ARK Investment Management LLC Sells 6,258 Shares of InMode Ltd. $INMD

ARK Investment Management LLC lessened its holdings in shares of InMode Ltd. (NASDAQ:INMD) by 5.4% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 110,451 shares of the healthcare company’s stock after selling 6,258 shares during the quarter. ARK Investment Management LLC’s holdings in InMode were worth $1,595,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in INMD. Parallel Advisors LLC raised its holdings in shares of InMode by 63.1% during the second quarter. Parallel Advisors LLC now owns 1,973 shares of the healthcare company’s stock valued at $28,000 after acquiring an additional 763 shares in the last quarter. CWM LLC raised its holdings in shares of InMode by 106.4% during the first quarter. CWM LLC now owns 2,369 shares of the healthcare company’s stock valued at $42,000 after acquiring an additional 1,221 shares in the last quarter. Summit Securities Group LLC purchased a new position in shares of InMode during the 1st quarter worth approximately $70,000. Farther Finance Advisors LLC grew its holdings in shares of InMode by 302.3% during the 2nd quarter. Farther Finance Advisors LLC now owns 8,110 shares of the healthcare company’s stock worth $117,000 after acquiring an additional 6,094 shares during the period. Finally, Ritholtz Wealth Management purchased a new position in shares of InMode during the 2nd quarter worth approximately $151,000. Institutional investors own 68.04% of the company’s stock.

Analyst Upgrades and Downgrades

INMD has been the topic of a number of research analyst reports. Weiss Ratings reiterated a “sell (d+)” rating on shares of InMode in a report on Wednesday, October 8th. Needham & Company LLC reiterated a “hold” rating on shares of InMode in a report on Friday, October 10th. Zacks Research upgraded InMode from a “strong sell” rating to a “hold” rating in a report on Monday, September 29th. Barclays cut their price target on InMode from $24.00 to $21.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 30th. Finally, Wall Street Zen upgraded InMode from a “hold” rating to a “buy” rating in a research note on Saturday, October 18th. One equities research analyst has rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $16.85.

InMode Stock Down 2.6%

NASDAQ:INMD opened at $15.59 on Thursday. The business’s 50-day simple moving average is $14.98 and its two-hundred day simple moving average is $14.66. The stock has a market cap of $985.44 million, a PE ratio of 6.31 and a beta of 2.09. InMode Ltd. has a 52 week low of $13.14 and a 52 week high of $19.85.

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