Canaccord Genuity Group Boosts InMode (NASDAQ:INMD) Price Target to $16.00

Key Points

• Canaccord Genuity Group has raised InMode's price target from **$14.00** to **$16.00**, maintaining a "hold" rating for the stock.
• Despite the price target increase, several other brokerages have lowered their estimates, with Barclays reducing their target from **$24.00** to **$21.00**.
• InMode reported **$0.47 earnings per share**, missing the consensus estimate of **$0.50**, with quarterly revenue up **10.6%** compared to the same quarter last year.

InMode (NASDAQ:INMD - Get Free Report) had its price target boosted by research analysts at Canaccord Genuity Group from $14.00 to $16.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a "hold" rating on the healthcare company's stock. Canaccord Genuity Group's price target suggests a potential upside of 0.69% from the stock's current price.

Several other brokerages have also issued reports on INMD. Barclays lowered their target price on InMode from $24.00 to $21.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 30th. Needham & Company LLC restated a "hold" rating on shares of InMode in a research note on Friday. Weiss Ratings restated a "sell (d+)" rating on shares of InMode in a research note on Wednesday. Finally, Zacks Research upgraded InMode from a "strong sell" rating to a "hold" rating in a research note on Monday, September 29th. One investment analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $18.21.

InMode Trading Up 5.6%

Shares of INMD opened at $15.89 on Friday. The company has a market capitalization of $1.00 billion, a price-to-earnings ratio of 6.43 and a beta of 2.09. The stock has a 50 day moving average of $14.74 and a 200 day moving average of $14.79. InMode has a 12 month low of $13.14 and a 12 month high of $19.85.

InMode (NASDAQ:INMD - Get Free Report) last issued its earnings results on Wednesday, July 30th. The healthcare company reported $0.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.03). The firm had revenue of $95.60 million during the quarter, compared to the consensus estimate of $98.45 million. InMode had a net margin of 44.50% and a return on equity of 18.38%. The business's quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.34 earnings per share. As a group, equities research analysts predict that InMode will post 1.75 earnings per share for the current year.

Hedge Funds Weigh In On InMode

Hedge funds have recently made changes to their positions in the stock. Parallel Advisors LLC grew its position in shares of 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 in the last quarter. CWM LLC grew its position in InMode by 106.4% during the first quarter. CWM LLC now owns 2,369 shares of the healthcare company's stock worth $42,000 after buying an additional 1,221 shares in the last quarter. GAMMA Investing LLC grew its position in InMode by 13,923.8% during the first quarter. GAMMA Investing LLC now owns 2,945 shares of the healthcare company's stock worth $520,000 after buying an additional 2,924 shares in the last quarter. Summit Securities Group LLC purchased a new position in InMode during the first quarter worth about $70,000. Finally, Farther Finance Advisors LLC grew its position in InMode by 302.3% during the second quarter. Farther Finance Advisors LLC now owns 8,110 shares of the healthcare company's stock worth $117,000 after buying an additional 6,094 shares in the last quarter. 68.04% of the stock is currently owned by hedge funds and other institutional investors.

InMode Company Profile

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.

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