Inogen Inc (NASDAQ:INGN) Sees Large Growth in Short Interest

Inogen Inc (NASDAQ:INGN) saw a significant growth in short interest in the month of July. As of July 31st, there was short interest totalling 4,314,500 shares, a growth of 6.1% from the June 30th total of 4,066,500 shares. Approximately 23.9% of the company’s stock are short sold. Based on an average daily trading volume, of 542,500 shares, the days-to-cover ratio is presently 8.0 days.

A number of hedge funds have recently made changes to their positions in INGN. Legal & General Group Plc increased its position in Inogen by 3.9% in the 4th quarter. Legal & General Group Plc now owns 17,963 shares of the medical technology company’s stock valued at $2,230,000 after acquiring an additional 668 shares during the period. Geode Capital Management LLC increased its position in Inogen by 8.6% in the 4th quarter. Geode Capital Management LLC now owns 205,160 shares of the medical technology company’s stock valued at $25,474,000 after acquiring an additional 16,183 shares during the period. Retirement Systems of Alabama increased its position in Inogen by 1.8% in the 1st quarter. Retirement Systems of Alabama now owns 23,286 shares of the medical technology company’s stock valued at $2,221,000 after acquiring an additional 401 shares during the period. Harel Insurance Investments & Financial Services Ltd. acquired a new position in Inogen in the 1st quarter valued at about $25,000. Finally, Chicago Capital LLC increased its position in Inogen by 66.1% in the 1st quarter. Chicago Capital LLC now owns 222,235 shares of the medical technology company’s stock valued at $21,195,000 after acquiring an additional 88,449 shares during the period. Hedge funds and other institutional investors own 98.63% of the company’s stock.

INGN has been the subject of several research analyst reports. BidaskClub cut shares of Inogen from a “sell” rating to a “strong sell” rating in a report on Friday, August 9th. Svb Leerink restated a “market perform” rating and set a $47.00 target price (down previously from $78.00) on shares of Inogen in a report on Thursday, August 8th. Piper Jaffray Companies reduced their target price on shares of Inogen from $140.00 to $80.00 and set an “overweight” rating for the company in a report on Wednesday, August 7th. Stifel Nicolaus cut shares of Inogen from a “buy” rating to a “hold” rating and reduced their target price for the stock from $85.00 to $48.00 in a report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. cut shares of Inogen from a “neutral” rating to an “underweight” rating and set a $72.00 target price for the company. in a report on Wednesday, July 3rd. Three research analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $82.17.

INGN traded down $0.05 during trading hours on Thursday, hitting $42.88. 321,017 shares of the company’s stock were exchanged, compared to its average volume of 587,684. Inogen has a 1-year low of $41.19 and a 1-year high of $287.79. The stock’s 50-day moving average is $58.79 and its two-hundred day moving average is $84.37. The stock has a market cap of $986.37 million, a price-to-earnings ratio of 18.64, a PEG ratio of 2.66 and a beta of 1.40. The company has a quick ratio of 6.82, a current ratio of 7.35 and a debt-to-equity ratio of 0.01.

Inogen (NASDAQ:INGN) last announced its earnings results on Wednesday, August 7th. The medical technology company reported $0.45 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.50 by ($0.05). Inogen had a return on equity of 13.34% and a net margin of 11.24%. The business had revenue of $101.10 million for the quarter, compared to analyst estimates of $106.88 million. During the same quarter in the previous year, the company posted $0.65 EPS. The business’s revenue for the quarter was up 3.9% compared to the same quarter last year. On average, equities research analysts anticipate that Inogen will post 1.09 EPS for the current year.

Inogen Company Profile

Inogen, Inc, a medical technology company, primarily develops, manufactures, and markets portable oxygen concentrators for patients, physicians and other clinicians, and third-party payors in the United States and internationally. Its oxygen concentrators are used to deliver supplemental long-term oxygen therapy to patients suffering from chronic respiratory conditions.

Read More: Price to Earnings Ratio (PE) Basics

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