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

InMode Ltd. (NASDAQ:INMD) shares gapped down prior to trading on Wednesday . The stock had previously closed at $17.40, but opened at $15.70. InMode shares last traded at $16.08, with a volume of 638,963 shares traded.

Analyst Ratings Changes

INMD has been the topic of several recent analyst reports. Needham & Company LLC reiterated a “hold” rating on shares of InMode in a research note on Thursday, October 31st. Barclays lowered their target price on shares of InMode from $29.00 to $27.00 and set an “overweight” rating for the company in a report on Monday, October 14th. Finally, BTIG Research assumed coverage on shares of InMode in a report on Thursday, October 17th. They set a “buy” rating and a $25.00 price target on the stock. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $22.60.

InMode Trading Down 6.6 %

The firm has a 50-day simple moving average of $18.14 and a 200-day simple moving average of $17.33. The firm has a market cap of $1.37 billion, a P/E ratio of 8.79 and a beta of 2.12.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Asset Dedication LLC purchased a new position in shares of InMode during the 2nd quarter worth $33,000. Nisa Investment Advisors LLC lifted its holdings in shares of 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. Quarry LP boosted its holdings in InMode by 154.3% during the third quarter. Quarry LP now owns 3,781 shares of the healthcare company’s stock worth $64,000 after buying an additional 2,294 shares in the last quarter. National Bank of Canada FI lifted its stake in InMode by 40.7% in the 2nd quarter. National Bank of Canada FI now owns 9,406 shares of the healthcare company’s stock valued at $168,000 after buying an additional 2,720 shares in the last quarter. Finally, GW Henssler & Associates Ltd. acquired a new stake in InMode during the third quarter worth approximately $177,000. 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.