InMode (NASDAQ:INMD) Receives Hold Rating from Needham & Company LLC

Needham & Company LLC restated their hold rating on shares of InMode (NASDAQ:INMD) in a research note published on Thursday, Benzinga reports.

Several other brokerages have also recently issued reports on INMD. Barclays dropped their target price on InMode from $33.00 to $29.00 and set an overweight rating on the stock in a research report on Monday, July 15th. Canaccord Genuity Group dropped their target price on InMode from $21.00 to $16.00 and set a hold rating on the stock in a research report on Friday, July 12th. Finally, Jefferies Financial Group cut InMode from a buy rating to a hold rating and dropped their target price for the company from $21.00 to $19.00 in a research report on Tuesday, July 23rd. Five analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, InMode presently has a consensus rating of Hold and an average target price of $22.40.

InMode Stock Up 2.0 %

NASDAQ:INMD traded up $0.33 during midday trading on Thursday, hitting $16.49. The stock had a trading volume of 218,799 shares, compared to its average volume of 1,368,610. InMode has a one year low of $14.87 and a one year high of $26.80. The company has a market capitalization of $1.38 billion, a price-to-earnings ratio of 9.29 and a beta of 2.17. The stock has a 50-day moving average of $16.26 and a 200 day moving average of $17.62.

InMode (NASDAQ:INMD) last announced its earnings results on Thursday, August 1st. The healthcare company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.04). The company had revenue of $102.60 million for 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 21.00%. The firm’s revenue was down 24.6% compared to the same quarter last year. During the same period last year, the business posted $0.65 EPS. On average, sell-side analysts anticipate that InMode will post 1.63 earnings per share for the current fiscal year.

Institutional Trading of InMode

Hedge funds and other institutional investors have recently made changes to their positions in the business. Nordea Investment Management AB raised its stake in InMode by 161.1% in the 1st quarter. Nordea Investment Management AB now owns 361,701 shares of the healthcare company’s stock worth $7,853,000 after acquiring an additional 223,191 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of InMode during the 1st quarter valued at about $959,000. Systematic Financial Management LP raised its stake in shares of InMode by 34.5% during the 2nd quarter. Systematic Financial Management LP now owns 866,619 shares of the healthcare company’s stock valued at $15,807,000 after buying an additional 222,532 shares during the last quarter. ARK Investment Management LLC raised its stake in shares of InMode by 35.0% during the 2nd quarter. ARK Investment Management LLC now owns 124,905 shares of the healthcare company’s stock valued at $2,278,000 after buying an additional 32,369 shares during the last quarter. Finally, Hsbc Holdings PLC raised its stake in shares of InMode by 129.7% during the 2nd quarter. Hsbc Holdings PLC now owns 90,280 shares of the healthcare company’s stock valued at $1,659,000 after buying an additional 50,974 shares during the last quarter. Hedge funds and other institutional investors own 68.04% of the company’s stock.

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.