InMode Ltd. $INMD Shares Bought by Steel Partners Holdings L.P.

Key Points

• Steel Partners Holdings increased its InMode stake by 154.8% in the first quarter, purchasing 1,090,697 additional shares. It now owns 1.80 million shares, worth approximately $24.6 million and representing 2.83% of InMode.
• Institutional investors own 68.04% of InMode, while analyst sentiment remains mixed: the stock has a consensus rating of “Hold” and an average price target of $16.00.
• InMode reported quarterly revenue of $82.02 million, up 5.3% year over year and above estimates, but earnings per share of $0.25 missed consensus expectations of $0.30. Shares recently opened at $15.17, within a 52-week range of $12.72 to $16.74.

Steel Partners Holdings L.P. lifted its stake in InMode Ltd. (NASDAQ:INMD - Free Report) by 154.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,795,361 shares of the healthcare company's stock after buying an additional 1,090,697 shares during the period. InMode makes up approximately 25.5% of Steel Partners Holdings L.P.'s investment portfolio, making the stock its biggest position. Steel Partners Holdings L.P. owned about 2.83% of InMode worth $24,561,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the stock. Cooper Creek Partners Management LLC bought a new position in InMode during the 3rd quarter worth $14,980,000. Millennium Management LLC lifted its position in shares of InMode by 111.4% during the 4th quarter. Millennium Management LLC now owns 1,778,681 shares of the healthcare company's stock valued at $26,129,000 after acquiring an additional 937,376 shares during the period. Goldman Sachs Group Inc. lifted its position in shares of InMode by 234.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,123,756 shares of the healthcare company's stock valued at $19,935,000 after acquiring an additional 788,157 shares during the period. Bank of America Corp DE grew its holdings in shares of InMode by 142.1% during the 2nd quarter. Bank of America Corp DE now owns 862,209 shares of the healthcare company's stock worth $12,450,000 after purchasing an additional 506,134 shares in the last quarter. Finally, Marshall Wace LLP grew its holdings in shares of InMode by 270.7% during the 2nd quarter. Marshall Wace LLP now owns 555,573 shares of the healthcare company's stock worth $8,022,000 after purchasing an additional 405,707 shares in the last quarter. 68.04% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts recently commented on INMD shares. Barclays set a $19.00 price target on InMode and gave the stock an "overweight" rating in a research report on Thursday, May 7th. Robert W. Baird cut their price objective on shares of InMode from $17.00 to $14.00 and set a "neutral" rating for the company in a research report on Thursday, May 7th. One equities research analyst has rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $16.00.

InMode Price Performance

Shares of NASDAQ:INMD opened at $15.17 on Monday. The company's 50 day simple moving average is $14.25 and its 200 day simple moving average is $14.20. InMode Ltd. has a 1 year low of $12.72 and a 1 year high of $16.74. The stock has a market capitalization of $871.97 million, a price-to-earnings ratio of 11.15 and a beta of 1.91.

InMode (NASDAQ:INMD - Get Free Report) last issued its earnings results on Wednesday, May 6th. The healthcare company reported $0.25 earnings per share for the quarter, missing analysts' consensus estimates of $0.30 by ($0.05). InMode had a net margin of 23.27% and a return on equity of 13.47%. The business had revenue of $82.02 million during the quarter, compared to analyst estimates of $79.84 million. During the same period in the prior year, the business posted $0.31 EPS. The company's revenue for the quarter was up 5.3% compared to the same quarter last year.

About InMode

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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