InMode (NASDAQ:INMD) Releases Earnings Results, Beats Expectations By $0.06 EPS

InMode (NASDAQ:INMD) issued its quarterly earnings data on Wednesday. The healthcare company reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.06, Briefing.com reports. InMode had a return on equity of 14.52% and a net margin of 41.04%.The firm had revenue of $93.17 million during the quarter, compared to the consensus estimate of $88.05 million. During the same period last year, the company earned $0.70 EPS. The company’s quarterly revenue was down 28.5% on a year-over-year basis.

InMode Trading Down 0.6%

Shares of NASDAQ:INMD opened at $14.44 on Friday. InMode has a 52 week low of $13.14 and a 52 week high of $19.85. The company’s 50 day moving average is $15.07 and its two-hundred day moving average is $14.66. The company has a market cap of $912.75 million, a PE ratio of 6.69 and a beta of 2.11.

Hedge Funds Weigh In On InMode

Several large investors have recently bought and sold shares of INMD. Ameriprise Financial Inc. boosted its position in shares of InMode by 10.6% during the 2nd quarter. Ameriprise Financial Inc. now owns 259,764 shares of the healthcare company’s stock worth $3,751,000 after acquiring an additional 24,804 shares in the last quarter. HRT Financial LP raised its position in shares of InMode by 294.7% during the 2nd quarter. HRT Financial LP now owns 207,143 shares of the healthcare company’s stock worth $2,991,000 after acquiring an additional 154,665 shares in the last quarter. Qube Research & Technologies Ltd acquired a new stake in shares of InMode during the 2nd quarter worth about $2,544,000. Squarepoint Ops LLC lifted its stake in InMode by 92.9% during the second quarter. Squarepoint Ops LLC now owns 143,758 shares of the healthcare company’s stock worth $2,076,000 after purchasing an additional 69,239 shares during the last quarter. Finally, Engineers Gate Manager LP boosted its holdings in InMode by 197.7% in the second quarter. Engineers Gate Manager LP now owns 103,779 shares of the healthcare company’s stock valued at $1,499,000 after purchasing an additional 68,921 shares in the last quarter. Hedge funds and other institutional investors own 68.04% of the company’s stock.

Wall Street Analysts Forecast Growth

INMD has been the subject of a number of research analyst reports. Barclays lowered their price objective on shares of InMode from $24.00 to $21.00 and set an “overweight” rating for the company in a research report on Wednesday, July 30th. UBS Group lowered their price target on InMode from $16.25 to $16.00 and set a “neutral” rating for the company in a research report on Thursday. Canaccord Genuity Group boosted their price objective on InMode from $14.00 to $16.00 and gave the company a “hold” rating in a report on Friday, October 10th. Zacks Research raised InMode from a “strong sell” rating to a “hold” rating in a research note on Monday, September 29th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of InMode in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, InMode currently has an average rating of “Hold” and an average price target of $16.80.

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.