Fred Alger Management LLC Buys 234,285 Shares of InMode Ltd. $INMD

Key Points

• Fred Alger Management LLC increased its stake in InMode Ltd. by 75.7%, acquiring 234,285 shares to total 543,750 shares worth approximately $9.6 million.
• InMode reported a quarterly EPS of $0.47, missing the analysts' expectations of $0.50, with revenue of $95.6 million, down from the consensus estimate of $98.45 million.
• The company's current price target averages $18.04, with one analyst rating a Buy and seven analysts maintaining a Hold rating.

Fred Alger Management LLC lifted its position in InMode Ltd. (NASDAQ:INMD - Free Report) by 75.7% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 543,750 shares of the healthcare company's stock after buying an additional 234,285 shares during the quarter. Fred Alger Management LLC owned about 0.78% of InMode worth $9,646,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. CWM LLC grew its stake in shares of InMode by 106.4% in the 1st quarter. CWM LLC now owns 2,369 shares of the healthcare company's stock valued at $42,000 after buying an additional 1,221 shares in the last quarter. Orion Capital Management LLC acquired a new position in InMode during the fourth quarter valued at approximately $65,000. Summit Securities Group LLC acquired a new position in InMode during the first quarter valued at approximately $70,000. Lazard Asset Management LLC grew its holdings in InMode by 6,128.7% during the fourth quarter. Lazard Asset Management LLC now owns 6,291 shares of the healthcare company's stock valued at $105,000 after purchasing an additional 6,190 shares during the last quarter. Finally, Exencial Wealth Advisors LLC acquired a new position in InMode during the first quarter valued at approximately $182,000. Institutional investors own 68.04% of the company's stock.

InMode Stock Performance

Shares of INMD traded down $0.51 during mid-day trading on Friday, hitting $14.83. The company's stock had a trading volume of 727,280 shares, compared to its average volume of 930,848. InMode Ltd. has a one year low of $13.14 and a one year high of $19.85. The firm has a market capitalization of $937.39 million, a PE ratio of 6.00 and a beta of 2.00. The stock's 50-day moving average is $14.53 and its two-hundred day moving average is $15.23.

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

Analysts Set New Price Targets

Several equities analysts have commented on INMD shares. Barclays lowered their price target on InMode from $24.00 to $21.00 and set an "overweight" rating on the stock in a report on Wednesday, July 30th. Canaccord Genuity Group reiterated a "hold" rating and set a $15.00 price target on shares of InMode in a report on Friday, July 11th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of InMode in a report on Wednesday, July 30th. One investment analyst has rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. Based on data from MarketBeat, InMode has a consensus rating of "Hold" and a consensus target price of $18.04.

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.