BlackRock Inc. Takes $11.28 Million Position in Inogen, Inc $INGN

Key Points

• BlackRock acquired 1.75 million Inogen shares valued at approximately $11.28 million, giving it a 6.46% stake in the medical technology company.
• Institutional investors own approximately 89.94% of Inogen, while an executive vice president recently sold 10,938 shares at an average price of $6.60.
• Inogen reported a quarterly loss of $0.14 per share, slightly better than estimates, on revenue of $95.08 million. The stock opened at $5.42, near its one-year low, while analyst sentiment remains mixed with a “Moderate Buy” consensus.

BlackRock Inc. purchased a new position in Inogen, Inc (NASDAQ:INGN - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 1,748,986 shares of the medical technology company's stock, valued at approximately $11,281,000. BlackRock Inc. owned approximately 6.46% of Inogen at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Alliancebernstein L.P. boosted its position in shares of Inogen by 3.9% during the third quarter. Alliancebernstein L.P. now owns 51,120 shares of the medical technology company's stock valued at $418,000 after buying an additional 1,900 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in shares of Inogen by 14.6% during the fourth quarter. Russell Investments Group Ltd. now owns 19,543 shares of the medical technology company's stock valued at $131,000 after purchasing an additional 2,487 shares during the last quarter. Rhumbline Advisers lifted its position in Inogen by 7.0% during the second quarter. Rhumbline Advisers now owns 39,059 shares of the medical technology company's stock valued at $275,000 after purchasing an additional 2,561 shares during the period. American Century Companies Inc. boosted its holdings in Inogen by 4.9% in the second quarter. American Century Companies Inc. now owns 61,238 shares of the medical technology company's stock worth $431,000 after purchasing an additional 2,858 shares during the last quarter. Finally, Barclays PLC boosted its holdings in Inogen by 4.5% in the fourth quarter. Barclays PLC now owns 81,980 shares of the medical technology company's stock worth $551,000 after purchasing an additional 3,515 shares during the last quarter. 89.94% of the stock is owned by institutional investors.

Insider Activity at Inogen

In related news, EVP Jennifer Yi Boyer sold 10,938 shares of the stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $6.60, for a total transaction of $72,190.80. Following the completion of the sale, the executive vice president owned 5,039 shares of the company's stock, valued at $33,257.40. This represents a 68.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 2.50% of the stock is currently owned by company insiders.

Inogen Stock Performance

NASDAQ INGN opened at $5.42 on Friday. Inogen, Inc has a one year low of $5.29 and a one year high of $9.13. The company's 50-day simple moving average is $6.14 and its two-hundred day simple moving average is $6.33. The company has a market capitalization of $143.85 million, a price-to-earnings ratio of -6.02 and a beta of 1.57.

Inogen (NASDAQ:INGN - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The medical technology company reported ($0.14) earnings per share for the quarter, topping analysts' consensus estimates of ($0.15) by $0.01. The firm had revenue of $95.08 million during the quarter, compared to analysts' expectations of $95.23 million. Inogen had a negative return on equity of 13.17% and a negative net margin of 6.94%.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a "sell (d-)" rating on shares of Inogen in a research note on Wednesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy".

About Inogen

Inogen, Inc NASDAQ: INGN is a medical device company specializing in the development, manufacture and marketing of innovative oxygen therapy solutions. The company's core focus is on portable oxygen concentrators (POCs) designed to support patients with chronic respiratory conditions such as chronic obstructive pulmonary disease (COPD). Inogen's offerings aim to provide users with mobility and independence by reducing reliance on traditional compressed-gas cylinders and enabling oxygen therapy on the go.

Inogen's flagship product line, including the Inogen One family of portable oxygen concentrators, leverages proprietary flow technology to deliver continuous and pulse-dose oxygen.

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