Inspire Medical Systems (NYSE:INSP) Shares Gap Down – Should You Sell?

Shares of Inspire Medical Systems, Inc. (NYSE:INSP) gapped down before the market opened on Thursday . The stock had previously closed at $118.27, but opened at $94.12. Inspire Medical Systems shares last traded at $92.2720, with a volume of 1,381,711 shares trading hands.

Analysts Set New Price Targets

INSP has been the subject of several analyst reports. Robert W. Baird increased their price objective on Inspire Medical Systems from $125.00 to $180.00 and gave the stock an “outperform” rating in a research note on Thursday, December 4th. Wolfe Research upgraded Inspire Medical Systems from a “peer perform” rating to an “outperform” rating and set a $180.00 price target for the company in a report on Tuesday, November 25th. UBS Group set a $89.00 price target on Inspire Medical Systems and gave the company a “neutral” rating in a research report on Monday, September 22nd. Wells Fargo & Company upgraded Inspire Medical Systems from an “equal weight” rating to an “overweight” rating and dropped their price objective for the company from $101.00 to $90.00 in a research note on Tuesday, November 4th. Finally, Mizuho lifted their price objective on shares of Inspire Medical Systems from $110.00 to $130.00 and gave the stock an “outperform” rating in a report on Wednesday. Eleven analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Inspire Medical Systems has an average rating of “Moderate Buy” and a consensus target price of $138.88.

Inspire Medical Systems Stock Performance

The stock has a market cap of $2.81 billion, a P/E ratio of 65.60, a P/E/G ratio of 13.31 and a beta of 0.70. The business has a 50 day simple moving average of $98.86 and a 200-day simple moving average of $104.04.

Inspire Medical Systems (NYSE:INSP) last released its earnings results on Monday, November 3rd. The company reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.53. The company had revenue of $224.50 million for the quarter, compared to analysts’ expectations of $220.39 million. Inspire Medical Systems had a return on equity of 9.41% and a net margin of 5.05%.The business’s revenue for the quarter was up 10.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.60 EPS. On average, sell-side analysts predict that Inspire Medical Systems, Inc. will post 2.16 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Inspire Medical Systems news, Director Shawn Mccormick sold 2,000 shares of the business’s stock in a transaction dated Friday, November 28th. The shares were sold at an average price of $127.48, for a total value of $254,960.00. Following the transaction, the director directly owned 26,046 shares in the company, valued at $3,320,344.08. The trade was a 7.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 4.10% of the company’s stock.

Hedge Funds Weigh In On Inspire Medical Systems

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Dragoneer Investment Group LLC grew its stake in Inspire Medical Systems by 81.4% in the 2nd quarter. Dragoneer Investment Group LLC now owns 2,354,411 shares of the company’s stock valued at $305,532,000 after buying an additional 1,056,808 shares in the last quarter. Deerfield Management Company L.P. lifted its position in shares of Inspire Medical Systems by 648.4% during the third quarter. Deerfield Management Company L.P. now owns 1,047,694 shares of the company’s stock worth $77,739,000 after acquiring an additional 907,694 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Inspire Medical Systems by 214.5% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,112,925 shares of the company’s stock worth $177,267,000 after acquiring an additional 759,090 shares during the period. Balyasny Asset Management L.P. grew its position in shares of Inspire Medical Systems by 16,504.3% in the third quarter. Balyasny Asset Management L.P. now owns 614,359 shares of the company’s stock valued at $45,585,000 after purchasing an additional 610,659 shares in the last quarter. Finally, William Blair Investment Management LLC grew its position in shares of Inspire Medical Systems by 68.7% in the third quarter. William Blair Investment Management LLC now owns 1,297,573 shares of the company’s stock valued at $96,280,000 after purchasing an additional 528,404 shares in the last quarter. Institutional investors own 94.91% of the company’s stock.

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.