Acadian Asset Management LLC Grows Holdings in InMode Ltd. (NASDAQ:INMD)

Acadian Asset Management LLC raised its stake in InMode Ltd. (NASDAQ:INMD - Free Report) by 63.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,124,887 shares of the healthcare company's stock after purchasing an additional 437,122 shares during the period. Acadian Asset Management LLC owned 1.34% of InMode worth $20,502,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in INMD. Nordea Investment Management AB grew its position in shares of InMode by 161.1% during the first quarter. Nordea Investment Management AB now owns 361,701 shares of the healthcare company's stock worth $7,853,000 after acquiring an additional 223,191 shares during the last quarter. Principal Securities Inc. acquired a new stake in shares of InMode during the fourth quarter worth $32,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in InMode in the 1st quarter valued at $959,000. ARK Investment Management LLC increased its stake in InMode by 35.0% in the 2nd quarter. ARK Investment Management LLC now owns 124,905 shares of the healthcare company's stock valued at $2,278,000 after buying an additional 32,369 shares during the period. Finally, Doma Perpetual Capital Management LLC purchased a new position in InMode during the 4th quarter worth $2,991,000. Institutional investors and hedge funds own 68.04% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on INMD. Jefferies Financial Group downgraded shares of InMode from a "buy" rating to a "hold" rating and reduced their price objective for the company from $21.00 to $19.00 in a research report on Tuesday, July 23rd. Needham & Company LLC restated a "hold" rating on shares of InMode in a research note on Thursday, July 11th. Canaccord Genuity Group dropped their price objective on InMode from $21.00 to $16.00 and set a "hold" rating on the stock in a report on Friday, July 12th. Finally, Barclays decreased their target price on shares of InMode from $33.00 to $29.00 and set an "overweight" rating on the stock in a research report on Monday, July 15th. Five analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat, InMode currently has a consensus rating of "Hold" and an average price target of $22.40.

InMode Stock Up 8.8 %

Shares of INMD traded up $1.37 on Tuesday, reaching $16.89. The stock had a trading volume of 2,190,672 shares, compared to its average volume of 1,377,596. The firm has a 50-day moving average of $16.82 and a 200 day moving average of $18.41. The firm has a market capitalization of $1.42 billion, a PE ratio of 8.04 and a beta of 2.18. InMode Ltd. has a twelve month low of $15.39 and a twelve month high of $38.33.

InMode (NASDAQ:INMD - Get Free Report) last announced 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). InMode had a net margin of 35.81% and a return on equity of 21.00%. The firm had revenue of $102.60 million during the quarter, compared to analysts' expectations of $104.81 million. During the same quarter in the prior year, the business earned $0.65 EPS. The company's quarterly revenue was down 24.6% compared to the same quarter last year. On average, sell-side analysts anticipate that InMode Ltd. will post 1.63 earnings per share for the current fiscal year.

InMode Company Profile

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.