InMode (NASDAQ:INMD) Stock Price Down 3.5% – What’s Next?

Shares of InMode Ltd. (NASDAQ:INMD) were down 3.5% during trading on Friday . The stock traded as low as $17.83 and last traded at $17.81. Approximately 216,123 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 948,180 shares. The stock had previously closed at $18.46.

Wall Street Analysts Forecast Growth

Several analysts have commented on INMD shares. Needham & Company LLC reaffirmed a “hold” rating on shares of InMode in a research note on Tuesday, February 4th. Barclays lifted their target price on shares of InMode from $26.00 to $29.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 5th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $22.25.

InMode Trading Down 0.8 %

The company’s 50 day moving average price is $17.93 and its 200-day moving average price is $17.61. The company has a market capitalization of $1.27 billion, a PE ratio of 7.79 and a beta of 2.07.

Institutional Trading of InMode

A number of institutional investors have recently added to or reduced their stakes in the business. National Bank of Canada FI boosted its position in InMode by 6.2% during the 3rd quarter. National Bank of Canada FI now owns 9,985 shares of the healthcare company’s stock worth $169,000 after purchasing an additional 579 shares during the period. Strategic Global Advisors LLC raised its stake in shares of InMode by 3.0% in the 4th quarter. Strategic Global Advisors LLC now owns 20,744 shares of the healthcare company’s stock valued at $346,000 after purchasing an additional 604 shares in the last quarter. Harvey Capital Management Inc. raised its stake in shares of InMode by 1.4% in the 4th quarter. Harvey Capital Management Inc. now owns 51,490 shares of the healthcare company’s stock valued at $860,000 after purchasing an additional 700 shares in the last quarter. Thrivent Financial for Lutherans raised its stake in shares of InMode by 6.1% in the 4th quarter. Thrivent Financial for Lutherans now owns 12,586 shares of the healthcare company’s stock valued at $210,000 after purchasing an additional 721 shares in the last quarter. Finally, Covestor Ltd raised its stake in shares of InMode by 13.9% in the 4th quarter. Covestor Ltd now owns 5,936 shares of the healthcare company’s stock valued at $99,000 after purchasing an additional 723 shares in the last quarter. 68.04% of the stock is owned by hedge funds and other institutional investors.

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.