Renaissance Technologies LLC Has $37.73 Million Stock Holdings in InMode Ltd. (NASDAQ:INMD)

Renaissance Technologies LLC boosted its stake in InMode Ltd. (NASDAQ:INMD) by 11.6% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 2,068,396 shares of the healthcare company’s stock after buying an additional 214,200 shares during the period. Renaissance Technologies LLC owned approximately 2.46% of InMode worth $37,728,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Principal Securities Inc. acquired a new position in shares of InMode in the fourth quarter valued at approximately $32,000. Asset Dedication LLC bought a new position in InMode during the 2nd quarter worth $33,000. Headlands Technologies LLC lifted its holdings in shares of InMode by 118.2% during the first quarter. Headlands Technologies LLC now owns 1,916 shares of the healthcare company’s stock worth $41,000 after buying an additional 1,038 shares in the last quarter. nVerses Capital LLC bought a new stake in shares of InMode in the second quarter valued at about $42,000. Finally, Trust Co. of Vermont grew its stake in shares of InMode by 32.8% in the fourth quarter. Trust Co. of Vermont now owns 2,168 shares of the healthcare company’s stock valued at $48,000 after acquiring an additional 536 shares in the last quarter. 68.04% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Canaccord Genuity Group dropped their price objective on shares of InMode from $21.00 to $16.00 and set a “hold” rating for the company in a research note on Friday, July 12th. Jefferies Financial Group cut InMode from a “buy” rating to a “hold” rating and cut their price target for the company from $21.00 to $19.00 in a research note on Tuesday, July 23rd. Barclays cut their target price 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 restated a “hold” rating on shares of InMode in a research report on Thursday, July 11th. Five analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $22.40.

InMode Stock Performance

Shares of INMD opened at $17.46 on Thursday. InMode Ltd. has a 52-week low of $15.39 and a 52-week high of $34.15. The firm has a market cap of $1.47 billion, a price-to-earnings ratio of 8.27 and a beta of 2.17. The business’s fifty day moving average is $16.77 and its 200-day moving average is $18.20.

InMode (NASDAQ:INMD) last released its earnings results on Thursday, August 1st. The healthcare company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.04). The business had revenue of $102.60 million during the quarter, compared to the consensus estimate of $104.81 million. InMode had a net margin of 35.81% and a return on equity of 21.00%. The business’s revenue was down 24.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.65 EPS. As a group, research analysts forecast that InMode Ltd. will post 1.63 EPS for the current fiscal year.

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.