Bank of America Corp DE Sells 236,577 Shares of InMode Ltd. $INMD

Key Points

• Bank of America cut its InMode stake by 82.4% in the first quarter, selling 236,577 shares and retaining 50,508 shares valued at approximately $691,000.
• Other major institutional investors increased their positions, including Steel Partners Holdings, Millennium Management and Goldman Sachs; institutions collectively own 68.04% of InMode’s stock.
• InMode reported quarterly EPS of $0.35, in line with estimates, while revenue of $95.59 million exceeded forecasts. Analysts maintain a consensus “Hold” rating with an average price target of $16.00.

Bank of America Corp DE decreased its holdings in shares of InMode Ltd. (NASDAQ:INMD - Free Report) by 82.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 50,508 shares of the healthcare company's stock after selling 236,577 shares during the quarter. Bank of America Corp DE owned approximately 0.08% of InMode worth $691,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in INMD. Renaissance Technologies LLC boosted its stake in shares of InMode by 6.1% during the 1st quarter. Renaissance Technologies LLC now owns 2,586,218 shares of the healthcare company's stock worth $35,379,000 after buying an additional 149,800 shares during the last quarter. Steel Partners Holdings L.P. boosted its position in InMode by 154.8% during the first quarter. Steel Partners Holdings L.P. now owns 1,795,361 shares of the healthcare company's stock valued at $24,561,000 after purchasing an additional 1,090,697 shares during the last quarter. Millennium Management LLC grew its stake in InMode by 111.4% in the fourth quarter. Millennium Management LLC now owns 1,778,681 shares of the healthcare company's stock valued at $26,129,000 after purchasing an additional 937,376 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of InMode by 48.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,422,635 shares of the healthcare company's stock worth $20,899,000 after purchasing an additional 466,891 shares during the last quarter. Finally, Systematic Financial Management LP increased its position in shares of InMode by 6.7% during the 1st quarter. Systematic Financial Management LP now owns 1,154,457 shares of the healthcare company's stock worth $15,793,000 after purchasing an additional 72,041 shares during the last quarter. Institutional investors own 68.04% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a "sell (d+)" rating on shares of InMode in a research note on Thursday, August 6th. One research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $16.00.

InMode Price Performance

Shares of NASDAQ INMD opened at $14.91 on Tuesday. The business's 50 day moving average price is $15.07 and its two-hundred day moving average price is $14.28. The company has a market cap of $857.03 million, a PE ratio of 12.12 and a beta of 1.86. InMode Ltd. has a twelve month low of $12.72 and a twelve month high of $16.74.

InMode (NASDAQ:INMD - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The healthcare company reported $0.35 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.35. InMode had a return on equity of 11.99% and a net margin of 20.69%.The firm had revenue of $95.59 million for the quarter, compared to analyst estimates of $94.89 million. During the same quarter in the prior year, the company earned $0.47 earnings per share. The business's revenue for the quarter was up .0% compared to the same quarter last year.

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.

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