InMode (NASDAQ:INMD) Upgraded to Hold at Zacks Research

Zacks Research upgraded shares of InMode (NASDAQ:INMD) from a strong sell rating to a hold rating in a research note released on Monday morning,Zacks.com reports.

INMD has been the topic of a number of other research reports. Canaccord Genuity Group reiterated a “hold” rating and set a $15.00 price objective on shares of InMode in a research note on Friday, July 11th. Needham & Company LLC reaffirmed a “hold” rating on shares of InMode in a research note on Wednesday, July 30th. Finally, Barclays dropped their price objective on InMode from $24.00 to $21.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 30th. One research analyst has rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, InMode has a consensus rating of “Hold” and a consensus price target of $18.04.

InMode Stock Performance

Shares of INMD opened at $14.90 on Monday. InMode has a one year low of $13.14 and a one year high of $19.85. The stock’s fifty day moving average is $14.61 and its 200-day moving average is $14.93. The firm has a market capitalization of $941.83 million, a price-to-earnings ratio of 6.03 and a beta of 2.00.

InMode (NASDAQ:INMD) last announced its earnings results on Wednesday, July 30th. The healthcare company reported $0.47 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.03). The company had revenue of $95.60 million during the quarter, compared to the consensus estimate of $98.45 million. InMode had a net margin of 44.50% and a return on equity of 18.38%. The business’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.34 EPS. Analysts forecast that InMode will post 1.75 EPS for the current fiscal year.

Hedge Funds Weigh In On InMode

Hedge funds have recently modified their holdings of the stock. LSV Asset Management boosted its position in shares of InMode by 17.2% in the 1st quarter. LSV Asset Management now owns 2,010,367 shares of the healthcare company’s stock valued at $35,664,000 after purchasing an additional 295,296 shares during the period. Goldman Sachs Group Inc. lifted its stake in InMode by 234.9% during the first quarter. Goldman Sachs Group Inc. now owns 1,123,756 shares of the healthcare company’s stock valued at $19,935,000 after buying an additional 788,157 shares in the last quarter. Systematic Financial Management LP boosted its holdings in shares of InMode by 3.9% in the second quarter. Systematic Financial Management LP now owns 1,090,971 shares of the healthcare company’s stock worth $15,754,000 after buying an additional 41,363 shares during the period. DDD Partners LLC boosted its holdings in shares of InMode by 63.1% in the first quarter. DDD Partners LLC now owns 989,903 shares of the healthcare company’s stock worth $17,561,000 after buying an additional 382,938 shares during the period. Finally, Bank of America Corp DE increased its position in shares of InMode by 142.1% in the second quarter. Bank of America Corp DE now owns 862,209 shares of the healthcare company’s stock worth $12,450,000 after acquiring an additional 506,134 shares in the last quarter. 68.04% of the stock is currently owned by institutional investors and hedge funds.

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.