InMode (NASDAQ:INMD) Shares Gap Up to $15.52

Shares of InMode Ltd. (NASDAQ:INMD - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $15.52, but opened at $16.77. InMode shares last traded at $17.18, with a volume of 596,519 shares trading hands.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on INMD shares. Needham & Company LLC reiterated a "hold" rating on shares of InMode in a report on Thursday, July 11th. Jefferies Financial Group lowered InMode from a "buy" rating to a "hold" rating and cut their price objective for the stock from $21.00 to $19.00 in a research report on Tuesday, July 23rd. Barclays decreased their target price on InMode from $33.00 to $29.00 and set an "overweight" rating for the company in a report on Monday, July 15th. Finally, Canaccord Genuity Group cut their price target on InMode from $21.00 to $16.00 and set a "hold" rating on the stock in a report on Friday, July 12th. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, InMode presently has a consensus rating of "Hold" and a consensus price target of $22.40.

InMode Trading Up 8.8 %

The firm has a market capitalization of $1.42 billion, a price-to-earnings ratio of 8.04 and a beta of 2.18. The stock's fifty day moving average price is $16.82 and its two-hundred day moving average price is $18.41.

InMode (NASDAQ:INMD - Get Free Report) last posted its quarterly earnings results on Thursday, August 1st. The healthcare company reported $0.34 earnings per share for the quarter, missing analysts' consensus estimates of $0.38 by ($0.04). The business had revenue of $102.60 million during the quarter, compared to analyst estimates of $104.81 million. InMode had a net margin of 35.81% and a return on equity of 21.00%. The firm's quarterly revenue was down 24.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.65 earnings per share. Analysts anticipate that InMode Ltd. will post 1.63 earnings per share for the current fiscal year.

Institutional Trading of InMode

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC grew its position in shares of InMode by 11.6% in the 2nd quarter. Renaissance Technologies LLC now owns 2,068,396 shares of the healthcare company's stock valued at $37,728,000 after buying an additional 214,200 shares during the last quarter. Doma Perpetual Capital Management LLC grew its holdings in shares of InMode by 210.7% during the second quarter. Doma Perpetual Capital Management LLC now owns 2,011,240 shares of the healthcare company's stock worth $36,685,000 after purchasing an additional 1,363,841 shares during the last quarter. DDD Partners LLC grew its holdings in shares of InMode by 19.4% during the second quarter. DDD Partners LLC now owns 1,266,678 shares of the healthcare company's stock worth $23,104,000 after purchasing an additional 205,947 shares during the last quarter. Federated Hermes Inc. increased its position in shares of InMode by 191.9% during the second quarter. Federated Hermes Inc. now owns 1,125,017 shares of the healthcare company's stock worth $20,520,000 after purchasing an additional 739,629 shares in the last quarter. Finally, Acadian Asset Management LLC lifted its holdings in shares of InMode by 63.6% in the 2nd quarter. Acadian Asset Management LLC now owns 1,124,887 shares of the healthcare company's stock valued at $20,502,000 after purchasing an additional 437,122 shares during the last quarter. Institutional investors and hedge funds 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.