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 increased its stake in shares of InMode Ltd. (NASDAQ:INMD - Free Report) by 75.7% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 543,750 shares of the healthcare company's stock after purchasing an additional 234,285 shares during the period. Fred Alger Management LLC owned approximately 0.78% of InMode worth $9,646,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. CWM LLC raised its holdings 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 purchasing an additional 1,221 shares in the last quarter. Orion Capital Management LLC purchased a new stake in InMode during the fourth quarter worth about $65,000. Summit Securities Group LLC purchased a new stake in shares of InMode in the first quarter valued at about $70,000. Lazard Asset Management LLC raised its position in shares of InMode by 6,128.7% in the fourth quarter. Lazard Asset Management LLC now owns 6,291 shares of the healthcare company's stock valued at $105,000 after buying an additional 6,190 shares during the last quarter. Finally, Exencial Wealth Advisors LLC acquired a new position in InMode during the first quarter worth approximately $182,000. Hedge funds and other institutional investors own 68.04% of the company's stock.

InMode Stock Down 3.3%

INMD traded down $0.51 during trading on Friday, reaching $14.83. 727,280 shares of the company's stock were exchanged, compared to its average volume of 941,794. InMode Ltd. has a fifty-two week low of $13.14 and a fifty-two week high of $19.85. The business has a 50 day moving average price of $14.53 and a 200 day moving average price of $15.25. The company has a market capitalization of $937.40 million, a P/E ratio of 6.00 and a beta of 2.00.

InMode (NASDAQ:INMD - Get Free Report) last issued its earnings results on Wednesday, July 30th. The healthcare company reported $0.47 EPS 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 firm had revenue of $95.60 million during the quarter, compared to analyst estimates of $98.45 million. During the same quarter in the prior year, the firm posted $0.34 EPS. The firm's revenue for the quarter was up 10.6% on a year-over-year basis. As a group, research analysts forecast that InMode Ltd. will post 1.75 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Canaccord Genuity Group restated a "hold" rating and issued a $15.00 target price on shares of InMode in a research note on Friday, July 11th. Barclays lowered their target price on shares of InMode from $24.00 to $21.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 30th. Finally, Needham & Company LLC restated a "hold" rating on shares of InMode in a research report on Wednesday, July 30th. One analyst has rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $18.04.

About InMode

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.