LPL Financial LLC Boosts Holdings in InMode Ltd. $INMD

Key Points

• LPL Financial LLC has significantly increased its stake in InMode Ltd. by 109.7%, now owning approximately 0.15% of the company, valued at $1.91 million.
• Recent analyst ratings have downgraded InMode Ltd., with notable reductions in price targets from firms like Baird and UBS, now averaging $18.04 for the stock.
• InMode reported $95.60 million in revenue for the last quarter, falling short of estimates, alongside earnings per share of $0.47, missing the consensus estimate of $0.50.

LPL Financial LLC increased its position in shares of InMode Ltd. (NASDAQ:INMD - Free Report) by 109.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 107,672 shares of the healthcare company's stock after acquiring an additional 56,337 shares during the period. LPL Financial LLC owned approximately 0.15% of InMode worth $1,910,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Inspire Advisors LLC increased its holdings in InMode by 72.8% during the 1st quarter. Inspire Advisors LLC now owns 60,074 shares of the healthcare company's stock worth $1,066,000 after acquiring an additional 25,308 shares during the period. ARK Investment Management LLC increased its holdings in InMode by 10.3% during the 1st quarter. ARK Investment Management LLC now owns 116,709 shares of the healthcare company's stock worth $2,070,000 after acquiring an additional 10,873 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in InMode during the 1st quarter worth approximately $906,000. Denali Advisors LLC bought a new stake in InMode during the 1st quarter worth approximately $560,000. Finally, General American Investors Co. Inc. bought a new position in shares of InMode in the 1st quarter worth $1,202,000. Institutional investors own 68.04% of the company's stock.

InMode Price Performance

INMD traded up $0.31 during trading on Tuesday, hitting $14.88. 812,584 shares of the stock traded hands, compared to its average volume of 1,144,339. The firm has a market capitalization of $940.56 million, a P/E ratio of 6.02 and a beta of 1.93. The firm has a 50-day moving average of $14.34 and a 200 day moving average of $15.61. InMode Ltd. has a 12-month low of $13.14 and a 12-month high of $19.85.

InMode (NASDAQ:INMD - Get Free Report) last announced its quarterly earnings results 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). The firm had revenue of $95.60 million for the quarter, compared to analysts' expectations of $98.45 million. InMode had a net margin of 44.50% and a return on equity of 18.38%. The company's quarterly revenue was up 10.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.34 EPS. As a group, equities analysts predict that InMode Ltd. will post 1.75 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Barclays decreased their price target on shares of InMode from $24.00 to $21.00 and set an "overweight" rating on the stock in a report on Wednesday, July 30th. BTIG Research lowered shares of InMode from a "buy" rating to a "neutral" rating in a report on Tuesday, April 29th. Canaccord Genuity Group reissued a "hold" rating and issued a $15.00 price target on shares of InMode in a report on Friday, July 11th. UBS Group decreased their price target on shares of InMode from $19.00 to $16.25 and set a "neutral" rating on the stock in a report on Tuesday, April 29th. Finally, Needham & Company LLC reissued 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 presently has an average rating of "Hold" and a consensus target price of $18.04.

InMode 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.