Inspire Medical Systems (NYSE:INSP) Shares Gap Down After Analyst Downgrade

Key Points

• Shares of Inspire Medical Systems gapped down significantly from a previous close of $129.95 to an opening price of $88.75 following a downgrade by UBS Group, which lowered their price target from $270.00 to $230.00.
• Other analysts have also lowered their price targets, with a consensus price target now at $181.33 and a prevailing rating of "Hold" among seven investment analysts.
• Inspire Medical Systems reported earnings of $0.45 EPS, surpassing estimates, with a revenue of $217.09 million for the quarter, marking a year-over-year revenue increase of 10.8%.

Shares of Inspire Medical Systems, Inc. (NYSE:INSP - Get Free Report) gapped down prior to trading on Tuesday after UBS Group lowered their price target on the stock from $270.00 to $230.00. The stock had previously closed at $129.95, but opened at $88.75. UBS Group currently has a buy rating on the stock. Inspire Medical Systems shares last traded at $78.16, with a volume of 1,568,320 shares changing hands.

Other equities analysts have also recently issued reports about the stock. Stifel Nicolaus reduced their price objective on shares of Inspire Medical Systems from $175.00 to $140.00 and set a "hold" rating on the stock in a research note on Tuesday. Morgan Stanley reduced their price target on shares of Inspire Medical Systems from $200.00 to $182.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 15th. Truist Financial reissued a "hold" rating and set a $125.00 price target on shares of Inspire Medical Systems in a research report on Tuesday. Piper Sandler reduced their price target on shares of Inspire Medical Systems from $233.00 to $150.00 and set an "overweight" rating on the stock in a research report on Tuesday. Finally, KeyCorp cut shares of Inspire Medical Systems from an "overweight" rating to a "sector weight" rating in a research report on Tuesday. Seven investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $181.33.

Institutional Investors Weigh In On Inspire Medical Systems

Institutional investors have recently added to or reduced their stakes in the stock. Huntington National Bank lifted its position in Inspire Medical Systems by 228.3% in the 4th quarter. Huntington National Bank now owns 174 shares of the company's stock valued at $32,000 after acquiring an additional 121 shares in the last quarter. True Wealth Design LLC lifted its position in Inspire Medical Systems by 39.0% in the 4th quarter. True Wealth Design LLC now owns 196 shares of the company's stock valued at $36,000 after acquiring an additional 55 shares in the last quarter. Parallel Advisors LLC lifted its position in Inspire Medical Systems by 356.5% in the 1st quarter. Parallel Advisors LLC now owns 210 shares of the company's stock valued at $33,000 after acquiring an additional 164 shares in the last quarter. Quarry LP lifted its position in Inspire Medical Systems by 2,127.3% in the 1st quarter. Quarry LP now owns 245 shares of the company's stock valued at $39,000 after acquiring an additional 234 shares in the last quarter. Finally, Banque Transatlantique SA bought a new stake in Inspire Medical Systems in the 1st quarter valued at $46,000. 94.91% of the stock is owned by institutional investors.

Inspire Medical Systems Trading Down 41.2%

The firm's 50 day simple moving average is $131.53 and its 200-day simple moving average is $154.30. The stock has a market capitalization of $2.25 billion, a price-to-earnings ratio of 34.92, a price-to-earnings-growth ratio of 1.93 and a beta of 1.22.

Inspire Medical Systems (NYSE:INSP - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The company reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.23. Inspire Medical Systems had a net margin of 7.92% and a return on equity of 10.00%. The firm had revenue of $217.09 million for the quarter, compared to analyst estimates of $214.50 million. During the same period in the previous year, the business earned $0.32 EPS. The company's revenue was up 10.8% compared to the same quarter last year. As a group, equities research analysts predict that Inspire Medical Systems, Inc. will post 2.16 earnings per share for the current 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.

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