InMode’s (INMD) Hold Rating Reaffirmed at Needham & Company LLC

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

INMD has been the topic of a number of other research reports. Barclays reduced 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. Jefferies Financial Group downgraded InMode from a buy rating to a hold rating and reduced their target price for the company from $21.00 to $19.00 in a research report on Tuesday, July 23rd. Finally, Canaccord Genuity Group reduced 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. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat.com, InMode has a consensus rating of Hold and an average price target of $22.40.

InMode Stock Performance

NASDAQ INMD opened at $16.50 on Thursday. InMode has a fifty-two week low of $14.87 and a fifty-two week high of $26.80. The firm has a market capitalization of $1.39 billion, a P/E ratio of 7.82 and a beta of 2.17. The stock’s fifty day moving average is $16.24 and its two-hundred day moving average is $17.57.

InMode (NASDAQ:INMD) last posted its earnings results on Thursday, August 1st. The healthcare company reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.04). InMode had a net margin of 35.81% and a return on equity of 21.00%. The business had revenue of $102.60 million during the quarter, compared to analysts’ expectations of $104.81 million. During the same quarter in the prior year, the firm earned $0.65 EPS. InMode’s revenue for the quarter was down 24.6% compared to the same quarter last year. As a group, sell-side analysts forecast that InMode will post 1.63 EPS for the current year.

Institutional Investors Weigh In On InMode

Institutional investors and hedge funds have recently modified their holdings of the company. Nordea Investment Management AB raised its holdings in shares of InMode by 161.1% in the 1st quarter. Nordea Investment Management AB now owns 361,701 shares of the healthcare company’s stock valued at $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 $959,000. Systematic Financial Management LP grew its stake in InMode by 34.5% during the 2nd quarter. Systematic Financial Management LP now owns 866,619 shares of the healthcare company’s stock worth $15,807,000 after purchasing an additional 222,532 shares in the last quarter. ARK Investment Management LLC grew its stake in InMode by 35.0% during the 2nd quarter. ARK Investment Management LLC now owns 124,905 shares of the healthcare company’s stock worth $2,278,000 after purchasing an additional 32,369 shares in the last quarter. Finally, Hsbc Holdings PLC grew its stake in InMode by 129.7% during the 2nd quarter. Hsbc Holdings PLC now owns 90,280 shares of the healthcare company’s stock worth $1,659,000 after purchasing an additional 50,974 shares in 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.