InMode Ltd. (NASDAQ:INMD) Sees Significant Drop in Short Interest

InMode Ltd. (NASDAQ:INMD) was the recipient of a large decrease in short interest in June. As of June 15th, there was short interest totalling 6,590,000 shares, a decrease of 5.7% from the May 31st total of 6,990,000 shares. Based on an average trading volume of 1,270,000 shares, the short-interest ratio is presently 5.2 days.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on INMD shares. Needham & Company LLC reiterated a “hold” rating on shares of InMode in a report on Friday, May 3rd. Barclays lowered their target price on shares of InMode from $34.00 to $33.00 and set an “overweight” rating for the company in a report on Friday, April 12th. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, InMode currently has an average rating of “Hold” and an average price target of $32.80.

InMode Stock Up 0.9 %

Shares of NASDAQ INMD traded up $0.15 during midday trading on Wednesday, hitting $17.56. The stock had a trading volume of 701,127 shares, compared to its average volume of 1,446,158. The business’s 50 day moving average is $18.23 and its 200-day moving average is $20.46. InMode has a 52 week low of $16.72 and a 52 week high of $48.25. The company has a market cap of $1.47 billion, a P/E ratio of 8.25 and a beta of 2.18.

InMode (NASDAQ:INMD) last released its quarterly earnings data on Thursday, May 2nd. The healthcare company reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.09. The business had revenue of $80.28 million for the quarter, compared to analysts’ expectations of $80.10 million. InMode had a return on equity of 26.15% and a net margin of 38.84%. As a group, analysts expect that InMode will post 1.8 EPS for the current fiscal year.

Institutional Investors Weigh In On InMode

Several institutional investors have recently modified their holdings of the business. Principal Securities Inc. purchased a new stake in shares of InMode during the 4th quarter valued at about $32,000. Duality Advisers LP purchased a new stake in shares of InMode during the 4th quarter valued at about $1,773,000. Doma Perpetual Capital Management LLC bought a new stake in InMode during the fourth quarter valued at approximately $2,991,000. Envestnet Asset Management Inc. raised its position in InMode by 45.0% in the third quarter. Envestnet Asset Management Inc. now owns 164,928 shares of the healthcare company’s stock worth $5,024,000 after acquiring an additional 51,181 shares during the period. Finally, M&G Investment Management Ltd. purchased a new position in shares of InMode during the 4th quarter worth $8,041,000. 68.04% of the stock is 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.