Meitav Investment House Ltd. Cuts Stake in InMode Ltd. (NASDAQ:INMD)

Meitav Investment House Ltd. reduced its stake in InMode Ltd. (NASDAQ:INMD) by 5.2% during the third quarter, according to its most recent filing with the SEC. The fund owned 1,351,808 shares of the healthcare company’s stock after selling 74,104 shares during the quarter. Meitav Investment House Ltd. owned 1.61% of InMode worth $22,796,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in INMD. Asset Dedication LLC purchased a new position in shares of InMode in the 2nd quarter worth about $33,000. Headlands Technologies LLC lifted its holdings in InMode by 118.2% during the first quarter. Headlands Technologies LLC now owns 1,916 shares of the healthcare company’s stock valued at $41,000 after purchasing an additional 1,038 shares during the last quarter. nVerses Capital LLC purchased a new stake in InMode during the second quarter valued at about $42,000. Nisa Investment Advisors LLC lifted its holdings in InMode by 314.7% during the third quarter. Nisa Investment Advisors LLC now owns 3,550 shares of the healthcare company’s stock valued at $60,000 after purchasing an additional 2,694 shares during the last quarter. Finally, EMC Capital Management purchased a new stake in InMode during the first quarter valued at about $90,000. 68.04% of the stock is owned by hedge funds and other institutional investors.

InMode Stock Up 0.1 %

Shares of INMD opened at $17.88 on Thursday. The business’s 50-day moving average price is $16.60 and its 200-day moving average price is $17.35. The stock has a market cap of $1.50 billion, a PE ratio of 8.47 and a beta of 2.17. InMode Ltd. has a twelve month low of $14.87 and a twelve month high of $26.80.

InMode (NASDAQ:INMD) last posted its quarterly earnings data on Thursday, August 1st. The healthcare company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.38 by ($0.04). The company had revenue of $102.60 million during the quarter, compared to the consensus estimate of $104.81 million. InMode had a return on equity of 21.00% and a net margin of 35.81%. The firm’s revenue for the quarter was down 24.6% on a year-over-year basis. During the same quarter last year, the company posted $0.65 earnings per share. Analysts expect that InMode Ltd. will post 1.58 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

INMD has been the topic of several recent research reports. Jefferies Financial Group downgraded shares of InMode from a “buy” rating to a “hold” rating and dropped their price objective for the company from $21.00 to $19.00 in a report on Tuesday, July 23rd. Needham & Company LLC reaffirmed a “hold” rating on shares of InMode in a report on Thursday. Barclays dropped their price objective on shares of InMode from $29.00 to $27.00 and set an “overweight” rating on the stock in a report on Monday, October 14th. BTIG Research began coverage on InMode in a research report on Thursday, October 17th. They set a “buy” rating and a $25.00 price target on the stock. Finally, Canaccord Genuity Group decreased their price target on InMode from $21.00 to $16.00 and set a “hold” rating on the stock in a research report on Friday, July 12th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $22.60.

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.