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

Inspire Medical Systems, Inc. (NYSE:INSP) was the target of a large increase in short interest in November. As of November 15th, there was short interest totalling 2,240,000 shares, an increase of 14.9% from the October 31st total of 1,950,000 shares. Based on an average trading volume of 598,000 shares, the days-to-cover ratio is presently 3.7 days.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on INSP shares. Royal Bank of Canada reissued an “outperform” rating and issued a $260.00 price objective on shares of Inspire Medical Systems in a research report on Tuesday, November 5th. Truist Financial restated a “buy” rating and set a $240.00 price target (up previously from $217.00) on shares of Inspire Medical Systems in a research report on Monday, September 30th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $200.00 price objective (up previously from $170.00) on shares of Inspire Medical Systems in a research report on Tuesday, November 5th. Piper Sandler reiterated an “overweight” rating and issued a $260.00 target price (up from $255.00) on shares of Inspire Medical Systems in a research note on Tuesday, November 5th. Finally, Wells Fargo & Company raised their price target on shares of Inspire Medical Systems from $187.00 to $198.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. Three analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $233.58.

Insider Activity at Inspire Medical Systems

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

Institutional Trading of Inspire Medical Systems

Hedge funds have recently added to or reduced their stakes in the business. True Wealth Design LLC bought a new position in shares of Inspire Medical Systems during the third quarter valued at about $30,000. Farther Finance Advisors LLC lifted its holdings in 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 buying an additional 139 shares during the period. GAMMA Investing LLC grew its position in shares of Inspire Medical Systems by 559.3% in the 3rd quarter. GAMMA Investing LLC now owns 178 shares of the company’s stock worth $38,000 after buying an additional 151 shares during the last quarter. SouthState Corp purchased a new position in shares of Inspire Medical Systems during the second quarter valued at approximately $27,000. Finally, Signaturefd LLC raised its holdings in shares of Inspire Medical Systems by 45.9% during the third quarter. Signaturefd LLC now owns 270 shares of the company’s stock valued at $57,000 after acquiring an additional 85 shares in the last quarter. 94.91% of the stock is owned by institutional investors.

Inspire Medical Systems Stock Up 1.9 %

Shares of INSP stock traded up $3.54 during trading on Tuesday, hitting $192.06. The company had a trading volume of 396,424 shares, compared to its average volume of 594,198. The stock’s 50-day moving average is $197.08 and its two-hundred day moving average is $176.92. The stock has a market capitalization of $5.76 billion, a price-to-earnings ratio of 179.50 and a beta of 1.31. Inspire Medical Systems has a 52 week low of $123.00 and a 52 week high of $257.40.

Inspire Medical Systems (NYSE:INSP) last posted its quarterly earnings data on Monday, November 4th. The company reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.54. The firm had revenue of $203.20 million during the quarter, compared to analysts’ expectations of $197.59 million. Inspire Medical Systems had a return on equity of 5.30% and a net margin of 4.37%. The company’s revenue for the quarter was up 32.6% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.29) EPS. On average, research analysts predict that Inspire Medical Systems will post 1.33 EPS 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.