InMode (NASDAQ:INMD) Sets New 1-Year Low on Analyst Downgrade

InMode Ltd. (NASDAQ:INMD) shares reached a new 52-week low during trading on Monday after Barclays lowered their price target on the stock from $34.00 to $33.00. Barclays currently has an overweight rating on the stock. InMode traded as low as $17.61 and last traded at $17.72, with a volume of 764898 shares traded. The stock had previously closed at $17.92.

A number of other analysts have also commented on INMD. Needham & Company LLC reaffirmed a “hold” rating on shares of InMode in a report on Tuesday, April 9th. UBS Group lifted their target price on shares of InMode from $24.00 to $26.00 and gave the stock a “neutral” rating in a report on Wednesday, February 14th. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $32.80.

Hedge Funds Weigh In On InMode

Several institutional investors and hedge funds have recently made changes to their positions in INMD. BlackRock Inc. boosted its stake in InMode by 223.8% in the 2nd quarter. BlackRock Inc. now owns 5,443,513 shares of the healthcare company’s stock worth $203,315,000 after purchasing an additional 3,762,511 shares during the period. Renaissance Technologies LLC boosted its stake in InMode by 23.2% in the 1st quarter. Renaissance Technologies LLC now owns 3,181,662 shares of the healthcare company’s stock worth $117,435,000 after purchasing an additional 598,300 shares during the period. Meitav Investment House Ltd. boosted its stake in InMode by 22.1% in the 4th quarter. Meitav Investment House Ltd. now owns 1,940,890 shares of the healthcare company’s stock worth $43,166,000 after purchasing an additional 351,863 shares during the period. LSV Asset Management boosted its stake in InMode by 15.6% in the 4th quarter. LSV Asset Management now owns 1,940,071 shares of the healthcare company’s stock worth $43,147,000 after purchasing an additional 261,252 shares during the period. Finally, Millennium Management LLC boosted its stake in InMode by 78.2% in the 4th quarter. Millennium Management LLC now owns 1,916,711 shares of the healthcare company’s stock worth $68,427,000 after purchasing an additional 840,821 shares during the period. Institutional investors and hedge funds own 68.04% of the company’s stock.

InMode Trading Down 1.3 %

The stock has a market capitalization of $1.49 billion, a price-to-earnings ratio of 7.69 and a beta of 2.16. The stock’s 50 day moving average is $21.62 and its two-hundred day moving average is $22.22.

InMode (NASDAQ:INMD) last announced its earnings results on Tuesday, February 13th. The healthcare company reported $0.71 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.05. The firm had revenue of $126.80 million during the quarter, compared to analyst estimates of $124.77 million. InMode had a net margin of 40.22% and a return on equity of 29.80%. The company’s revenue for the quarter was down 5.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.69 EPS. On average, research analysts anticipate that InMode Ltd. will post 2.04 earnings per share for the current year.

About InMode

InMode Ltd. designs, develops, manufactures, and markets minimally invasive aesthetic medical products based on its proprietary radiofrequency assisted lipolysis and deep subdermal fractional radiofrequency technologies in the United States and internationally. The company offers minimally invasive aesthetic medical products for various procedures, such as liposuction with simultaneous skin tightening, body and face contouring, and ablative skin rejuvenation treatments, as well as for use in women's health conditions and procedures.