InMode Ltd. (NASDAQ:INMD) Sees Large Decrease in Short Interest

InMode Ltd. (NASDAQ:INMD) was the target of a large decline in short interest in the month of October. As of October 31st, there was short interest totalling 6,230,000 shares, a decline of 10.1% from the October 15th total of 6,930,000 shares. Based on an average trading volume of 1,130,000 shares, the short-interest ratio is presently 5.5 days.

InMode Stock Down 0.6 %

NASDAQ INMD traded down $0.11 on Monday, reaching $17.90. The stock had a trading volume of 1,536,399 shares, compared to its average volume of 1,339,013. InMode has a 12-month low of $14.87 and a 12-month high of $26.80. The stock has a fifty day moving average price of $17.23 and a two-hundred day moving average price of $17.45. The firm has a market capitalization of $1.50 billion, a price-to-earnings ratio of 9.68 and a beta of 2.15.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. BTIG Research started coverage on shares of InMode in a research report on Thursday, October 17th. They set a “buy” rating and a $25.00 price target on the stock. Jefferies Financial Group downgraded InMode from a “buy” rating to a “hold” rating and reduced their target price for the company from $21.00 to $19.00 in a research report on Tuesday, July 23rd. Barclays lowered their price target on InMode from $29.00 to $27.00 and set an “overweight” rating for the company in a report on Monday, October 14th. Finally, Needham & Company LLC reissued a “hold” rating on shares of InMode in a research report on Thursday, October 31st. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, InMode currently has an average rating of “Hold” and an average price target of $22.60.

Hedge Funds Weigh In On InMode

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC increased its stake in InMode by 0.6% during the third quarter. Geode Capital Management LLC now owns 1,101,951 shares of the healthcare company’s stock worth $18,678,000 after purchasing an additional 6,282 shares during the period. Disciplined Growth Investors Inc. MN grew its holdings in shares of InMode by 0.4% in the third quarter. Disciplined Growth Investors Inc. MN now owns 808,149 shares of the healthcare company’s stock valued at $13,698,000 after purchasing an additional 3,191 shares in the last quarter. Vestcor Inc purchased a new stake in InMode during the 3rd quarter worth approximately $588,000. Barclays PLC lifted its holdings in InMode by 113.5% during the 3rd quarter. Barclays PLC now owns 169,630 shares of the healthcare company’s stock worth $2,876,000 after buying an additional 90,173 shares in the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new position in InMode in the 3rd quarter valued at approximately $462,000. 68.04% of the stock is currently owned by hedge funds and other institutional investors.

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.