CenterBook Partners LP Makes New Investment in InMode Ltd. $INMD

Key Points

• CenterBook Partners LP initiated a position in InMode, acquiring 131,685 shares valued at about $1.87 million, or roughly 0.23% of the company.
• Other institutional investors also adjusted their holdings, including Steel Partners, which increased its stake by 154.8%; institutions and hedge funds collectively own 68.04% of InMode.
• InMode shares opened at $13.33, while analysts’ consensus rating is Hold with a $16 average price target; ratings include one Buy, three Holds, and one Sell.

CenterBook Partners LP acquired a new stake in InMode Ltd. (NASDAQ:INMD - Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 131,685 shares of the healthcare company's stock, valued at approximately $1,866,000. CenterBook Partners LP owned approximately 0.23% of InMode as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Steel Partners Holdings L.P. raised its position in shares of InMode by 154.8% in 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 buying an additional 1,090,697 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of InMode by 6.1% in the first quarter. Renaissance Technologies LLC now owns 2,586,218 shares of the healthcare company's stock valued at $35,379,000 after buying an additional 149,800 shares in the last quarter. Prospect Capital Advisors LLC raised its holdings in shares of InMode by 50.6% in the 1st 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 period. Wellington Management Group LLP purchased a new stake in shares of InMode in the 2nd quarter valued at $1,254,000. Finally, Systematic Financial Management LP raised its holdings in shares of InMode by 6.7% in the 1st quarter. Systematic Financial Management LP now owns 1,154,457 shares of the healthcare company's stock valued at $15,793,000 after buying an additional 72,041 shares during the period. Institutional investors and hedge funds own 68.04% of the company's stock.

InMode Stock Performance

NASDAQ INMD opened at $13.33 on Monday. The firm has a 50 day simple moving average of $14.25 and a 200-day simple moving average of $14.32. InMode Ltd. has a one year low of $12.72 and a one year high of $16.67. The firm has a market cap of $766.21 million, a price-to-earnings ratio of 10.84 and a beta of 1.98.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings lowered InMode from a "sell (d+)" rating to a "sell (d)" rating in a research note on Monday, November 2nd. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $16.00.

About InMode

InMode Ltd. NASDAQ: INMD is a global medical technology company that develops and commercializes energy-based platforms for aesthetic and medical treatments. Its systems are designed to support minimally invasive and noninvasive procedures performed by physicians and other healthcare professionals.

The company's product portfolio includes platforms and handpieces used in facial and body contouring, skin resurfacing, skin tightening, hair removal, and women's health applications. Its technologies include radio-frequency and other energy-based treatments, with products such as Morpheus8, BodyTite, FaceTite, Optimas, and EmpowerRF serving a range of clinical and aesthetic needs.

Founded in 2008, InMode sells its products through direct sales and distribution channels to medical practices, clinics, and other healthcare providers.

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