InMode Ltd. (NASDAQ:INMD) Sees Significant Drop in Short Interest

InMode Ltd. (NASDAQ:INMD) was the recipient of a significant decline in short interest in June. As of June 15th, there was short interest totalling 6,590,000 shares, a decline of 5.7% from the May 31st total of 6,990,000 shares. Based on an average daily volume of 1,270,000 shares, the short-interest ratio is presently 5.2 days.

InMode Price Performance

NASDAQ INMD traded up $0.15 on Wednesday, hitting $17.56. 701,127 shares of the stock were exchanged, compared to its average volume of 1,446,158. The company’s 50-day moving average price is $18.23 and its two-hundred day moving average price is $20.46. InMode has a 52-week low of $16.72 and a 52-week high of $48.25. The company has a market capitalization of $1.47 billion, a price-to-earnings ratio of 8.25 and a beta of 2.18.

InMode (NASDAQ:INMD) last issued its earnings results on Thursday, May 2nd. The healthcare company reported $0.41 EPS for the quarter, topping the consensus estimate of $0.32 by $0.09. The business had revenue of $80.28 million during the quarter, compared to analysts’ expectations of $80.10 million. InMode had a return on equity of 26.15% and a net margin of 38.84%. Equities analysts predict that InMode will post 1.8 EPS for the current fiscal year.

Hedge Funds Weigh In On InMode

A number of large investors have recently made changes to their positions in INMD. Principal Securities Inc. acquired a new stake in InMode during the fourth quarter valued at $32,000. Headlands Technologies LLC raised its position in InMode by 118.2% during the first quarter. Headlands Technologies LLC now owns 1,916 shares of the healthcare company’s stock valued at $41,000 after acquiring an additional 1,038 shares in the last quarter. Sunbelt Securities Inc. acquired a new stake in shares of InMode in the 3rd quarter valued at $47,000. Trust Co. of Vermont boosted its holdings in InMode by 32.8% in the fourth quarter. Trust Co. of Vermont now owns 2,168 shares of the healthcare company’s stock worth $48,000 after purchasing an additional 536 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. increased its position in InMode by 69.2% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 2,200 shares of the healthcare company’s stock worth $49,000 after buying an additional 900 shares during the last quarter. Institutional investors and hedge funds own 68.04% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on INMD shares. Barclays lowered their target price on InMode from $34.00 to $33.00 and set an “overweight” rating on the stock in a report on Friday, April 12th. Needham & Company LLC reaffirmed a “hold” rating on shares of InMode in a research note on Friday, May 3rd. 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, the company currently has a consensus rating of “Hold” and an average price target of $32.80.

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.