Millennium Management LLC Acquires 35,536 Shares of InMode Ltd. (NASDAQ:INMD)

Millennium Management LLC increased its holdings in InMode Ltd. (NASDAQ:INMD) by 35.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 136,316 shares of the healthcare company’s stock after acquiring an additional 35,536 shares during the period. Millennium Management LLC owned about 0.20% of InMode worth $2,276,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Harvey Capital Management Inc. grew its holdings in shares of InMode by 1.4% in the fourth quarter. Harvey Capital Management Inc. now owns 51,490 shares of the healthcare company’s stock valued at $860,000 after acquiring an additional 700 shares in the last quarter. Thrivent Financial for Lutherans grew its holdings in shares of InMode by 6.1% in the fourth quarter. Thrivent Financial for Lutherans now owns 12,586 shares of the healthcare company’s stock valued at $210,000 after acquiring an additional 721 shares in the last quarter. Covestor Ltd grew its holdings in shares of InMode by 13.9% in the fourth quarter. Covestor Ltd now owns 5,936 shares of the healthcare company’s stock valued at $99,000 after acquiring an additional 723 shares in the last quarter. Farther Finance Advisors LLC grew its holdings in shares of InMode by 26.2% in the fourth quarter. Farther Finance Advisors LLC now owns 5,555 shares of the healthcare company’s stock valued at $93,000 after acquiring an additional 1,154 shares in the last quarter. Finally, Invesco Ltd. grew its holdings in shares of InMode by 1.5% in the fourth quarter. Invesco Ltd. now owns 97,475 shares of the healthcare company’s stock valued at $1,628,000 after acquiring an additional 1,444 shares in the last quarter. 68.04% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on INMD shares. Canaccord Genuity Group reduced their price objective on InMode from $17.00 to $15.00 and set a “hold” rating for the company in a report on Tuesday, April 29th. Barclays reduced their price objective on InMode from $29.00 to $24.00 and set an “overweight” rating for the company in a report on Wednesday, April 30th. Robert W. Baird lowered InMode from an “outperform” rating to a “neutral” rating and reduced their price objective for the company from $22.00 to $16.00 in a report on Monday, April 28th. BTIG Research lowered InMode from a “buy” rating to a “neutral” rating in a report on Tuesday, April 29th. Finally, UBS Group reduced their price objective on InMode from $19.00 to $16.25 and set a “neutral” rating for the company in a report on Tuesday, April 29th. Seven research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $18.54.

InMode Price Performance

NASDAQ:INMD opened at $14.69 on Monday. The company has a market cap of $928.54 million, a P/E ratio of 6.25 and a beta of 2.02. The stock’s fifty day moving average price is $15.20 and its two-hundred day moving average price is $17.04. InMode Ltd. has a 1 year low of $13.68 and a 1 year high of $19.85.

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 the consensus estimate of $0.45 by ($0.14). The company had revenue of $77.87 million for the quarter, compared to analysts’ expectations of $82.21 million. InMode had a return on equity of 18.25% and a net margin of 45.91%. The company’s revenue was down 3.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.32 EPS. On average, analysts expect that InMode Ltd. will post 1.75 earnings per share for the current fiscal 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.