Harvey Capital Management Inc. Grows Stock Holdings in InMode Ltd. (NASDAQ:INMD)

Harvey Capital Management Inc. lifted its holdings in InMode Ltd. (NASDAQ:INMD) by 57.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 50,790 shares of the healthcare company’s stock after acquiring an additional 18,450 shares during the period. Harvey Capital Management Inc.’s holdings in InMode were worth $861,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Doma Perpetual Capital Management LLC increased its holdings in InMode by 210.7% in the 2nd quarter. Doma Perpetual Capital Management LLC now owns 2,011,240 shares of the healthcare company’s stock valued at $36,685,000 after purchasing an additional 1,363,841 shares in the last quarter. Swedbank AB purchased a new stake in shares of InMode in the first quarter worth about $17,634,000. Federated Hermes Inc. grew its stake in shares of InMode by 191.9% in the second quarter. Federated Hermes Inc. now owns 1,125,017 shares of the healthcare company’s stock valued at $20,520,000 after buying an additional 739,629 shares in the last quarter. Acadian Asset Management LLC boosted its holdings in InMode by 63.6% in the 2nd quarter. Acadian Asset Management LLC now owns 1,124,887 shares of the healthcare company’s stock worth $20,502,000 after acquiring an additional 437,122 shares during the period. Finally, Lombard Odier Asset Management Europe Ltd acquired a new stake in InMode in the second quarter valued at approximately $4,104,000. Hedge funds and other institutional investors own 68.04% of the company’s stock.

InMode Stock Performance

Shares of NASDAQ INMD traded up $0.18 during trading on Friday, reaching $17.26. The stock had a trading volume of 840,613 shares, compared to its average volume of 1,146,337. The stock has a market cap of $1.45 billion, a PE ratio of 9.33 and a beta of 2.15. InMode Ltd. has a one year low of $14.87 and a one year high of $26.80. The firm’s 50 day moving average price is $16.65 and its two-hundred day moving average price is $17.34.

InMode (NASDAQ:INMD) last released its earnings results on Thursday, August 1st. The healthcare company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.38 by ($0.04). The business had revenue of $102.60 million for the quarter, compared to the consensus estimate of $104.81 million. InMode had a net margin of 36.26% and a return on equity of 21.46%. The firm’s revenue for the quarter was down 24.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.65 EPS. On average, research analysts expect that InMode Ltd. will post 1.58 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Barclays reduced their target price on shares of InMode from $29.00 to $27.00 and set an “overweight” rating on the stock in a research report on Monday, October 14th. Canaccord Genuity Group cut their price objective on shares of InMode from $21.00 to $16.00 and set a “hold” rating on the stock in a report on Friday, July 12th. Jefferies Financial Group downgraded InMode from a “buy” rating to a “hold” rating and lowered their target price for the company from $21.00 to $19.00 in a research note on Tuesday, July 23rd. BTIG Research began coverage on InMode in a report on Thursday, October 17th. They issued a “buy” rating and a $25.00 price target for the company. Finally, Needham & Company LLC restated a “hold” rating on shares of InMode in a report on Thursday. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $22.60.

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.