PNC Financial Services Group Inc. Has $280,000 Position in InMode Ltd. (NASDAQ:INMD)

PNC Financial Services Group Inc. cut its stake in shares of InMode Ltd. (NASDAQ:INMD) by 25.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 15,760 shares of the healthcare company’s stock after selling 5,448 shares during the quarter. PNC Financial Services Group Inc.’s holdings in InMode were worth $280,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of INMD. Wells Fargo & Company MN lifted its holdings in InMode by 8.4% during the 4th quarter. Wells Fargo & Company MN now owns 65,333 shares of the healthcare company’s stock worth $1,091,000 after buying an additional 5,068 shares during the period. Invesco Ltd. lifted its stake in shares of InMode by 1.5% in the 4th quarter. Invesco Ltd. now owns 97,475 shares of the healthcare company’s stock valued at $1,628,000 after purchasing an additional 1,444 shares during the period. Raymond James Financial Inc. acquired a new position in shares of InMode in the 4th quarter valued at about $1,332,000. Sterling Capital Management LLC lifted its stake in shares of InMode by 23.5% in the 4th quarter. Sterling Capital Management LLC now owns 9,162 shares of the healthcare company’s stock valued at $153,000 after purchasing an additional 1,742 shares during the period. Finally, Townsquare Capital LLC lifted its stake in shares of InMode by 43.2% in the 4th quarter. Townsquare Capital LLC now owns 17,029 shares of the healthcare company’s stock valued at $284,000 after purchasing an additional 5,137 shares during the period. 68.04% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on INMD. BTIG Research downgraded InMode from a “buy” rating to a “neutral” rating in a research note on Tuesday, April 29th. Robert W. Baird downgraded InMode from an “outperform” rating to a “neutral” rating and dropped their price objective for the company from $22.00 to $16.00 in a research note on Monday, April 28th. Baird R W downgraded InMode from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 28th. Barclays dropped their price objective on InMode from $24.00 to $21.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 30th. Finally, UBS Group dropped their price objective on InMode from $19.00 to $16.25 and set a “neutral” rating on the stock in a research note on Tuesday, April 29th. Seven analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $18.04.

InMode Price Performance

Shares of InMode stock opened at $14.35 on Friday. InMode Ltd. has a one year low of $13.14 and a one year high of $19.85. The firm has a market capitalization of $907.06 million, a price-to-earnings ratio of 5.81 and a beta of 1.93. The business has a 50-day simple moving average of $14.27 and a 200 day simple moving average of $15.77.

InMode (NASDAQ:INMD) last issued its earnings results on Wednesday, July 30th. The healthcare company reported $0.47 EPS for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.03). InMode had a net margin of 44.50% and a return on equity of 18.38%. The firm had revenue of $95.60 million during the quarter, compared to the consensus estimate of $98.45 million. During the same period in the previous year, the firm earned $0.34 earnings per share. The business’s quarterly revenue was up 10.6% on a year-over-year basis. On average, sell-side analysts expect that InMode Ltd. will post 1.75 EPS 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.