Inspire Medical Systems (NYSE:INSP) Trading Down 3.9%

Inspire Medical Systems, Inc. (NYSE:INSP - Get Free Report)'s share price dropped 3.9% on Thursday . The company traded as low as $230.04 and last traded at $230.85. Approximately 188,664 shares were traded during trading, a decline of 64% from the average daily volume of 517,607 shares. The stock had previously closed at $240.23.

Wall Street Analysts Forecast Growth

INSP has been the subject of a number of analyst reports. Morgan Stanley started coverage on Inspire Medical Systems in a research report on Tuesday, March 19th. They set an "overweight" rating and a $250.00 price objective for the company. Mizuho reissued a "buy" rating and set a $250.00 target price on shares of Inspire Medical Systems in a research note on Wednesday, March 27th. Wells Fargo & Company cut shares of Inspire Medical Systems from an "overweight" rating to an "equal weight" rating and decreased their target price for the stock from $245.00 to $187.00 in a research report on Wednesday, December 13th. Truist Financial reaffirmed a "buy" rating and set a $280.00 price target on shares of Inspire Medical Systems in a report on Wednesday, March 20th. Finally, Jefferies Financial Group initiated coverage on Inspire Medical Systems in a research report on Friday, January 19th. They set a "buy" rating and a $245.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $271.29.

Inspire Medical Systems Stock Down 3.3 %

The business's 50 day simple moving average is $200.59 and its 200 day simple moving average is $182.05. The company has a market capitalization of $7.04 billion, a PE ratio of -311.34 and a beta of 1.37.

Inspire Medical Systems (NYSE:INSP - Get Free Report) last issued its quarterly earnings results on Tuesday, February 6th. The company reported $0.49 EPS for the quarter, beating the consensus estimate of ($0.04) by $0.53. Inspire Medical Systems had a negative net margin of 3.39% and a negative return on equity of 3.93%. The business had revenue of $192.51 million during the quarter, compared to the consensus estimate of $186.75 million. During the same quarter in the prior year, the firm earned $0.10 EPS. The firm's quarterly revenue was up 39.6% on a year-over-year basis. On average, analysts anticipate that Inspire Medical Systems, Inc. will post -0.35 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Randy Ban sold 12,230 shares of the company's stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $185.37, for a total value of $2,267,075.10. Following the transaction, the insider now owns 3,029 shares in the company, valued at approximately $561,485.73. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Timothy P. Herbert sold 40,000 shares of the company's stock in a transaction on Monday, April 1st. The shares were sold at an average price of $205.09, for a total value of $8,203,600.00. Following the transaction, the chief executive officer now directly owns 63,658 shares of the company's stock, valued at $13,055,619.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Randy Ban sold 12,230 shares of Inspire Medical Systems stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $185.37, for a total value of $2,267,075.10. Following the sale, the insider now directly owns 3,029 shares of the company's stock, valued at approximately $561,485.73. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 61,371 shares of company stock worth $12,213,828. 4.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. US Bancorp DE grew its position in Inspire Medical Systems by 11.3% in the first quarter. US Bancorp DE now owns 2,284 shares of the company's stock worth $586,000 after acquiring an additional 231 shares in the last quarter. HighTower Advisors LLC bought a new stake in Inspire Medical Systems in the first quarter worth $452,000. Private Advisor Group LLC acquired a new position in Inspire Medical Systems during the first quarter worth $203,000. PNC Financial Services Group Inc. raised its holdings in Inspire Medical Systems by 668.6% during the first quarter. PNC Financial Services Group Inc. now owns 1,422 shares of the company's stock valued at $364,000 after buying an additional 1,237 shares in the last quarter. Finally, Bank of Montreal Can lifted its position in shares of Inspire Medical Systems by 4.0% in the first quarter. Bank of Montreal Can now owns 14,694 shares of the company's stock worth $3,838,000 after buying an additional 563 shares during the last quarter. 94.91% of the stock is owned by institutional investors and hedge funds.

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.