Canaccord Genuity Group Trims InMode (NASDAQ:INMD) Target Price to $16.00

InMode (NASDAQ:INMD) had its price target reduced by equities research analysts at Canaccord Genuity Group from $21.00 to $16.00 in a report issued on Friday, Benzinga reports. The firm currently has a “hold” rating on the healthcare company’s stock. Canaccord Genuity Group’s target price indicates a potential downside of 8.94% from the stock’s previous close.

INMD has been the topic of a number of other research reports. Barclays dropped their price target on InMode from $34.00 to $33.00 and set an “overweight” rating on the stock in a research note on Friday, April 12th. Needham & Company LLC reissued a “hold” rating on shares of InMode in a research note on Thursday. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $31.60.

InMode Stock Performance

INMD traded up $0.75 during trading on Friday, reaching $17.57. The company had a trading volume of 347,695 shares, compared to its average volume of 1,454,827. The firm’s 50-day simple moving average is $18.24 and its 200 day simple moving average is $20.24. The company has a market cap of $1.48 billion, a price-to-earnings ratio of 8.33 and a beta of 2.18. InMode has a 12-month low of $16.44 and a 12-month high of $48.25.

InMode (NASDAQ:INMD) last issued its quarterly earnings results on Thursday, May 2nd. The healthcare company reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.09. The firm 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%. On average, sell-side analysts expect that InMode will post 1.8 EPS for the current year.

Institutional Investors Weigh In On InMode

Institutional investors have recently bought and sold shares of the business. U.S. Capital Wealth Advisors LLC lifted its holdings in shares of InMode by 16.6% during the 2nd quarter. U.S. Capital Wealth Advisors LLC now owns 120,285 shares of the healthcare company’s stock valued at $2,194,000 after buying an additional 17,100 shares during the last quarter. Cetera Advisors LLC lifted its holdings in shares of InMode by 8.9% during the 1st quarter. Cetera Advisors LLC now owns 17,028 shares of the healthcare company’s stock valued at $368,000 after buying an additional 1,394 shares during the last quarter. Swedbank AB acquired a new stake in shares of InMode during the 1st quarter valued at about $17,634,000. EMC Capital Management acquired a new stake in shares of InMode during the 1st quarter valued at about $90,000. Finally, Tidal Investments LLC lifted its holdings in shares of InMode by 15.5% during the 1st quarter. Tidal Investments LLC now owns 68,244 shares of the healthcare company’s stock valued at $1,475,000 after buying an additional 9,151 shares during 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.