InMode’s (INMD) “Hold” Rating Reiterated at Needham & Company LLC

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

INMD has been the subject of several other reports. Canaccord Genuity Group lowered their price target on shares of InMode from $21.00 to $16.00 and set a “hold” rating for the company in a report on Friday, July 12th. Barclays lowered their target price on shares of InMode from $29.00 to $27.00 and set an “overweight” rating on the stock in a report on Monday, October 14th. BTIG Research initiated coverage on shares of InMode in a research note on Thursday, October 17th. They issued a “buy” rating and a $25.00 price objective for the company. Finally, Jefferies Financial Group lowered shares of InMode from a “buy” rating to a “hold” rating and decreased their price target for the stock from $21.00 to $19.00 in a research note on Tuesday, July 23rd. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $22.60.

InMode Stock Performance

Shares of NASDAQ:INMD opened at $17.26 on Thursday. InMode has a 52-week low of $14.87 and a 52-week high of $26.80. The company has a market capitalization of $1.45 billion, a P/E ratio of 9.33 and a beta of 2.15. The company has a 50-day simple moving average of $16.65 and a 200 day simple moving average of $17.34.

InMode (NASDAQ:INMD) last issued its quarterly earnings results on Thursday, August 1st. The healthcare company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.04). InMode had a net margin of 36.26% and a return on equity of 21.46%. The company had revenue of $102.60 million during the quarter, compared to the consensus estimate of $104.81 million. During the same quarter last year, the firm posted $0.65 earnings per share. The company’s quarterly revenue was down 24.6% on a year-over-year basis. As a group, equities analysts forecast that InMode will post 1.58 earnings per share for the current year.

Institutional Investors Weigh In On InMode

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