Inogen (NASDAQ:INGN) Shares Down 23.3% on Disappointing Earnings

Inogen Inc (NASDAQ:INGN)’s share price was down 23.3% on Wednesday following a dissappointing earnings announcement. The stock traded as low as $41.19 and last traded at $42.32, approximately 3,302,728 shares traded hands during mid-day trading. An increase of 468% from the average daily volume of 581,853 shares. The stock had previously closed at $55.18.

The medical technology company reported $0.45 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.50 by ($0.05). Inogen had a net margin of 12.56% and a return on equity of 15.59%. The business had revenue of $101.10 million during the quarter, compared to the consensus estimate of $106.88 million. During the same quarter in the previous year, the firm posted $0.65 EPS. The company’s revenue for the quarter was up 3.9% compared to the same quarter last year.

Several equities analysts have issued reports on INGN shares. Piper Jaffray Companies cut their price objective on Inogen from $140.00 to $80.00 and set an “overweight” rating for the company in a research report on Wednesday. Needham & Company LLC cut Inogen from a “buy” rating to a “hold” rating in a research note on Wednesday. BidaskClub raised Inogen from a “strong sell” rating to a “sell” rating in a research note on Saturday, July 27th. Stifel Nicolaus cut Inogen from a “buy” rating to a “hold” rating in a research note on Wednesday. Finally, JPMorgan Chase & Co. cut Inogen from a “neutral” rating to an “underweight” rating and set a $72.00 target price for the company. in a research note on Wednesday, July 3rd. Three analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $96.60.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Marshall Wace LLP increased its stake in shares of Inogen by 180.2% in the 1st quarter. Marshall Wace LLP now owns 55,580 shares of the medical technology company’s stock valued at $5,301,000 after buying an additional 35,747 shares during the period. Geode Capital Management LLC grew its stake in shares of Inogen by 8.6% during the fourth quarter. Geode Capital Management LLC now owns 205,160 shares of the medical technology company’s stock worth $25,474,000 after purchasing an additional 16,183 shares during the period. Legal & General Group Plc grew its stake in shares of Inogen by 3.9% during the fourth quarter. Legal & General Group Plc now owns 17,963 shares of the medical technology company’s stock worth $2,230,000 after purchasing an additional 668 shares during the period. Renaissance Group LLC acquired a new stake in shares of Inogen during the first quarter worth $428,000. Finally, Emerald Mutual Fund Advisers Trust acquired a new stake in shares of Inogen during the first quarter worth $4,483,000. 98.63% of the stock is owned by institutional investors.

The company has a debt-to-equity ratio of 0.02, a current ratio of 7.35 and a quick ratio of 6.70. The company has a 50 day simple moving average of $63.45. The company has a market capitalization of $1.29 billion, a price-to-earnings ratio of 18.40, a price-to-earnings-growth ratio of 2.32 and a beta of 1.40.

About Inogen (NASDAQ:INGN)

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.

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