Inspire Medical Systems (NYSE:INSP) Shares Gap Up – Time to Buy?

Inspire Medical Systems, Inc. (NYSE:INSP) shares gapped up before the market opened on Wednesday . The stock had previously closed at $176.05, but opened at $188.74. Inspire Medical Systems shares last traded at $186.05, with a volume of 109,621 shares changing hands.

Analysts Set New Price Targets

A number of research firms have commented on INSP. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $260.00 target price on shares of Inspire Medical Systems in a research report on Tuesday, November 5th. Stifel Nicolaus restated a “hold” rating and set a $200.00 price target (up from $170.00) on shares of Inspire Medical Systems in a research note on Tuesday, November 5th. KeyCorp lowered their price objective on shares of Inspire Medical Systems from $278.00 to $236.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 7th. Leerink Partners upped their target price on shares of Inspire Medical Systems from $167.00 to $197.00 and gave the company a “market perform” rating in a report on Tuesday, September 10th. Finally, Bank of America upgraded shares of Inspire Medical Systems from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $220.00 to $255.00 in a research note on Wednesday. Three analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, Inspire Medical Systems has a consensus rating of “Moderate Buy” and a consensus price target of $233.58.

Inspire Medical Systems Trading Up 0.8 %

The stock has a 50 day simple moving average of $199.84 and a 200-day simple moving average of $176.24. The firm has a market cap of $5.58 billion, a PE ratio of 174.01 and a beta of 1.36.

Inspire Medical Systems (NYSE:INSP) last issued its earnings results on Monday, November 4th. The company reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.54. Inspire Medical Systems had a return on equity of 5.30% and a net margin of 4.37%. The company had revenue of $203.20 million for the quarter, compared to the consensus estimate of $197.59 million. During the same quarter last year, the company earned ($0.29) EPS. The firm’s quarterly revenue was up 32.6% on a year-over-year basis. On average, equities research analysts expect that Inspire Medical Systems, Inc. will post 1.33 EPS for the current year.

Insider Buying and Selling

In other Inspire Medical Systems news, Director Shawn Mccormick sold 800 shares of the business’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $220.00, for a total value of $176,000.00. Following the sale, the director now owns 23,140 shares in the company, valued at $5,090,800. The trade was a 3.34 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 4.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Inspire Medical Systems

Hedge funds have recently made changes to their positions in the company. SouthState Corp bought a new position in shares of Inspire Medical Systems in the 2nd quarter valued at about $27,000. True Wealth Design LLC bought a new stake in shares of Inspire Medical Systems in the 3rd quarter valued at approximately $30,000. Farther Finance Advisors LLC boosted its holdings in shares of Inspire Medical Systems by 1,158.3% in the 3rd quarter. Farther Finance Advisors LLC now owns 151 shares of the company’s stock worth $32,000 after purchasing an additional 139 shares during the period. GAMMA Investing LLC raised its holdings in Inspire Medical Systems by 559.3% during the 3rd quarter. GAMMA Investing LLC now owns 178 shares of the company’s stock valued at $38,000 after buying an additional 151 shares during the period. Finally, Quarry LP lifted its position in Inspire Medical Systems by 105.4% in the second quarter. Quarry LP now owns 343 shares of the company’s stock worth $46,000 after buying an additional 176 shares during the last quarter. 94.91% of the stock is currently owned by hedge funds and other institutional investors.

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.