Federated Hermes Inc. Acquires 739,629 Shares of InMode Ltd. (NASDAQ:INMD)

Federated Hermes Inc. increased its holdings in InMode Ltd. (NASDAQ:INMD - Free Report) by 191.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,125,017 shares of the healthcare company's stock after purchasing an additional 739,629 shares during the period. Federated Hermes Inc. owned approximately 1.34% of InMode worth $20,520,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. Principal Securities Inc. bought a new stake in shares of InMode during the 4th quarter worth about $32,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in InMode by 12.6% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 378,102 shares of the healthcare company's stock worth $7,940,000 after purchasing an additional 42,440 shares during the period. Janney Montgomery Scott LLC grew its holdings in InMode by 158.6% during the fourth quarter. Janney Montgomery Scott LLC now owns 104,162 shares of the healthcare company's stock valued at $2,317,000 after purchasing an additional 63,884 shares during the last quarter. Norges Bank bought a new position in shares of InMode in the fourth quarter valued at approximately $8,890,000. Finally, D.A. Davidson & CO. lifted its stake in shares of InMode by 8.1% in the fourth quarter. D.A. Davidson & CO. now owns 31,405 shares of the healthcare company's stock worth $698,000 after buying an additional 2,360 shares during the last quarter. 68.04% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

InMode Price Performance

Shares of NASDAQ INMD traded up $0.02 during mid-day trading on Monday, hitting $17.06. The company had a trading volume of 967,066 shares, compared to its average volume of 1,372,890. InMode Ltd. has a 12 month low of $15.39 and a 12 month high of $34.43. The firm has a market cap of $1.43 billion, a P/E ratio of 8.05 and a beta of 2.17. The business's 50-day simple moving average is $16.78 and its 200-day simple moving average is $18.28.

InMode (NASDAQ:INMD - Get Free Report) last announced 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 firm had revenue of $102.60 million for the quarter, compared to analyst estimates of $104.81 million. InMode had a return on equity of 21.00% and a net margin of 35.81%. InMode's revenue for the quarter was down 24.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.65 EPS. As a group, sell-side analysts predict that InMode Ltd. will post 1.63 EPS for the current year.

InMode 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.