InMode Ltd. (NASDAQ:INMD) Short Interest Down 10.1% in October

InMode Ltd. (NASDAQ:INMD) was the recipient of a large drop in short interest in the month of October. As of October 31st, there was short interest totalling 6,230,000 shares, a drop of 10.1% from the October 15th total of 6,930,000 shares. Based on an average daily trading volume, of 1,130,000 shares, the short-interest ratio is presently 5.5 days.

InMode Stock Down 0.6 %

INMD stock traded down $0.11 during mid-day trading on Monday, reaching $17.90. 1,698,599 shares of the company traded hands, compared to its average volume of 1,339,013. The firm’s 50 day moving average price is $17.23 and its 200 day moving average price is $17.45. The stock has a market cap of $1.50 billion, a price-to-earnings ratio of 9.68 and a beta of 2.15. InMode has a fifty-two week low of $14.87 and a fifty-two week high of $26.80.

Wall Street Analyst Weigh In

INMD has been the topic of a number of research analyst reports. Barclays reduced their price target on shares of InMode from $29.00 to $27.00 and set an “overweight” rating on the stock in a research note on Monday, October 14th. Jefferies Financial Group downgraded shares of InMode from a “buy” rating to a “hold” rating and dropped their price target for the company from $21.00 to $19.00 in a research note on Tuesday, July 23rd. Needham & Company LLC restated a “hold” rating on shares of InMode in a report on Thursday, October 31st. Finally, BTIG Research assumed coverage on shares of InMode in a research report on Thursday, October 17th. They issued a “buy” rating and a $25.00 price target on the stock. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, InMode currently has an average rating of “Hold” and an average price target of $22.60.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Renaissance Technologies LLC raised its position in InMode by 11.6% in the second quarter. Renaissance Technologies LLC now owns 2,068,396 shares of the healthcare company’s stock worth $37,728,000 after acquiring an additional 214,200 shares during the period. State Street Corp grew its position in InMode by 3.7% during the 3rd quarter. State Street Corp now owns 2,044,640 shares of the healthcare company’s stock worth $34,657,000 after acquiring an additional 73,183 shares during the last quarter. Doma Perpetual Capital Management LLC boosted its position in InMode by 210.7% during the 2nd quarter. Doma Perpetual Capital Management LLC now owns 2,011,240 shares of the healthcare company’s stock valued at $36,685,000 after buying an additional 1,363,841 shares during the period. DDD Partners LLC lifted its stake in InMode by 19.4% in the second quarter. DDD Partners LLC now owns 1,266,678 shares of the healthcare company’s stock worth $23,104,000 after acquiring an additional 205,947 shares during the period. Finally, Federated Hermes Inc. raised its stake in InMode by 191.9% in the second quarter. Federated Hermes Inc. now owns 1,125,017 shares of the healthcare company’s stock worth $20,520,000 after buying an additional 739,629 shares in the last quarter. Hedge funds and other institutional investors own 68.04% of the company’s stock.

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.