Bank of Nova Scotia Invests $6.47 Million in Inspire Medical Systems, Inc. $INSP

Key Points

• Bank of Nova Scotia acquired 144,964 shares of Inspire Medical Systems in the second quarter, valued at approximately $6.47 million and representing about 0.50% of the company. Institutional investors collectively own 94.91% of INSP.
• Analyst sentiment improved, with several firms raising price targets and Oppenheimer upgrading the stock to “outperform.” Despite these moves, the overall consensus remains “Hold,” with an average price target of $66.19.
• Inspire reported quarterly EPS of $0.14, beating estimates for a $0.24 loss, while revenue of $200.58 million exceeded forecasts. However, revenue declined 7.6% year over year, and an insider sold 963 shares for approximately $57,347.

Bank of Nova Scotia purchased a new position in Inspire Medical Systems, Inc. (NYSE:INSP - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 144,964 shares of the company's stock, valued at approximately $6,467,000. Bank of Nova Scotia owned approximately 0.50% of Inspire Medical Systems as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Alberta Investment Management Corp acquired a new position in Inspire Medical Systems in the second quarter worth $5,483,000. Assenagon Asset Management S.A. increased its stake in Inspire Medical Systems by 66.2% during the second quarter. Assenagon Asset Management S.A. now owns 864,395 shares of the company's stock valued at $38,561,000 after purchasing an additional 344,221 shares during the last quarter. GSA Capital Partners LLP acquired a new stake in shares of Inspire Medical Systems during the second quarter worth $820,000. Empowered Funds LLC acquired a new stake in shares of Inspire Medical Systems during the first quarter worth $1,799,000. Finally, Edgestream Partners L.P. lifted its position in shares of Inspire Medical Systems by 358.2% in the 1st quarter. Edgestream Partners L.P. now owns 82,268 shares of the company's stock worth $4,243,000 after buying an additional 64,315 shares during the last quarter. Institutional investors and hedge funds own 94.91% of the company's stock.

Analysts Set New Price Targets

INSP has been the topic of several research reports. JPMorgan Chase & Co. increased their price objective on shares of Inspire Medical Systems from $54.00 to $60.00 and gave the stock a "neutral" rating in a research note on Tuesday, August 4th. Oppenheimer raised Inspire Medical Systems from a "market perform" rating to an "outperform" rating and set a $85.00 price target on the stock in a report on Tuesday, August 4th. Mizuho boosted their price objective on Inspire Medical Systems from $55.00 to $65.00 and gave the company an "outperform" rating in a research report on Tuesday, August 4th. Zacks Research upgraded Inspire Medical Systems from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 17th. Finally, Truist Financial restated a "hold" rating and set a $62.00 price objective (up from $54.00) on shares of Inspire Medical Systems in a research note on Tuesday, August 4th. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, eleven have given a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $66.19.

Insiders Place Their Bets

In related news, insider Jason P. Kelly sold 963 shares of the company's stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $59.55, for a total value of $57,346.65. Following the completion of the sale, the insider owned 18,985 shares of the company's stock, valued at $1,130,556.75. This represents a 4.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 2.20% of the stock is owned by insiders.

Inspire Medical Systems Price Performance

INSP opened at $61.23 on Wednesday. The stock's 50 day moving average price is $51.95 and its 200 day moving average price is $52.50. The stock has a market cap of $1.77 billion, a P/E ratio of 13.25, a P/E/G ratio of 4.67 and a beta of 0.70. Inspire Medical Systems, Inc. has a 12 month low of $38.91 and a 12 month high of $147.03.

Inspire Medical Systems (NYSE:INSP - Get Free Report) last announced its quarterly earnings results on Monday, August 3rd. The company reported $0.14 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.24) by $0.38. The company had revenue of $200.58 million during the quarter, compared to analyst estimates of $194.72 million. Inspire Medical Systems had a return on equity of 8.64% and a net margin of 15.03%.The firm's quarterly revenue was down 7.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.45 EPS. Inspire Medical Systems has set its FY 2026 guidance at 1.050-1.450 EPS. Equities analysts anticipate that Inspire Medical Systems, Inc. will post 1.24 EPS for the current year.

Inspire Medical Systems Company Profile

Inspire Medical Systems, Inc is a medical technology company specializing in implantable neurostimulation devices for the treatment of obstructive sleep apnea (OSA). The company's flagship offering, the Inspire® system, delivers targeted stimulation of the hypoglossal nerve to maintain airway patency during sleep, providing an alternative therapy for patients who are intolerant of or inadequately managed by continuous positive airway pressure (CPAP) devices.

The Inspire system comprises an implantable pulse generator, a sensing lead that monitors breathing patterns, and a stimulation lead that activates the hypoglossal nerve.

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