North Growth Management Ltd. Has $10.82 Million Position in InMode Ltd. (NASDAQ:INMD)

North Growth Management Ltd. boosted its position in shares of InMode Ltd. (NASDAQ:INMD) by 11.9% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 593,000 shares of the healthcare company’s stock after buying an additional 63,000 shares during the quarter. InMode makes up approximately 2.1% of North Growth Management Ltd.’s holdings, making the stock its 22nd largest holding. North Growth Management Ltd. owned about 0.71% of InMode worth $10,821,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the company. Swedbank AB acquired a new position in InMode in the first quarter valued at approximately $17,634,000. Jennison Associates LLC bought a new position in shares of InMode in the 4th quarter worth $15,101,000. Federated Hermes Inc. grew its stake in shares of InMode by 5,512.7% during the fourth quarter. Federated Hermes Inc. now owns 582,434 shares of the healthcare company’s stock worth $12,953,000 after purchasing an additional 572,057 shares during the period. Norges Bank bought a new stake in InMode in the fourth quarter valued at about $8,890,000. Finally, M&G Investment Management Ltd. bought a new position in InMode during the fourth quarter worth about $8,041,000. 68.04% of the stock is currently owned by institutional investors.

InMode Price Performance

Shares of INMD traded up $0.76 during midday trading on Friday, hitting $16.25. The stock had a trading volume of 1,133,940 shares, compared to its average volume of 1,398,479. The firm has a market cap of $1.36 billion, a price-to-earnings ratio of 7.70 and a beta of 2.18. The company has a 50 day simple moving average of $17.26 and a two-hundred day simple moving average of $19.02. InMode Ltd. has a twelve month low of $15.41 and a twelve month high of $40.40.

InMode (NASDAQ:INMD) last released its earnings results on Thursday, August 1st. The healthcare company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.38 by ($0.04). The firm had revenue of $102.60 million during the quarter, compared to the consensus estimate of $104.81 million. InMode had a net margin of 35.81% and a return on equity of 20.83%. The company’s revenue was down 24.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.65 EPS. Analysts forecast that InMode Ltd. will post 1.35 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Barclays lowered their price target on InMode from $33.00 to $29.00 and set an “overweight” rating for the company in a research note on Monday, July 15th. Jefferies Financial Group cut shares of InMode from a “buy” rating to a “hold” rating and reduced their price target for the stock from $21.00 to $19.00 in a research report on Tuesday, July 23rd. Needham & Company LLC restated a “hold” rating on shares of InMode in a research report on Thursday, July 11th. Finally, Canaccord Genuity Group reduced their target price on InMode from $21.00 to $16.00 and set a “hold” rating on the stock in a report on Friday, July 12th. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, InMode presently has a consensus rating of “Hold” and a consensus target price of $22.40.

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.