Inspire Medical Systems (NYSE:INSP) Stock Price Down 10.2% - Here's What Happened

Shares of Inspire Medical Systems, Inc. (NYSE:INSP - Get Free Report) traded down 10.2% on Monday . The company traded as low as $181.05 and last traded at $181.73. 195,983 shares were traded during mid-day trading, a decline of 64% from the average session volume of 537,953 shares. The stock had previously closed at $202.48.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on INSP shares. Robert W. Baird increased their price target on Inspire Medical Systems from $240.00 to $252.00 and gave the stock an "outperform" rating in a report on Tuesday, November 5th. Wells Fargo & Company raised their price target on shares of Inspire Medical Systems from $187.00 to $198.00 and gave the stock an "equal weight" rating in a report on Tuesday, November 5th. Truist Financial reiterated a "buy" rating and set a $240.00 price objective (up previously from $217.00) on shares of Inspire Medical Systems in a report on Monday, September 30th. Bank of America raised shares of Inspire Medical Systems from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $220.00 to $255.00 in a research report on Wednesday, November 20th. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and issued a $260.00 target price on shares of Inspire Medical Systems in a research report on Tuesday, November 5th. Three investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $233.58.

Inspire Medical Systems Price Performance

The company has a market capitalization of $5.28 billion, a P/E ratio of 164.74 and a beta of 1.32. The firm has a fifty day moving average price of $190.78 and a 200-day moving average price of $184.55.

Inspire Medical Systems (NYSE:INSP - Get Free Report) last announced its quarterly earnings data on Monday, November 4th. The company reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.54. The company had revenue of $203.20 million during the quarter, compared to analyst estimates of $197.59 million. Inspire Medical Systems had a return on equity of 5.30% and a net margin of 4.37%. The firm's revenue for the quarter was up 32.6% on a year-over-year basis. During the same quarter last year, the firm posted ($0.29) EPS. On average, research analysts forecast that Inspire Medical Systems, Inc. will post 1.33 EPS for the current year.

Hedge Funds Weigh In On Inspire Medical Systems

Hedge funds have recently made changes to their positions in the stock. Amalgamated Bank lifted its holdings in Inspire Medical Systems by 4.1% during the 2nd quarter. Amalgamated Bank now owns 2,005 shares of the company's stock worth $268,000 after purchasing an additional 79 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Inspire Medical Systems by 1.0% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 7,879 shares of the company's stock worth $1,461,000 after buying an additional 79 shares in the last quarter. Signaturefd LLC boosted its position in shares of Inspire Medical Systems by 45.9% in the third quarter. Signaturefd LLC now owns 270 shares of the company's stock valued at $57,000 after acquiring an additional 85 shares during the period. The Manufacturers Life Insurance Company grew its stake in Inspire Medical Systems by 0.4% during the second quarter. The Manufacturers Life Insurance Company now owns 21,193 shares of the company's stock valued at $2,836,000 after acquiring an additional 92 shares in the last quarter. Finally, Quarry LP lifted its stake in Inspire Medical Systems by 30.9% in the 3rd quarter. Quarry LP now owns 449 shares of the company's stock worth $95,000 after purchasing an additional 106 shares in the last quarter. 94.91% of the stock is currently owned by hedge funds and other institutional investors.

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.