InMode Ltd. $INMD Stock: ARGA Investment Management LP Lowers Position

Key Points

• ARGA Investment Management cut its InMode stake by 49% in the third quarter, selling 79,670 shares and retaining 82,933 shares valued at about $1.18 million.
• Institutional investors own 68.04% of InMode; several funds increased their holdings, including Steel Partners, which raised its position by 154.8%.
• Analyst sentiment is Hold, with a $16 consensus price target. InMode met quarterly EPS estimates at $0.35 and reported $95.59 million in revenue, slightly above forecasts.

ARGA Investment Management LP trimmed its stake in InMode Ltd. (NASDAQ:INMD - Free Report) by 49.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 82,933 shares of the healthcare company's stock after selling 79,670 shares during the period. ARGA Investment Management LP owned approximately 0.14% of InMode worth $1,175,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Steel Partners Holdings L.P. raised 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 in the last quarter. Renaissance Technologies LLC raised its holdings 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 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% during 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 in the last quarter. Wellington Management Group LLP purchased a new position in shares of InMode during the 2nd quarter valued at about $1,254,000. Finally, Systematic Financial Management LP lifted its position in InMode by 6.7% in the 1st quarter. Systematic Financial Management LP now owns 1,154,457 shares of the healthcare company's stock worth $15,793,000 after buying an additional 72,041 shares during the last quarter. 68.04% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, Weiss Ratings lowered InMode from a "sell (d+)" rating to a "sell (d)" rating in a research note on Monday. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $16.00.

InMode Stock Up 2.8%

Shares of NASDAQ INMD opened at $14.08 on Wednesday. InMode Ltd. has a 52 week low of $12.72 and a 52 week high of $16.67. The firm's fifty day moving average is $14.33 and its 200 day moving average is $14.32. The company has a market cap of $809.32 million, a price-to-earnings ratio of 11.45 and a beta of 1.98.

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

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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