Seven Eight Capital LP Increases Holdings in InMode Ltd. (NASDAQ:INMD)

Seven Eight Capital LP raised its stake in InMode Ltd. (NASDAQ:INMD) by 497.7% during the 4th quarter, HoldingsChannel reports. The firm owned 117,374 shares of the healthcare company’s stock after acquiring an additional 97,735 shares during the quarter. Seven Eight Capital LP’s holdings in InMode were worth $2,610,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Boston Trust Walden Corp purchased a new stake in InMode during the 4th quarter worth $32,366,000. Jennison Associates LLC acquired a new position in shares of InMode in the fourth quarter worth about $15,101,000. Federated Hermes Inc. boosted its holdings in InMode by 5,512.7% in the fourth quarter. Federated Hermes Inc. now owns 582,434 shares of the healthcare company’s stock valued at $12,953,000 after purchasing an additional 572,057 shares during the last quarter. Norges Bank acquired a new stake in InMode during the 4th quarter valued at approximately $8,890,000. Finally, M&G Investment Management Ltd. purchased a new stake in InMode during the 4th quarter worth approximately $8,041,000. Institutional investors and hedge funds own 68.04% of the company’s stock.

InMode Price Performance

Shares of NASDAQ:INMD traded down $0.12 during trading on Friday, reaching $18.25. 1,552,513 shares of the company’s stock traded hands, compared to its average volume of 943,634. The stock has a market capitalization of $1.53 billion, a P/E ratio of 8.65 and a beta of 2.20. InMode Ltd. has a 12 month low of $16.72 and a 12 month high of $48.25. The company has a 50 day moving average of $18.45 and a 200-day moving average of $21.05.

InMode (NASDAQ:INMD) last posted its earnings results on Thursday, May 2nd. The healthcare company reported $0.41 EPS for the quarter, beating the consensus estimate of $0.32 by $0.09. The company had revenue of $80.28 million during the quarter, compared to analyst estimates of $80.10 million. InMode had a return on equity of 26.15% and a net margin of 38.84%. Equities research analysts predict that InMode Ltd. will post 1.8 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on INMD. Barclays decreased their price target on shares of InMode from $34.00 to $33.00 and set an “overweight” rating for the company in a research report on Friday, April 12th. Needham & Company LLC reissued a “hold” rating on shares of InMode in a research report on Friday, May 3rd. Finally, UBS Group increased their price target on shares of InMode from $24.00 to $26.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 14th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, InMode presently has an average rating of “Hold” and a consensus price target of $32.80.

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.