InMode (NASDAQ:INMD) Stock Price Target Cut by Robert W. Baird

Key Points

• Robert W. Baird cut its price target on InMode from $17 to $15 and maintained a neutral rating; the new target implies 9.25% upside from the prior close.
• Analyst sentiment is mixed: MarketBeat reports a consensus Hold rating and an average price target of $16.33, while Weiss Ratings rates the stock Sell.
• InMode beat quarterly earnings and revenue estimates, reporting $0.37 EPS versus $0.32 expected and $92.14 million in revenue versus $91.58 million expected; revenue was down 1.1% year over year.

InMode (NASDAQ:INMD - Get Free Report) had its price objective reduced by equities researchers at Robert W. Baird from $17.00 to $15.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a "neutral" rating on the healthcare company's stock. Robert W. Baird's price objective points to a potential upside of 9.25% from the company's previous close.

Separately, Weiss Ratings downgraded InMode from a "sell (d+)" rating to a "sell (d)" rating in a report on Monday, November 2nd. One research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $16.33.

InMode Stock Up 3.5%

NASDAQ INMD opened at $13.73 on Thursday. InMode has a 52 week low of $12.72 and a 52 week high of $16.67. The firm has a 50 day moving average of $14.16 and a two-hundred day moving average of $14.31. The stock has a market capitalization of $789.21 million, a PE ratio of 11.16 and a beta of 1.98.

InMode (NASDAQ:INMD - Get Free Report) last announced its quarterly earnings data on Wednesday, November 11th. The healthcare company reported $0.37 earnings per share for the quarter, beating analysts' consensus estimates of $0.32 by $0.05. The business had revenue of $92.14 million for the quarter, compared to analyst estimates of $91.58 million. InMode had a net margin of 20.69% and a return on equity of 11.99%. The company's revenue was down 1.1% on a year-over-year basis. During the same period last year, the business earned $0.38 EPS.

Institutional Investors Weigh In On InMode

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Renaissance Technologies LLC grew its holdings in shares of InMode by 6.1% during the first quarter. Renaissance Technologies LLC now owns 2,586,218 shares of the healthcare company's stock worth $35,379,000 after purchasing an additional 149,800 shares during the last quarter. Steel Partners Holdings L.P. grew its stake in InMode by 154.8% during the 1st quarter. Steel Partners Holdings L.P. now owns 1,795,361 shares of the healthcare company's stock worth $24,561,000 after buying an additional 1,090,697 shares during the last quarter. Systematic Financial Management LP increased its position in InMode by 6.7% during the first quarter. Systematic Financial Management LP now owns 1,154,457 shares of the healthcare company's stock worth $15,793,000 after buying an additional 72,041 shares during the period. Janus Henderson Group PLC lifted its stake in InMode by 5.0% in the first quarter. Janus Henderson Group PLC now owns 932,132 shares of the healthcare company's stock valued at $12,752,000 after buying an additional 44,575 shares during the last quarter. Finally, Prospect Capital Advisors LLC lifted its stake in InMode by 50.6% in the first quarter. Prospect Capital Advisors LLC now owns 313,450 shares of the healthcare company's stock valued at $4,288,000 after buying an additional 105,250 shares during the last quarter. 68.04% of the stock is owned by hedge funds and other institutional investors.

About InMode

InMode Ltd. is an Israel-based medical technology company that develops energy-based systems for minimally invasive aesthetic and medical procedures. Its technologies use radiofrequency energy to support treatments such as body contouring, skin tightening and facial rejuvenation, as well as certain women's health applications. The company's product portfolio includes platforms and handpieces such as BodyTite and FaceTite for body and facial contouring, and Morpheus8 for fractional radiofrequency skin treatments.

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