Short Interest in Inspire Medical Systems, Inc. (NYSE:INSP) Rises By 11.2%

Inspire Medical Systems, Inc. (NYSE:INSP) was the target of a large increase in short interest in March. As of March 31st, there was short interest totalling 2,080,000 shares, an increase of 11.2% from the March 15th total of 1,870,000 shares. Based on an average trading volume of 488,200 shares, the days-to-cover ratio is currently 4.3 days.

Insider Transactions at Inspire Medical Systems

In other news, CEO Timothy P. Herbert sold 40,000 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $205.09, for a total transaction of $8,203,600.00. Following the sale, the chief executive officer now directly owns 63,658 shares of the company’s stock, valued at approximately $13,055,619.22. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CEO Timothy P. Herbert sold 40,000 shares of the firm’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $205.09, for a total value of $8,203,600.00. Following the transaction, the chief executive officer now directly owns 63,658 shares of the company’s stock, valued at approximately $13,055,619.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Jerry C. Griffin sold 554 shares of the firm’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $198.05, for a total transaction of $109,719.70. Following the completion of the transaction, the director now directly owns 9,744 shares in the company, valued at $1,929,799.20. The disclosure for this sale can be found here. Insiders have sold a total of 61,371 shares of company stock valued at $12,213,828 in the last ninety days. 4.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Inspire Medical Systems

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP boosted its position in Inspire Medical Systems by 72.8% in the 3rd quarter. Wellington Management Group LLP now owns 976,972 shares of the company’s stock valued at $193,870,000 after buying an additional 411,480 shares during the period. OPTIMAS CAPITAL Ltd purchased a new stake in shares of Inspire Medical Systems during the 4th quarter worth $3,861,000. Seven Eight Capital LP purchased a new stake in shares of Inspire Medical Systems during the 3rd quarter worth $1,558,000. Charles Schwab Investment Management Inc. lifted its position in shares of Inspire Medical Systems by 3.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 256,222 shares of the company’s stock worth $50,845,000 after purchasing an additional 7,838 shares during the last quarter. Finally, Canada Pension Plan Investment Board lifted its position in shares of Inspire Medical Systems by 29.7% during the 3rd quarter. Canada Pension Plan Investment Board now owns 40,200 shares of the company’s stock worth $7,977,000 after purchasing an additional 9,200 shares during the last quarter. Hedge funds and other institutional investors own 94.91% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on INSP. Morgan Stanley began coverage on shares of Inspire Medical Systems in a report on Tuesday, March 19th. They issued an “overweight” rating and a $250.00 price objective for the company. Truist Financial reiterated a “buy” rating and issued a $280.00 price objective on shares of Inspire Medical Systems in a report on Wednesday, March 20th. Stifel Nicolaus reiterated a “hold” rating and issued a $210.00 price objective on shares of Inspire Medical Systems in a report on Tuesday, January 2nd. Mizuho reiterated a “buy” rating and issued a $250.00 price objective on shares of Inspire Medical Systems in a report on Wednesday, March 27th. Finally, KeyCorp started coverage on shares of Inspire Medical Systems in a report on Tuesday, February 6th. They set an “overweight” rating and a $278.00 price target for the company. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, Inspire Medical Systems has an average rating of “Moderate Buy” and a consensus target price of $271.29.

Inspire Medical Systems Price Performance

Shares of NYSE:INSP traded down $1.51 during mid-day trading on Tuesday, reaching $221.63. 297,510 shares of the company were exchanged, compared to its average volume of 512,455. The firm has a market cap of $6.72 billion, a price-to-earnings ratio of -300.27 and a beta of 1.37. The firm’s 50-day simple moving average is $201.32 and its 200 day simple moving average is $182.77. Inspire Medical Systems has a 1 year low of $123.27 and a 1 year high of $330.00.

Inspire Medical Systems (NYSE:INSP) last posted its quarterly earnings data on Tuesday, February 6th. The company reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.53. The firm had revenue of $192.51 million during the quarter, compared to analysts’ expectations of $186.75 million. Inspire Medical Systems had a negative net margin of 3.39% and a negative return on equity of 3.93%. The firm’s quarterly revenue was up 39.6% on a year-over-year basis. During the same quarter last year, the company posted $0.10 EPS. On average, research analysts forecast that Inspire Medical Systems will post -0.35 earnings per share for the current fiscal year.

Inspire Medical Systems Company Profile

Inspire Medical Systems, Inc, a medical technology company, focuses on the development and commercialization of minimally invasive solutions for patients with obstructive sleep apnea (OSA) in the United States and internationally. The company offers Inspire system, a neurostimulation technology that provides a safe and effective treatment for moderate to severe OSA.