InMode (NASDAQ:INMD) Hits New 1-Year Low at $15.40

InMode Ltd. (NASDAQ:INMD) hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $15.40 and last traded at $15.43, with a volume of 876646 shares trading hands. The stock had previously closed at $15.72.

Analysts Set New Price Targets

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

InMode Price Performance

The company has a market cap of $1.30 billion, a P/E ratio of 7.41 and a beta of 2.18. The company’s 50-day moving average is $17.00 and its two-hundred day moving average is $18.57.

InMode (NASDAQ:INMD) last issued 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). InMode had a net margin of 35.81% and a return on equity of 21.00%. The business had revenue of $102.60 million for the quarter, compared to analysts’ expectations of $104.81 million. During the same quarter in the prior year, the business posted $0.65 earnings per share. The business’s revenue for the quarter was down 24.6% on a year-over-year basis. Equities research analysts anticipate that InMode Ltd. will post 1.63 EPS for the current year.

Hedge Funds Weigh In On InMode

A number of hedge funds have recently bought and sold shares of the business. Renaissance Technologies LLC grew its stake in shares of InMode by 11.6% in the second quarter. Renaissance Technologies LLC now owns 2,068,396 shares of the healthcare company’s stock worth $37,728,000 after acquiring an additional 214,200 shares during the period. Doma Perpetual Capital Management LLC boosted its holdings in InMode by 70.0% in the second quarter. Doma Perpetual Capital Management LLC now owns 2,011,240 shares of the healthcare company’s stock worth $36,685,000 after purchasing an additional 828,122 shares during the last quarter. DDD Partners LLC grew its position in InMode by 19.4% in the 2nd quarter. DDD Partners LLC now owns 1,266,678 shares of the healthcare company’s stock worth $23,104,000 after purchasing an additional 205,947 shares during the period. Federated Hermes Inc. raised its stake in InMode by 191.9% during the 2nd quarter. Federated Hermes Inc. now owns 1,125,017 shares of the healthcare company’s stock valued at $20,520,000 after buying an additional 739,629 shares during the last quarter. Finally, Acadian Asset Management LLC lifted its holdings in shares of InMode by 63.6% during the 2nd quarter. Acadian Asset Management LLC now owns 1,124,887 shares of the healthcare company’s stock valued at $20,502,000 after buying an additional 437,122 shares during the period. Hedge funds and other institutional investors own 68.04% of the company’s stock.

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.