Royce & Associates LP Grows Stake in Inogen, Inc (NASDAQ:INGN)

Key Points

• Royce & Associates LP increased its position in Inogen, Inc by 42.8% in the first quarter, owning a total of 444,457 shares valued at approximately $3.17 million.
• Multiple institutional investors, including GAMMA Investing LLC and Dimensional Fund Advisors LP, significantly raised their stakes in Inogen, indicating strong institutional interest in the medical technology company.
• Inogen's latest earnings report showed a loss of ($0.25) earnings per share, outperforming analyst estimates, and the company anticipates a projected loss of ($1.73) per share for the current fiscal year.

Royce & Associates LP grew its stake in Inogen, Inc (NASDAQ:INGN - Free Report) by 42.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 444,457 shares of the medical technology company's stock after buying an additional 133,258 shares during the period. Royce & Associates LP owned approximately 1.65% of Inogen worth $3,169,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in INGN. Price T Rowe Associates Inc. MD boosted its holdings in shares of Inogen by 5.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 26,710 shares of the medical technology company's stock worth $245,000 after purchasing an additional 1,318 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of Inogen by 2.0% in the 4th quarter. Invesco Ltd. now owns 78,142 shares of the medical technology company's stock worth $717,000 after purchasing an additional 1,545 shares in the last quarter. Wells Fargo & Company MN boosted its stake in Inogen by 27.8% in the fourth quarter. Wells Fargo & Company MN now owns 13,917 shares of the medical technology company's stock worth $128,000 after buying an additional 3,031 shares in the last quarter. Bank of America Corp DE boosted its stake in Inogen by 2.7% in the fourth quarter. Bank of America Corp DE now owns 127,326 shares of the medical technology company's stock worth $1,168,000 after buying an additional 3,304 shares in the last quarter. Finally, American Century Companies Inc. boosted its stake in Inogen by 10.2% in the fourth quarter. American Century Companies Inc. now owns 54,856 shares of the medical technology company's stock worth $503,000 after buying an additional 5,089 shares in the last quarter. 89.94% of the stock is currently owned by hedge funds and other institutional investors.

Inogen Trading Down 1.8%

Shares of NASDAQ:INGN traded down $0.12 during trading on Thursday, reaching $6.43. 141,121 shares of the company traded hands, compared to its average volume of 275,711. The firm has a market capitalization of $172.90 million, a price-to-earnings ratio of -5.59 and a beta of 1.66. Inogen, Inc has a 52-week low of $5.70 and a 52-week high of $13.33. The business's fifty day moving average is $6.73 and its 200-day moving average is $7.80.

Inogen (NASDAQ:INGN - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The medical technology company reported ($0.25) earnings per share for the quarter, beating the consensus estimate of ($0.52) by $0.27. The business had revenue of $82.28 million during the quarter, compared to analysts' expectations of $79.57 million. Inogen had a negative net margin of 8.08% and a negative return on equity of 14.76%. On average, sell-side analysts predict that Inogen, Inc will post -1.73 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on INGN shares. Needham & Company LLC raised shares of Inogen from a "hold" rating to a "moderate buy" rating and set a $12.00 price objective for the company in a research note on Thursday, May 22nd. Stifel Nicolaus cut their price target on shares of Inogen from $10.00 to $7.00 and set a "hold" rating for the company in a research report on Thursday, May 8th. Finally, B. Riley assumed coverage on shares of Inogen in a research report on Monday, June 16th. They set a "buy" rating and a $14.00 price target for the company.

About Inogen

Inogen, Inc, a medical technology company, develops, manufactures, and markets portable oxygen concentrators to patients, physicians and other clinicians, and third-party payors in the United States and internationally. Its oxygen concentrators are used to deliver supplemental long-term oxygen therapy to patients suffering from chronic respiratory conditions.