1832 Asset Management L.P. Invests $1.74 Million in Inspire Medical Systems, Inc. (NYSE:INSP)

1832 Asset Management L.P. bought a new stake in Inspire Medical Systems, Inc. (NYSE:INSP) in the first quarter, Holdings Channel reports. The institutional investor bought 8,100 shares of the company’s stock, valued at approximately $1,740,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Raymond James Financial Services Advisors Inc. raised its holdings in shares of Inspire Medical Systems by 18.7% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 3,382 shares of the company’s stock valued at $688,000 after buying an additional 533 shares during the last quarter. McGlone Suttner Wealth Management Inc. acquired a new position in shares of Inspire Medical Systems during the fourth quarter worth approximately $27,000. Miracle Mile Advisors LLC bought a new stake in shares of Inspire Medical Systems during the fourth quarter valued at approximately $203,000. OPTIMAS CAPITAL Ltd acquired a new stake in shares of Inspire Medical Systems in the fourth quarter valued at approximately $3,861,000. Finally, International Assets Investment Management LLC acquired a new stake in shares of Inspire Medical Systems in the fourth quarter valued at approximately $166,000. 94.91% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on INSP. Royal Bank of Canada began coverage on Inspire Medical Systems in a report on Friday, April 19th. They set an “outperform” rating and a $285.00 price objective on the stock. Bank of America cut their price target on Inspire Medical Systems from $225.00 to $185.00 and set a “neutral” rating on the stock in a research note on Monday, June 3rd. Piper Sandler raised their price target on Inspire Medical Systems from $250.00 to $255.00 and gave the company an “overweight” rating in a report on Wednesday, May 8th. Morgan Stanley dropped their price objective on Inspire Medical Systems from $250.00 to $210.00 and set an “overweight” rating for the company in a report on Monday, July 15th. Finally, Truist Financial cut their target price on shares of Inspire Medical Systems from $280.00 to $217.00 and set a “buy” rating on the stock in a research report on Tuesday, July 16th. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $235.29.

Inspire Medical Systems Price Performance

Shares of NYSE INSP traded down $9.26 during midday trading on Friday, reaching $125.79. 956,555 shares of the stock were exchanged, compared to its average volume of 425,876. Inspire Medical Systems, Inc. has a 12 month low of $123.00 and a 12 month high of $293.63. The company has a market capitalization of $3.74 billion, a price-to-earnings ratio of -228.71 and a beta of 1.31. The business has a 50-day simple moving average of $148.29 and a two-hundred day simple moving average of $185.05.

Inspire Medical Systems (NYSE:INSP) last announced its earnings results on Tuesday, May 7th. The company reported ($0.34) EPS for the quarter, topping the consensus estimate of ($0.63) by $0.29. The firm had revenue of $164.01 million for the quarter, compared to the consensus estimate of $161.41 million. Inspire Medical Systems had a negative net margin of 2.38% and a negative return on equity of 2.82%. The business’s quarterly revenue was up 28.2% on a year-over-year basis. During the same period last year, the company posted ($0.53) EPS. Equities research analysts expect that Inspire Medical Systems, Inc. will post 0.16 earnings per share for the current fiscal 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.