Inspire Medical Systems, Inc. (NYSE:INSP) Short Interest Down 10.7% in November

Inspire Medical Systems, Inc. (NYSE:INSP) was the recipient of a large decline in short interest during the month of November. As of November 30th, there was short interest totalling 2,000,000 shares, a decline of 10.7% from the November 15th total of 2,240,000 shares. Based on an average trading volume of 572,700 shares, the days-to-cover ratio is presently 3.5 days.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of INSP. AQR Capital Management LLC lifted its position in Inspire Medical Systems by 152.7% in the 2nd quarter. AQR Capital Management LLC now owns 231,845 shares of the company’s stock worth $31,028,000 after buying an additional 140,090 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in shares of Inspire Medical Systems in the 3rd quarter valued at approximately $1,929,000. SG Americas Securities LLC raised its position in Inspire Medical Systems by 114.2% during the second quarter. SG Americas Securities LLC now owns 6,228 shares of the company’s stock valued at $833,000 after acquiring an additional 3,321 shares in the last quarter. Thrivent Financial for Lutherans increased its stake in shares of Inspire Medical Systems by 39.7% during the 3rd quarter. Thrivent Financial for Lutherans now owns 110,580 shares of the company’s stock worth $23,337,000 after purchasing an additional 31,444 shares during the last quarter. Finally, Headlands Technologies LLC bought a new position in shares of Inspire Medical Systems during the 2nd quarter valued at $1,391,000. 94.91% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

INSP has been the topic of a number of analyst reports. Robert W. Baird lifted their target price on shares of Inspire Medical Systems from $240.00 to $252.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 5th. Royal Bank of Canada reiterated an “outperform” rating and issued a $260.00 price objective on shares of Inspire Medical Systems in a report on Tuesday, November 5th. Truist Financial restated a “buy” rating and issued a $240.00 target price (up previously from $217.00) on shares of Inspire Medical Systems in a research report on Monday, September 30th. Leerink Partners raised their price objective on Inspire Medical Systems from $167.00 to $197.00 and gave the stock a “market perform” rating in a research report on Tuesday, September 10th. Finally, Bank of America upgraded Inspire Medical Systems from a “neutral” rating to a “buy” rating and increased their price objective for the company from $220.00 to $255.00 in a research note on Wednesday, November 20th. Three investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, Inspire Medical Systems currently has a consensus rating of “Moderate Buy” and an average target price of $233.58.

Inspire Medical Systems Stock Performance

Inspire Medical Systems stock traded up $0.03 during midday trading on Tuesday, reaching $188.86. 86,750 shares of the company were exchanged, compared to its average volume of 583,271. The company has a market capitalization of $5.66 billion, a price-to-earnings ratio of 176.38 and a beta of 1.31. Inspire Medical Systems has a 1 year low of $123.00 and a 1 year high of $257.40. The firm’s 50-day simple moving average is $193.93 and its 200-day simple moving average is $179.07.

Inspire Medical Systems (NYSE:INSP) last issued its quarterly earnings data 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 net margin of 4.37% and a return on equity of 5.30%. The company had revenue of $203.20 million during the quarter, compared to the consensus estimate of $197.59 million. During the same quarter last year, the company earned ($0.29) earnings per share. Inspire Medical Systems’s revenue for the quarter was up 32.6% on a year-over-year basis. On average, analysts forecast that Inspire Medical Systems will post 1.33 EPS for the current fiscal year.

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.