock worth $305,532,000 after purchasing an additional 1,056,808 shares in the last quarter. Wellington Management Group LLP acquired a new stake in shares of Inspire Medical Systems during the 4th quarter worth approximately $203,929,000. Wasatch Advisors LP increased its stake in shares of Inspire Medical Systems by 7.2% in 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 in the last quarter. William Blair Investment Management LLC lifted its position in shares of Inspire Medical Systems by 68.7% during 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 during the period. Finally, Morgan Stanley boosted its stake in Inspire Medical Systems by 179.5% during the fourth quarter. Morgan Stanley now owns 1,259,762 shares of the company’s stock worth $116,188,000 after acquiring an additional 809,121 shares in the last quarter. Institutional investors own 94.91% of the company’s stock.

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.