ARK Investment Management LLC Raises Holdings in InMode Ltd. (NASDAQ:INMD)

ARK Investment Management LLC lifted its holdings in InMode Ltd. (NASDAQ:INMD - Free Report) by 35.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 124,905 shares of the healthcare company's stock after purchasing an additional 32,369 shares during the quarter. ARK Investment Management LLC owned 0.15% of InMode worth $2,278,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Bank of New York Mellon Corp raised its position in InMode by 12.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 279,082 shares of the healthcare company's stock worth $5,090,000 after buying an additional 31,549 shares during the last quarter. North Growth Management Ltd. raised its holdings in shares of InMode by 11.9% during the second quarter. North Growth Management Ltd. now owns 593,000 shares of the healthcare company's stock valued at $10,821,000 after purchasing an additional 63,000 shares during the last quarter. Summit Global Investments bought a new position in InMode during the second quarter valued at approximately $579,000. Means Investment CO. Inc. bought a new position in InMode during the second quarter valued at approximately $285,000. Finally, SG Americas Securities LLC purchased a new stake in InMode in the second quarter worth approximately $417,000. 68.04% of the stock is owned by institutional investors.

InMode Trading Down 2.9 %

NASDAQ INMD traded down $0.47 on Tuesday, hitting $15.62. 730,460 shares of the company traded hands, compared to its average volume of 1,392,921. The business's 50 day moving average price is $17.18 and its 200-day moving average price is $18.84. InMode Ltd. has a 52-week low of $15.41 and a 52-week high of $40.40. The company has a market capitalization of $1.31 billion, a price-to-earnings ratio of 7.40 and a beta of 2.18.

InMode (NASDAQ:INMD - Get Free Report) last posted its quarterly earnings data 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 company had revenue of $102.60 million for the quarter, compared to analysts' expectations of $104.81 million. InMode had a net margin of 35.81% and a return on equity of 20.83%. The firm's quarterly revenue was down 24.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.65 earnings per share. As a group, sell-side analysts predict that InMode Ltd. will post 1.35 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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

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.