Inspire Medical Systems, Inc. (NYSE:INSP) Short Interest Up 14.9% in November

Inspire Medical Systems, Inc. (NYSE:INSP) was the target of a significant 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 daily volume of 598,000 shares, the days-to-cover ratio is presently 3.7 days.

Inspire Medical Systems Stock Up 1.9 %

Shares of Inspire Medical Systems stock traded up $3.54 during trading hours on Tuesday, reaching $192.06. 396,424 shares of the stock traded hands, compared to its average volume of 594,198. Inspire Medical Systems has a one year low of $123.00 and a one year high of $257.40. The firm has a market capitalization of $5.76 billion, a price-to-earnings ratio of 179.50 and a beta of 1.31. The company has a 50 day moving average price of $197.08 and a 200 day moving average price of $176.92.

Inspire Medical Systems (NYSE:INSP) last posted its quarterly earnings data on Monday, November 4th. The company reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $203.20 million for the quarter, compared to analysts’ expectations of $197.59 million. During the same period in the previous year, the firm earned ($0.29) EPS. The business’s quarterly revenue was up 32.6% on a year-over-year basis. Sell-side analysts anticipate that Inspire Medical Systems will post 1.33 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on INSP. Royal Bank of Canada reissued an “outperform” rating and issued a $260.00 target price on shares of Inspire Medical Systems in a research note on Tuesday, November 5th. Wells Fargo & Company increased their price objective on Inspire Medical Systems from $187.00 to $198.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. Piper Sandler reaffirmed an “overweight” rating and set a $260.00 price objective (up from $255.00) on shares of Inspire Medical Systems in a research report on Tuesday, November 5th. Leerink Partners increased their price objective on Inspire Medical Systems from $167.00 to $197.00 and gave the company a “market perform” rating in a research report on Tuesday, September 10th. Finally, Stifel Nicolaus reaffirmed a “hold” rating and set a $200.00 price objective (up from $170.00) on shares of Inspire Medical Systems in a research report on Tuesday, November 5th. Three investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Inspire Medical Systems presently has a consensus rating of “Moderate Buy” and a consensus price target of $233.58.

Insiders Place Their Bets

In other news, Director Shawn Mccormick sold 800 shares of the stock in a transaction on Monday, September 9th. The stock was sold at an average price of $220.00, for a total value of $176,000.00. Following the sale, the director now directly owns 23,140 shares of the company’s stock, valued at approximately $5,090,800. This represents a 3.34 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 4.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. True Wealth Design LLC purchased a new position in Inspire Medical Systems in the 3rd quarter worth approximately $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 purchasing an additional 139 shares in the last quarter. GAMMA Investing LLC lifted its holdings in 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 purchasing an additional 151 shares in the last quarter. SouthState Corp purchased a new position in Inspire Medical Systems in the 2nd quarter worth approximately $27,000. Finally, Signaturefd LLC lifted its holdings in Inspire Medical Systems by 45.9% in the 3rd quarter. Signaturefd LLC now owns 270 shares of the company’s stock worth $57,000 after purchasing an additional 85 shares in the last quarter. 94.91% of the stock is owned by hedge funds and other institutional investors.

About Inspire Medical Systems

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.