InMode (NASDAQ:INMD) Sets New 12-Month Low After Analyst Downgrade

InMode Ltd. (NASDAQ:INMD)’s stock price reached a new 52-week low on Wednesday after Barclays lowered their price target on the stock from $29.00 to $24.00. Barclays currently has an overweight rating on the stock. InMode traded as low as $13.80 and last traded at $14.10, with a volume of 1971005 shares trading hands. The stock had previously closed at $14.42.

A number of other equities research analysts have also issued reports on the company. Baird R W lowered InMode from a “strong-buy” rating to a “hold” rating in a research note on Monday. Canaccord Genuity Group lowered their price objective on shares of InMode from $17.00 to $15.00 and set a “hold” rating for the company in a research report on Tuesday. Needham & Company LLC reissued a “hold” rating on shares of InMode in a research report on Monday. Jefferies Financial Group dropped their price target on shares of InMode from $16.00 to $15.00 and set a “hold” rating on the stock in a research note on Monday, April 14th. Finally, BTIG Research downgraded InMode from a “buy” rating to a “neutral” rating in a report on Tuesday. Seven equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $18.54.

Institutional Trading of InMode

A number of institutional investors and hedge funds have recently modified their holdings of INMD. Barclays PLC raised its stake in InMode by 113.5% during the third quarter. Barclays PLC now owns 169,630 shares of the healthcare company’s stock worth $2,876,000 after acquiring an additional 90,173 shares during the period. Atlas Legacy Advisors LLC acquired a new position in InMode during the 4th quarter valued at approximately $848,000. Townsquare Capital LLC grew its stake in InMode by 43.2% during the 4th quarter. Townsquare Capital LLC now owns 17,029 shares of the healthcare company’s stock worth $284,000 after buying an additional 5,137 shares during the last quarter. PNC Financial Services Group Inc. increased its position in InMode by 17.7% in the fourth quarter. PNC Financial Services Group Inc. now owns 21,208 shares of the healthcare company’s stock worth $354,000 after buying an additional 3,193 shares during the period. Finally, Principal Financial Group Inc. lifted its stake in InMode by 14.6% in the fourth quarter. Principal Financial Group Inc. now owns 99,562 shares of the healthcare company’s stock valued at $1,663,000 after buying an additional 12,661 shares during the last quarter. 68.04% of the stock is owned by institutional investors and hedge funds.

InMode Price Performance

The firm’s fifty day moving average price is $16.98 and its 200-day moving average price is $17.57. The company has a market cap of $1.02 billion, a price-to-earnings ratio of 6.26 and a beta of 1.96.

InMode (NASDAQ:INMD) last posted its earnings results on Monday, April 28th. The healthcare company reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.14). InMode had a net margin of 45.91% and a return on equity of 18.25%. The firm had revenue of $77.87 million for the quarter, compared to analyst estimates of $82.21 million. During the same period in the previous year, the firm earned $0.32 earnings per share. The company’s revenue for the quarter was down 3.0% on a year-over-year basis. As a group, equities analysts forecast that InMode Ltd. will post 1.75 earnings per share for the current fiscal year.

InMode Company Profile

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.