LSV Asset Management Buys 295,296 Shares of InMode Ltd. (NASDAQ:INMD)

Key Points

• LSV Asset Management has increased its position in InMode Ltd. by 17.2%, owning 2,010,367 shares valued at approximately $35.66 million.
• InMode reported $0.47 earnings per share for the last quarter, missing the consensus estimate, while its revenue was $95.60 million, also below expectations.
• Several brokerages adjusted their price targets for InMode shares, with Barclays lowering it from $24.00 to $21.00 and maintaining an "overweight" rating.

LSV Asset Management increased its position in shares of InMode Ltd. (NASDAQ:INMD - Free Report) by 17.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,010,367 shares of the healthcare company's stock after acquiring an additional 295,296 shares during the period. LSV Asset Management owned approximately 2.89% of InMode worth $35,664,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Vestcor Inc lifted its position in InMode by 31.0% in the 1st quarter. Vestcor Inc now owns 41,271 shares of the healthcare company's stock worth $732,000 after buying an additional 9,771 shares during the last quarter. XTX Topco Ltd bought a new position in shares of InMode during the 1st quarter valued at $182,000. Federated Hermes Inc. raised its position in InMode by 10.3% in the 1st quarter. Federated Hermes Inc. now owns 152,430 shares of the healthcare company's stock worth $2,704,000 after purchasing an additional 14,203 shares during the period. Atlas Legacy Advisors LLC lifted its stake in InMode by 41.1% in the first quarter. Atlas Legacy Advisors LLC now owns 71,695 shares of the healthcare company's stock worth $1,321,000 after purchasing an additional 20,896 shares during the last quarter. Finally, LPL Financial LLC boosted its position in InMode by 109.7% during the first quarter. LPL Financial LLC now owns 107,672 shares of the healthcare company's stock valued at $1,910,000 after buying an additional 56,337 shares during the period. 68.04% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on INMD. Baird R W cut InMode from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 28th. Canaccord Genuity Group reiterated a "hold" rating and issued a $15.00 price target on shares of InMode in a report on Friday, July 11th. Robert W. Baird lowered shares of InMode from an "outperform" rating to a "neutral" rating and decreased their price objective for the stock from $22.00 to $16.00 in a report on Monday, April 28th. Barclays reduced their price target on shares of InMode from $24.00 to $21.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 30th. Finally, UBS Group dropped their price target on InMode from $19.00 to $16.25 and set a "neutral" rating on the stock in a research report on Tuesday, April 29th. Seven investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $18.04.

InMode Stock Up 1.6%

NASDAQ:INMD traded up $0.23 on Thursday, hitting $14.21. The stock had a trading volume of 682,683 shares, compared to its average volume of 1,294,729. InMode Ltd. has a 52-week low of $13.14 and a 52-week high of $19.85. The stock has a market cap of $897.90 million, a price-to-earnings ratio of 5.75 and a beta of 1.93. The business's 50-day simple moving average is $14.32 and its two-hundred day simple moving average is $15.93.

InMode (NASDAQ:INMD - Get Free Report) last released 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). InMode had a return on equity of 18.38% and a net margin of 44.50%. The business had revenue of $95.60 million during the quarter, compared to the consensus estimate of $98.45 million. During the same quarter in the previous year, the business posted $0.34 earnings per share. The firm's revenue was up 10.6% on a year-over-year basis. As a group, equities research analysts anticipate that InMode Ltd. will post 1.75 EPS for the current year.

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.