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

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

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Weiss Ratings restated a “sell (d+)” rating on shares of InMode in a research note on Wednesday, October 8th. Zacks Research raised shares of InMode from a “strong sell” rating to a “hold” rating in a research report on Monday, September 29th. Wall Street Zen downgraded InMode from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Needham & Company LLC restated a “hold” rating on shares of InMode in a research report on Friday, October 10th. Finally, Canaccord Genuity Group set a $15.00 price target on InMode and gave the company a “hold” rating in a research note on Wednesday, December 17th. One equities research analyst has rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, InMode presently has a consensus rating of “Hold” and an average price target of $16.60.

InMode Trading Down 8.6%

The company has a market capitalization of $903.64 million, a price-to-earnings ratio of 6.63 and a beta of 2.13. The company has a 50 day moving average price of $14.46 and a 200 day moving average price of $14.66.

Institutional Investors Weigh In On InMode

A number of institutional investors have recently made changes to their positions in INMD. Parallel Advisors LLC increased its holdings in InMode by 63.1% in the second quarter. Parallel Advisors LLC now owns 1,973 shares of the healthcare company’s stock valued at $28,000 after purchasing an additional 763 shares during the last quarter. Advisory Services Network LLC bought a new stake in shares of InMode in the 3rd quarter valued at about $37,000. Blue Trust Inc. raised its position in shares of InMode by 93.7% in the 3rd quarter. Blue Trust Inc. now owns 2,861 shares of the healthcare company’s stock valued at $43,000 after acquiring an additional 1,384 shares during the period. State of Alaska Department of Revenue bought a new position in InMode during the 3rd quarter worth approximately $52,000. Finally, Pilgrim Partners Asia Pte Ltd bought a new position in InMode during the 3rd quarter worth approximately $69,000. 68.04% of the stock is owned by institutional investors and hedge funds.

InMode Company Profile

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.