Pentwater Capital Management LP Lowers Stock Holdings in Inspire Medical Systems (NASDAQ:INSP)

Pentwater Capital Management LP reduced its position in Inspire Medical Systems (NASDAQ:INSP) by 14.3% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 30,000 shares of the company’s stock after selling 5,000 shares during the period. Pentwater Capital Management LP owned about 0.13% of Inspire Medical Systems worth $1,820,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Morgan Stanley raised its stake in Inspire Medical Systems by 3.6% during the 2nd quarter. Morgan Stanley now owns 1,441,080 shares of the company’s stock valued at $87,401,000 after buying an additional 50,166 shares during the last quarter. AQR Capital Management LLC bought a new position in Inspire Medical Systems in the 2nd quarter worth $3,537,000. Bank of America Corp DE boosted its holdings in shares of Inspire Medical Systems by 7.5% during the 2nd quarter. Bank of America Corp DE now owns 34,424 shares of the company’s stock valued at $2,089,000 after purchasing an additional 2,387 shares during the last quarter. Balyasny Asset Management LLC boosted its holdings in shares of Inspire Medical Systems by 61.5% during the 2nd quarter. Balyasny Asset Management LLC now owns 6,621 shares of the company’s stock valued at $402,000 after purchasing an additional 2,521 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in shares of Inspire Medical Systems by 279.8% during the 2nd quarter. Invesco Ltd. now owns 965,710 shares of the company’s stock valued at $58,570,000 after purchasing an additional 711,435 shares during the last quarter.

Several brokerages have recently issued reports on INSP. Zacks Investment Research upgraded shares of Inspire Medical Systems from a “sell” rating to a “hold” rating in a research report on Saturday, August 3rd. Bank of America reiterated a “neutral” rating and set a $75.00 price objective (up from $65.00) on shares of Inspire Medical Systems in a research note on Monday, July 8th. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $57.20.

In other Inspire Medical Systems news, CEO Timothy P. Herbert sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $65.00, for a total value of $650,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Timothy P. Herbert sold 25,000 shares of the firm’s stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $58.71, for a total transaction of $1,467,750.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 634,594 shares of company stock valued at $42,427,057.

INSP traded up $1.71 during trading on Friday, hitting $67.03. The stock had a trading volume of 167,126 shares, compared to its average volume of 311,194. Inspire Medical Systems has a twelve month low of $35.43 and a twelve month high of $71.71. The stock has a 50 day simple moving average of $65.75 and a two-hundred day simple moving average of $59.15.

Inspire Medical Systems (NASDAQ:INSP) last announced its earnings results on Tuesday, August 6th. The company reported ($0.32) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.45) by $0.13. The firm had revenue of $18.03 million during the quarter, compared to analyst estimates of $21.26 million. Inspire Medical Systems’s revenue was up 64.9% on a year-over-year basis. During the same quarter last year, the business earned ($0.43) earnings per share.

Inspire Medical Systems Profile

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). It offers Inspire system, a neurostimulation technology that provides a safe and effective treatment for moderate to severe obstructive sleep apnea.

Further Reading: Exchange-Traded Funds (ETFs)

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Institutional Ownership by Quarter for Inspire Medical Systems (NASDAQ:INSP)

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