InMode Ltd. (NASDAQ:INMD) Short Interest Down 10.1% in October

InMode Ltd. (NASDAQ:INMD) was the recipient of a significant decline in short interest in the month of October. As of October 31st, there was short interest totalling 6,230,000 shares, a decline of 10.1% from the October 15th total of 6,930,000 shares. Based on an average trading volume of 1,130,000 shares, the days-to-cover ratio is currently 5.5 days.

Institutional Investors Weigh In On InMode

A number of large investors have recently modified their holdings of INMD. Renaissance Technologies LLC increased its position in shares of InMode by 11.6% during the second quarter. Renaissance Technologies LLC now owns 2,068,396 shares of the healthcare company’s stock valued at $37,728,000 after acquiring an additional 214,200 shares during the last quarter. State Street Corp lifted its holdings in InMode by 3.7% during the 3rd quarter. State Street Corp now owns 2,044,640 shares of the healthcare company’s stock worth $34,657,000 after buying an additional 73,183 shares in the last quarter. Doma Perpetual Capital Management LLC boosted its position in InMode by 210.7% in the 2nd quarter. Doma Perpetual Capital Management LLC now owns 2,011,240 shares of the healthcare company’s stock valued at $36,685,000 after buying an additional 1,363,841 shares during the period. DDD Partners LLC increased its position in shares of InMode by 19.4% during the second quarter. DDD Partners LLC now owns 1,266,678 shares of the healthcare company’s stock worth $23,104,000 after acquiring an additional 205,947 shares during the period. Finally, Federated Hermes Inc. raised its stake in shares of InMode by 191.9% in the second quarter. Federated Hermes Inc. now owns 1,125,017 shares of the healthcare company’s stock valued at $20,520,000 after acquiring an additional 739,629 shares in the last quarter. Hedge funds and other institutional investors own 68.04% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on INMD. Barclays decreased their price target on InMode from $29.00 to $27.00 and set an “overweight” rating on the stock in a report on Monday, October 14th. Needham & Company LLC restated a “hold” rating on shares of InMode in a research report on Thursday, October 31st. BTIG Research began coverage on shares of InMode in a report on Thursday, October 17th. They issued a “buy” rating and a $25.00 price target for the company. Finally, Jefferies Financial Group downgraded InMode from a “buy” rating to a “hold” rating and lowered their price target for the stock from $21.00 to $19.00 in a report on Tuesday, July 23rd. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $22.60.

InMode Price Performance

NASDAQ:INMD traded down $0.11 during mid-day trading on Monday, hitting $17.90. The company’s stock had a trading volume of 1,698,599 shares, compared to its average volume of 1,339,013. The business’s fifty day moving average is $17.23 and its two-hundred day moving average is $17.45. The stock has a market cap of $1.50 billion, a price-to-earnings ratio of 9.68 and a beta of 2.15. InMode has a 1 year low of $14.87 and a 1 year high of $26.80.

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.