Invenomic Capital Management LP Sells 31,367 Shares of InMode Ltd. (NASDAQ:INMD)

Invenomic Capital Management LP cut its stake in shares of InMode Ltd. (NASDAQ:INMD) by 15.9% in the 3rd quarter, HoldingsChannel reports. The firm owned 165,502 shares of the healthcare company’s stock after selling 31,367 shares during the period. Invenomic Capital Management LP’s holdings in InMode were worth $2,805,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Asset Dedication LLC bought a new stake in shares of InMode during the 2nd quarter worth $33,000. nVerses Capital LLC bought a new stake in InMode during the second quarter worth about $42,000. Nisa Investment Advisors LLC boosted its holdings in shares of InMode by 314.7% in the 3rd quarter. Nisa Investment Advisors LLC now owns 3,550 shares of the healthcare company’s stock worth $60,000 after purchasing an additional 2,694 shares in the last quarter. National Bank of Canada FI increased its position in shares of InMode by 40.7% during the 2nd quarter. National Bank of Canada FI now owns 9,406 shares of the healthcare company’s stock valued at $168,000 after purchasing an additional 2,720 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. purchased a new position in shares of InMode during the 1st quarter valued at about $171,000. Hedge funds and other institutional investors own 68.04% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on INMD shares. Barclays cut their target price on InMode from $29.00 to $27.00 and set an “overweight” rating for the company in a research note on Monday, October 14th. Needham & Company LLC reaffirmed a “hold” rating on shares of InMode in a report on Thursday, October 31st. Finally, BTIG Research assumed coverage on shares of InMode in a research note on Thursday, October 17th. They issued a “buy” rating and a $25.00 price target for the company. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $22.60.

InMode Stock Performance

Shares of InMode stock opened at $19.12 on Wednesday. InMode Ltd. has a 52-week low of $14.87 and a 52-week high of $26.80. The company’s 50 day moving average price is $17.71 and its 200-day moving average price is $17.50. The stock has a market capitalization of $1.61 billion, a price-to-earnings ratio of 10.34 and a beta of 2.07.

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.