Inspire Medical Systems (NYSE:INSP) Posts Earnings Results, Beats Expectations By $0.95 EPS

Inspire Medical Systems (NYSE:INSP) announced its earnings results on Wednesday. The company reported $1.65 EPS for the quarter, beating analysts’ consensus estimates of $0.70 by $0.95, Zacks reports. Inspire Medical Systems had a net margin of 5.05% and a return on equity of 9.41%. The business had revenue of $269.08 million during the quarter, compared to analysts’ expectations of $264.02 million.

Inspire Medical Systems Price Performance

Shares of NYSE INSP traded up $0.36 during trading on Wednesday, hitting $68.50. 2,326,136 shares of the company were exchanged, compared to its average volume of 1,272,854. Inspire Medical Systems has a 1 year low of $64.46 and a 1 year high of $197.75. The company has a market cap of $1.99 billion, a price-to-earnings ratio of 46.60, a PEG ratio of 6.69 and a beta of 0.74. The firm’s fifty day moving average price is $97.37 and its 200 day moving average price is $91.87.

Insider Activity at Inspire Medical Systems

In related news, Director Shawn Mccormick sold 2,000 shares of the business’s stock in a transaction dated Friday, November 28th. The shares were sold at an average price of $127.48, for a total transaction of $254,960.00. Following the sale, the director owned 26,046 shares of the company’s stock, valued at approximately $3,320,344.08. The trade was a 7.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Inspire Medical Systems

Hedge funds have recently added to or reduced their stakes in the business. Wasatch Advisors LP grew its position in shares of Inspire Medical Systems by 7.2% in the second quarter. Wasatch Advisors LP now owns 1,634,395 shares of the company’s stock valued at $212,095,000 after purchasing an additional 110,288 shares during the last quarter. Deerfield Management Company L.P. lifted its stake in Inspire Medical Systems by 648.4% in the 3rd quarter. Deerfield Management Company L.P. now owns 1,047,694 shares of the company’s stock valued at $77,739,000 after buying an additional 907,694 shares in the last quarter. State Street Corp grew its holdings in Inspire Medical Systems by 2.3% during the 2nd quarter. State Street Corp now owns 1,030,902 shares of the company’s stock valued at $133,780,000 after buying an additional 22,843 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Inspire Medical Systems by 37.0% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 833,599 shares of the company’s stock worth $61,853,000 after buying an additional 225,291 shares in the last quarter. Finally, Balyasny Asset Management L.P. increased its position in Inspire Medical Systems by 16,504.3% during the third quarter. Balyasny Asset Management L.P. now owns 614,359 shares of the company’s stock worth $45,585,000 after buying an additional 610,659 shares in the last quarter. 94.91% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

INSP has been the subject of several analyst reports. Mizuho upped their price objective on Inspire Medical Systems from $110.00 to $130.00 and gave the company an “outperform” rating in a research note on Wednesday, December 17th. Wolfe Research raised Inspire Medical Systems from a “peer perform” rating to an “outperform” rating and set a $180.00 target price on the stock in a report on Tuesday, November 25th. Wells Fargo & Company decreased their price target on Inspire Medical Systems from $160.00 to $145.00 and set an “overweight” rating for the company in a report on Wednesday, January 14th. Stifel Nicolaus set a $110.00 price objective on shares of Inspire Medical Systems and gave the company a “buy” rating in a research report on Monday, November 24th. Finally, Truist Financial cut shares of Inspire Medical Systems from a “buy” rating to a “hold” rating and set a $96.00 price objective on the stock. in a research note on Thursday, January 22nd. Eight equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Inspire Medical Systems currently has an average rating of “Hold” and an average target price of $133.47.

Inspire Medical Systems Company Profile

Inspire Medical Systems, Inc is a medical technology company specializing in implantable neurostimulation devices for the treatment of obstructive sleep apnea (OSA). The company’s flagship offering, the Inspire® system, delivers targeted stimulation of the hypoglossal nerve to maintain airway patency during sleep, providing an alternative therapy for patients who are intolerant of or inadequately managed by continuous positive airway pressure (CPAP) devices.

The Inspire system comprises an implantable pulse generator, a sensing lead that monitors breathing patterns, and a stimulation lead that activates the hypoglossal nerve.