Corebridge Financial Inc. Lowers Stock Position in InMode Ltd. $INMD

Corebridge Financial Inc. lessened its holdings in InMode Ltd. (NASDAQ:INMD) by 10.1% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 32,158 shares of the healthcare company’s stock after selling 3,616 shares during the period. Corebridge Financial Inc.’s holdings in InMode were worth $570,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Allspring Global Investments Holdings LLC purchased a new stake in shares of InMode in the 1st quarter worth approximately $192,000. Handelsbanken Fonder AB grew its position in InMode by 34.3% during the first quarter. Handelsbanken Fonder AB now owns 36,400 shares of the healthcare company’s stock valued at $646,000 after buying an additional 9,300 shares during the period. Bessemer Group Inc. purchased a new position in InMode during the first quarter valued at $617,000. GAMMA Investing LLC lifted its holdings in InMode by 13,923.8% during the first quarter. GAMMA Investing LLC now owns 2,945 shares of the healthcare company’s stock valued at $520,000 after purchasing an additional 2,924 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its stake in shares of InMode by 1.9% in the first quarter. Principal Financial Group Inc. now owns 101,439 shares of the healthcare company’s stock worth $1,800,000 after buying an additional 1,877 shares in the last quarter. Hedge funds and other institutional investors own 68.04% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Needham & Company LLC restated a “hold” rating on shares of InMode in a research report on Wednesday, July 30th. Canaccord Genuity Group reissued a “hold” rating and issued a $15.00 price objective on shares of InMode in a research report on Friday, July 11th. Finally, Barclays dropped their price objective on shares of InMode from $24.00 to $21.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 30th. One research analyst has rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $18.04.

InMode Stock Up 4.0%

Shares of INMD opened at $14.98 on Monday. The company has a 50-day simple moving average of $14.51 and a 200-day simple moving average of $15.36. The company has a market capitalization of $946.89 million, a PE ratio of 6.06 and a beta of 2.00. InMode Ltd. has a 52-week low of $13.14 and a 52-week high of $19.85.

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

InMode 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.