Meitav Investment House Ltd. Sells 74,104 Shares of InMode Ltd. (NASDAQ:INMD)

Meitav Investment House Ltd. reduced its holdings in shares of InMode Ltd. (NASDAQ:INMD) by 5.2% during the third quarter, Holdings Channel reports. The fund owned 1,351,808 shares of the healthcare company’s stock after selling 74,104 shares during the period. Meitav Investment House Ltd.’s holdings in InMode were worth $22,796,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Nordea Investment Management AB grew its position in InMode by 161.1% during the first 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 during the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new position in InMode during the first quarter valued at approximately $959,000. Systematic Financial Management LP grew its position in InMode by 34.5% during the second quarter. Systematic Financial Management LP now owns 866,619 shares of the healthcare company’s stock valued at $15,807,000 after acquiring an additional 222,532 shares during the last quarter. ARK Investment Management LLC grew its position in InMode by 35.0% during the second quarter. ARK Investment Management LLC now owns 124,905 shares of the healthcare company’s stock valued at $2,278,000 after acquiring an additional 32,369 shares during the last quarter. Finally, Hsbc Holdings PLC grew its position in InMode by 129.7% during the second quarter. Hsbc Holdings PLC now owns 90,280 shares of the healthcare company’s stock valued at $1,659,000 after acquiring an additional 50,974 shares during the last quarter. 68.04% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on INMD. Jefferies Financial Group lowered InMode from a “buy” rating to a “hold” rating and dropped their price objective for the company from $21.00 to $19.00 in a research note on Tuesday, July 23rd. Needham & Company LLC restated a “hold” rating on shares of InMode in a report on Thursday. Barclays cut 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 began coverage on shares of InMode in a report on Thursday, October 17th. They issued a “buy” rating and a $25.00 target price on the stock. Finally, Canaccord Genuity Group cut their target price 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. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $22.60.

InMode Stock Up 0.1 %

NASDAQ:INMD opened at $17.88 on Thursday. The stock has a market cap of $1.50 billion, a P/E ratio of 8.47 and a beta of 2.17. The firm’s fifty day simple moving average is $16.60 and its 200 day simple moving average is $17.35. InMode Ltd. has a twelve month low of $14.87 and a twelve month high of $26.80.

InMode (NASDAQ:INMD) last released its quarterly 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 company had revenue of $102.60 million during the quarter, compared to the consensus estimate of $104.81 million. InMode had a net margin of 35.81% and a return on equity of 21.00%. The business’s revenue was down 24.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.65 EPS. On average, analysts expect that InMode Ltd. will post 1.58 EPS for the current fiscal year.

InMode Company 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.