Inspire Medical Systems, Inc. (NYSE:INSP) Sees Significant Growth in Short Interest

Inspire Medical Systems, Inc. (NYSE:INSP) was the target of a large growth in short interest during the month of January. As of January 30th, there was short interest totaling 3,868,836 shares, a growth of 31.1% from the January 15th total of 2,950,708 shares. Currently, 13.6% of the shares of the company are short sold. Based on an average trading volume of 1,491,778 shares, the days-to-cover ratio is presently 2.6 days. Based on an average trading volume of 1,491,778 shares, the days-to-cover ratio is presently 2.6 days. Currently, 13.6% of the shares of the company are short sold.

Inspire Medical Systems Price Performance

NYSE INSP opened at $60.45 on Wednesday. Inspire Medical Systems has a 1-year low of $53.11 and a 1-year high of $197.75. The business has a 50 day simple moving average of $89.59 and a two-hundred day simple moving average of $89.51. The stock has a market capitalization of $1.76 billion, a PE ratio of 12.14, a P/E/G ratio of 2.98 and a beta of 0.74.

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

Insider Activity

In related news, Director Shawn Mccormick sold 2,000 shares of the firm’s stock in a transaction on Friday, November 28th. The stock was sold at an average price of $127.48, for a total value of $254,960.00. Following the transaction, the director directly owned 26,046 shares of the company’s stock, valued at approximately $3,320,344.08. This trade represents a 7.13% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.30% of the stock is currently owned by insiders.

Institutional Trading of Inspire Medical Systems

Several hedge funds have recently made changes to their positions in INSP. Dragoneer Investment Group LLC grew its position 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 acquiring an additional 1,056,808 shares in the last quarter. Wasatch Advisors LP boosted its holdings 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 worth $212,095,000 after purchasing an additional 110,288 shares during the period. William Blair Investment Management LLC increased 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 purchasing an additional 528,404 shares during the last quarter. Morgan Stanley raised its holdings in Inspire Medical Systems by 179.5% during the 4th quarter. Morgan Stanley now owns 1,259,762 shares of the company’s stock valued at $116,188,000 after buying an additional 809,121 shares during the period. Finally, Deerfield Management Company L.P. lifted its position in Inspire Medical Systems by 648.4% in the third 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. 94.91% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on INSP shares. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Inspire Medical Systems in a report on Monday, December 29th. Piper Sandler lowered their price objective on Inspire Medical Systems from $165.00 to $85.00 and set an “overweight” rating on the stock in a research report on Thursday, February 12th. Stifel Nicolaus set a $95.00 price objective on Inspire Medical Systems in a research note on Thursday, February 12th. Oppenheimer downgraded Inspire Medical Systems from an “outperform” rating to a “market perform” rating in a research note on Thursday, January 22nd. Finally, Robert W. Baird set a $74.00 price target on Inspire Medical Systems and gave the stock a “neutral” rating in a research note 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 company. According to data from MarketBeat, Inspire Medical Systems currently has a consensus rating of “Hold” and a consensus price target of $108.94.

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.