InMode (NASDAQ:INMD) Shares Gap Down – Time to Sell?

Shares of InMode Ltd. (NASDAQ:INMD) gapped down before the market opened on Friday . The stock had previously closed at $19.05, but opened at $18.48. InMode shares last traded at $18.95, with a volume of 265,221 shares.

Analysts Set New Price Targets

Several brokerages have commented on INMD. BTIG Research initiated coverage on shares of InMode in a report on Thursday, October 17th. They set a “buy” rating and a $25.00 target price on the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of InMode in a research note on Tuesday, February 4th. Finally, Barclays raised their price target on shares of InMode from $26.00 to $29.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 5th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, InMode currently has an average rating of “Hold” and an average target price of $23.00.

InMode Price Performance

The firm’s 50 day moving average is $17.34 and its two-hundred day moving average is $17.24. The firm has a market capitalization of $1.30 billion, a P/E ratio of 7.99 and a beta of 2.13.

Hedge Funds Weigh In On InMode

Several hedge funds and other institutional investors have recently made changes to their positions in INMD. Inspire Advisors LLC boosted its position in InMode by 45.5% during the third quarter. Inspire Advisors LLC now owns 31,192 shares of the healthcare company’s stock worth $529,000 after purchasing an additional 9,759 shares during the period. Nisa Investment Advisors LLC boosted its position in InMode by 314.7% during the third quarter. Nisa Investment Advisors LLC now owns 3,550 shares of the healthcare company’s stock worth $60,000 after purchasing an additional 2,694 shares during the period. GW Henssler & Associates Ltd. bought a new position in InMode during the third quarter worth $177,000. EMC Capital Management boosted its position in InMode by 219.4% during the third quarter. EMC Capital Management now owns 13,319 shares of the healthcare company’s stock worth $226,000 after purchasing an additional 9,149 shares during the period. Finally, Harvey Capital Management Inc. boosted its position in InMode by 57.1% during the third quarter. Harvey Capital Management Inc. now owns 50,790 shares of the healthcare company’s stock worth $861,000 after purchasing an additional 18,450 shares during the period. 68.04% of the stock is owned by institutional investors.

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.