Inogen (NASDAQ:INGN) Posts Quarterly Earnings Results, Beats Expectations By $0.24 EPS

Inogen (NASDAQ:INGNGet Rating) released its quarterly earnings results on Thursday. The medical technology company reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.39) by $0.24, Briefing.com reports. Inogen had a negative net margin of 8.03% and a negative return on equity of 5.29%. The firm had revenue of $103.38 million during the quarter, compared to analyst estimates of $100.64 million. During the same quarter in the prior year, the firm earned $0.22 EPS. The business’s revenue for the quarter was up 1.8% compared to the same quarter last year. Inogen updated its Q3 2022 guidance to EPS.

Inogen Price Performance

Shares of NASDAQ:INGN traded down $0.93 during mid-day trading on Friday, reaching $27.71. 193,136 shares of the company traded hands, compared to its average volume of 143,086. The company’s 50 day moving average price is $26.32 and its 200-day moving average price is $28.43. The firm has a market cap of $632.90 million, a PE ratio of -22.17 and a beta of 1.02. Inogen has a 52 week low of $22.51 and a 52 week high of $65.83.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Renaissance Technologies LLC boosted its position in shares of Inogen by 15.1% during the 1st quarter. Renaissance Technologies LLC now owns 336,400 shares of the medical technology company’s stock valued at $10,906,000 after acquiring an additional 44,100 shares during the last quarter. Federated Hermes Inc. boosted its position in shares of Inogen by 1,774.4% during the 1st quarter. Federated Hermes Inc. now owns 234,502 shares of the medical technology company’s stock valued at $7,603,000 after acquiring an additional 221,991 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Inogen by 1.0% during the 1st quarter. Bank of New York Mellon Corp now owns 181,133 shares of the medical technology company’s stock valued at $5,871,000 after acquiring an additional 1,836 shares during the last quarter. Meros Investment Management LP boosted its position in shares of Inogen by 14.6% during the 1st quarter. Meros Investment Management LP now owns 171,522 shares of the medical technology company’s stock valued at $5,560,000 after acquiring an additional 21,828 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Inogen by 2.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 148,049 shares of the medical technology company’s stock valued at $4,800,000 after acquiring an additional 3,494 shares during the last quarter. 96.01% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently commented on INGN. Stifel Nicolaus reduced their price target on shares of Inogen from $40.00 to $30.00 in a research report on Monday, May 9th. StockNews.com raised shares of Inogen from a “sell” rating to a “hold” rating in a research report on Friday. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $41.00.

About Inogen

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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.

Further Reading

Earnings History for Inogen (NASDAQ:INGN)

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