Exchange Traded Concepts LLC Trims Position in InMode Ltd. (NASDAQ:INMD)

Exchange Traded Concepts LLC lessened its stake in shares of InMode Ltd. (NASDAQ:INMD) by 8.0% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 17,267 shares of the healthcare company’s stock after selling 1,510 shares during the period. Exchange Traded Concepts LLC’s holdings in InMode were worth $293,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of INMD. Doma Perpetual Capital Management LLC raised its holdings in InMode by 210.7% in the 2nd quarter. Doma Perpetual Capital Management LLC now owns 2,011,240 shares of the healthcare company’s stock valued at $36,685,000 after buying an additional 1,363,841 shares during the period. Swedbank AB purchased a new stake in InMode in the 1st quarter valued at about $17,634,000. Federated Hermes Inc. raised its holdings in InMode by 191.9% in the 2nd quarter. Federated Hermes Inc. now owns 1,125,017 shares of the healthcare company’s stock valued at $20,520,000 after buying an additional 739,629 shares during the period. Acadian Asset Management LLC raised its holdings in InMode by 63.6% in the 2nd quarter. Acadian Asset Management LLC now owns 1,124,887 shares of the healthcare company’s stock valued at $20,502,000 after buying an additional 437,122 shares during the period. Finally, Lombard Odier Asset Management Europe Ltd purchased a new stake in InMode in the 2nd quarter valued at about $4,104,000. 68.04% of the stock is currently owned by hedge funds and other institutional investors.

InMode Price Performance

InMode stock opened at $17.78 on Monday. InMode Ltd. has a 12 month low of $14.87 and a 12 month high of $26.80. The business has a 50 day simple moving average of $16.28 and a 200-day simple moving average of $17.40. The stock has a market capitalization of $1.49 billion, a PE ratio of 8.43 and a beta of 2.17.

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

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on INMD shares. Barclays dropped their target price on InMode from $29.00 to $27.00 and set an “overweight” rating for the company in a research report on Monday, October 14th. BTIG Research started coverage on InMode in a research report on Thursday. They issued a “buy” rating and a $25.00 target price for the company. Needham & Company LLC reaffirmed a “hold” rating on shares of InMode in a research report on Thursday, October 10th. Jefferies Financial Group downgraded InMode from a “buy” rating to a “hold” rating and dropped their target price for the company from $21.00 to $19.00 in a research report on Tuesday, July 23rd. Finally, Canaccord Genuity Group dropped their target price on InMode from $21.00 to $16.00 and set a “hold” rating for the company in a research report on Friday, July 12th. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, InMode presently has a consensus rating of “Hold” and a consensus target price of $22.60.

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.