InMode (NASDAQ:INMD) Price Target Cut to $33.00 by Analysts at Barclays

InMode (NASDAQ:INMD) had its price target reduced by Barclays from $34.00 to $33.00 in a research note issued to investors on Friday, Benzinga reports. They currently have an overweight rating on the healthcare company’s stock.

Several other equities research analysts have also recently issued reports on INMD. UBS Group lifted their target price on InMode from $24.00 to $26.00 and gave the stock a neutral rating in a report on Wednesday, February 14th. Needham & Company LLC reiterated a hold rating on shares of InMode in a research report on Tuesday, April 9th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and an average price target of $32.80.

InMode Stock Performance

NASDAQ INMD opened at $17.69 on Friday. The company has a market capitalization of $1.49 billion, a PE ratio of 7.69 and a beta of 2.16. The business’s fifty day moving average is $21.62 and its 200 day moving average is $22.22. InMode has a fifty-two week low of $17.40 and a fifty-two week high of $48.25.

InMode (NASDAQ:INMD) last posted its quarterly earnings results on Tuesday, February 13th. The healthcare company reported $0.71 EPS for the quarter, beating analysts’ consensus estimates of $0.66 by $0.05. The business had revenue of $126.80 million for the quarter, compared to analysts’ expectations of $124.77 million. InMode had a return on equity of 29.80% and a net margin of 40.22%. The business’s quarterly revenue was down 5.1% on a year-over-year basis. During the same period last year, the firm earned $0.69 earnings per share. On average, sell-side analysts forecast that InMode will post 2.04 EPS for the current year.

Hedge Funds Weigh In On InMode

A number of large investors have recently bought and sold shares of the business. BlackRock Inc. raised its stake in InMode by 223.8% in the second quarter. BlackRock Inc. now owns 5,443,513 shares of the healthcare company’s stock worth $203,315,000 after buying an additional 3,762,511 shares in the last quarter. Renaissance Technologies LLC increased its position in shares of InMode by 23.2% during the first quarter. Renaissance Technologies LLC now owns 3,181,662 shares of the healthcare company’s stock worth $117,435,000 after purchasing an additional 598,300 shares in the last quarter. Meitav Investment House Ltd. increased its position in shares of InMode by 22.1% during the fourth quarter. Meitav Investment House Ltd. now owns 1,940,890 shares of the healthcare company’s stock worth $43,166,000 after purchasing an additional 351,863 shares in the last quarter. LSV Asset Management increased its position in shares of InMode by 15.6% during the fourth quarter. LSV Asset Management now owns 1,940,071 shares of the healthcare company’s stock worth $43,147,000 after purchasing an additional 261,252 shares in the last quarter. Finally, Millennium Management LLC increased its position in shares of InMode by 78.2% during the fourth quarter. Millennium Management LLC now owns 1,916,711 shares of the healthcare company’s stock worth $68,427,000 after purchasing an additional 840,821 shares in the last quarter. Institutional investors 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.