Inogen, Inc. (NASDAQ:INGN) Sees Large Drop in Short Interest

Inogen, Inc. (NASDAQ:INGN) was the recipient of a large decline in short interest in the month of March. As of March 31st, there was short interest totalling 1,690,000 shares, a decline of 9.6% from the March 15th total of 1,870,000 shares. Based on an average daily volume of 616,700 shares, the short-interest ratio is presently 2.7 days.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on INGN. William Blair upgraded shares of Inogen from a “market perform” rating to an “outperform” rating in a research report on Thursday, February 15th. Needham & Company LLC reaffirmed a “hold” rating on shares of Inogen in a report on Tuesday, April 9th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, Inogen presently has a consensus rating of “Hold” and an average target price of $13.67.

Hedge Funds Weigh In On Inogen

A number of institutional investors have recently added to or reduced their stakes in INGN. Morgan Stanley grew its stake in shares of Inogen by 447.0% during the fourth quarter. Morgan Stanley now owns 677,449 shares of the medical technology company’s stock worth $13,353,000 after buying an additional 553,609 shares during the last quarter. Kent Lake Capital LLC acquired a new stake in shares of Inogen during the 3rd quarter valued at $2,418,000. AQR Capital Management LLC grew its position in Inogen by 176.6% during the 3rd quarter. AQR Capital Management LLC now owns 606,697 shares of the medical technology company’s stock worth $3,167,000 after acquiring an additional 387,333 shares during the last quarter. Norges Bank acquired a new position in Inogen in the 4th quarter worth about $6,687,000. Finally, Ameriprise Financial Inc. raised its position in Inogen by 89.5% in the third quarter. Ameriprise Financial Inc. now owns 671,566 shares of the medical technology company’s stock valued at $3,506,000 after purchasing an additional 317,096 shares during the last quarter. 89.94% of the stock is currently owned by institutional investors and hedge funds.

Inogen Stock Performance

Shares of INGN opened at $7.16 on Tuesday. Inogen has a 52-week low of $4.13 and a 52-week high of $14.10. The firm has a market cap of $167.04 million, a price-to-earnings ratio of -1.62 and a beta of 1.06. The business’s fifty day moving average is $7.70 and its 200-day moving average is $6.26.

Inogen (NASDAQ:INGN) last released its earnings results on Tuesday, February 27th. The medical technology company reported ($1.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.65) by ($0.49). The business had revenue of $75.90 million during the quarter, compared to the consensus estimate of $78.09 million. Inogen had a negative net margin of 32.46% and a negative return on equity of 38.98%. As a group, research analysts forecast that Inogen will post -2.56 EPS for the current fiscal year.

Inogen Company Profile

Inogen, Inc, a medical technology company, develops, manufactures, and markets portable oxygen concentrators to patients, physicians and other clinicians, and third-party payors in the United States and internationally. Its oxygen concentrators are used to deliver supplemental long-term oxygen therapy to patients suffering from chronic respiratory conditions.