Needham & Company LLC Reiterates “Hold” Rating for InMode (NASDAQ:INMD)

InMode (NASDAQ:INMD)‘s stock had its “hold” rating reissued by stock analysts at Needham & Company LLC in a research note issued to investors on Thursday, Benzinga reports.

Several other research analysts also recently weighed in on INMD. Barclays cut their target price on shares of InMode from $29.00 to $27.00 and set an “overweight” rating for the company in a research note on Monday, October 14th. BTIG Research started coverage on InMode in a research report on Thursday, October 17th. They issued a “buy” rating and a $25.00 price objective for the company. Jefferies Financial Group downgraded InMode from a “buy” rating to a “hold” rating and reduced their target price for the stock from $21.00 to $19.00 in a research report on Tuesday, July 23rd. Finally, Canaccord Genuity Group lowered their price target on InMode from $21.00 to $16.00 and set a “hold” rating for the company in a report on Friday, July 12th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $22.60.

InMode Stock Down 0.2 %

NASDAQ:INMD opened at $17.87 on Thursday. The stock has a fifty day simple moving average of $16.60 and a 200-day simple moving average of $17.35. The company has a market capitalization of $1.50 billion, a PE ratio of 8.47 and a beta of 2.17. InMode has a 52-week low of $14.87 and a 52-week high of $26.80.

InMode (NASDAQ:INMD) last posted its earnings results on Thursday, August 1st. The healthcare company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.04). The company had revenue of $102.60 million during the quarter, compared to analysts’ expectations of $104.81 million. InMode had a net margin of 35.81% and a return on equity of 21.00%. InMode’s quarterly revenue was down 24.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.65 EPS. As a group, equities analysts anticipate that InMode will post 1.58 earnings per share for the current year.

Hedge Funds Weigh In On InMode

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

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.