InMode (NASDAQ:INMD) Shares Down 8.4% – Here’s Why

Shares of InMode Ltd. (NASDAQ:INMD) traded down 8.4% during mid-day trading on Thursday . The company traded as low as $14.34 and last traded at $14.33. 1,073,347 shares were traded during trading, an increase of 38% from the average session volume of 775,888 shares. The stock had previously closed at $15.64.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Canaccord Genuity Group set a $15.00 target price on InMode and gave the company a “hold” rating in a research report on Wednesday, December 17th. Needham & Company LLC reiterated a “hold” rating on shares of InMode in a research report on Friday, October 10th. UBS Group reduced their target price on shares of InMode from $16.25 to $16.00 and set a “neutral” rating on the stock in a research note on Thursday, November 6th. Zacks Research raised shares of InMode from a “strong sell” rating to a “hold” rating in a research note on Monday, September 29th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of InMode in a report on Wednesday, October 8th. One analyst has rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, InMode currently has a consensus rating of “Hold” and an average target price of $16.60.

InMode Stock Up 1.3%

The stock’s 50 day moving average price is $14.44 and its 200-day moving average price is $14.66. The stock has a market capitalization of $912.75 million, a PE ratio of 6.69 and a beta of 2.13.

Institutional Trading of InMode

Institutional investors and hedge funds have recently modified their holdings of the stock. Cooper Creek Partners Management LLC purchased a new stake in shares of InMode during the 3rd quarter worth $14,980,000. Ancient Art L.P. bought a new position in InMode in the third quarter worth about $14,254,000. Goldman Sachs Group Inc. raised its holdings in InMode by 234.9% in the first quarter. Goldman Sachs Group Inc. now owns 1,123,756 shares of the healthcare company’s stock worth $19,935,000 after purchasing an additional 788,157 shares in the last quarter. Doma Perpetual Capital Management LLC lifted its position in shares of InMode by 26.8% during the third quarter. Doma Perpetual Capital Management LLC now owns 2,838,431 shares of the healthcare company’s stock valued at $42,293,000 after buying an additional 599,108 shares during the last quarter. Finally, Edgestream Partners L.P. bought a new stake in shares of InMode in the 2nd quarter valued at about $8,294,000. Institutional investors own 68.04% of the company’s stock.

About InMode

InMode Ltd. (NASDAQ:INMD) is a medical technology company headquartered in Israel that develops, manufactures and markets devices for aesthetic and medical treatments. The company specializes in energy-based technologies, primarily radiofrequency platforms, designed to deliver minimally-invasive and non-invasive procedures.

InMode’s product portfolio encompasses a range of modular systems targeting body contouring, facial rejuvenation, skin tightening and other cosmetic applications. Key offerings include devices built on proprietary radiofrequency and radiofrequency-assisted lipolysis, enabling physicians to perform treatments such as tissue coagulation, skin resurfacing and subdermal volumizing with reduced downtime.

The company distributes its technologies through direct sales operations and distribution partners, serving medical professionals across multiple geographies including North America, Europe, Asia Pacific and Latin America.