Mackenzie Financial Corp Sells 29,650 Shares of InMode Ltd. (NASDAQ:INMD)

Key Points

• Mackenzie Financial Corp reduced its holdings in InMode Ltd. by 36.4%, owning 51,852 shares valued at approximately $920,000 at the end of the first quarter.
• Brokerages have downgraded InMode's stock ratings, with Baird R W and BTIG Research both reducing their ratings to "hold" or "neutral," while the average target price is now $18.04.
• InMode reported $0.47 EPS for the last quarter, missing analysts' expectations, with a 10.6% revenue increase year-over-year, indicating a net margin of 44.50%.

Mackenzie Financial Corp decreased its stake in InMode Ltd. (NASDAQ:INMD - Free Report) by 36.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 51,852 shares of the healthcare company's stock after selling 29,650 shares during the period. Mackenzie Financial Corp owned approximately 0.07% of InMode worth $920,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Raymond James Financial Inc. acquired a new stake in InMode in the 4th quarter worth $1,332,000. Allspring Global Investments Holdings LLC acquired a new stake in InMode during the first quarter worth about $192,000. Handelsbanken Fonder AB increased its stake in InMode by 34.3% during the first quarter. Handelsbanken Fonder AB now owns 36,400 shares of the healthcare company's stock valued at $646,000 after acquiring an additional 9,300 shares during the period. Bessemer Group Inc. bought a new position in InMode during the first quarter valued at about $617,000. Finally, GAMMA Investing LLC raised its holdings in InMode by 13,923.8% in the 1st quarter. GAMMA Investing LLC now owns 2,945 shares of the healthcare company's stock valued at $520,000 after acquiring an additional 2,924 shares in the last quarter. Institutional investors own 68.04% of the company's stock.

InMode Stock Down 1.8%

NASDAQ:INMD traded down $0.26 on Friday, reaching $14.11. The stock had a trading volume of 770,935 shares, compared to its average volume of 1,294,860. The company has a market capitalization of $891.88 million, a P/E ratio of 5.71 and a beta of 1.93. InMode Ltd. has a 1-year low of $13.14 and a 1-year high of $19.85. The stock has a fifty day moving average price of $14.30 and a 200-day moving average price of $15.90.

InMode (NASDAQ:INMD - Get Free Report) last announced 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 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 analyst estimates of $98.45 million. During the same period in the previous year, the firm earned $0.34 earnings per share. The firm's revenue was up 10.6% compared to the same quarter last year. Sell-side analysts predict that InMode Ltd. will post 1.75 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently weighed in on INMD shares. Baird R W lowered InMode from a "strong-buy" rating to a "hold" rating in a report on Monday, April 28th. Jefferies Financial Group decreased their price target on shares of InMode from $16.00 to $15.00 and set a "hold" rating on the stock in a research note on Monday, April 14th. Robert W. Baird cut shares of InMode from an "outperform" rating to a "neutral" rating and dropped their price objective for the company from $22.00 to $16.00 in a research note on Monday, April 28th. Needham & Company LLC reiterated a "hold" rating on shares of InMode in a research report on Wednesday, July 30th. Finally, Canaccord Genuity Group reissued a "hold" rating and issued a $15.00 price target on shares of InMode in a research report on Friday, July 11th. Seven analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, InMode has a consensus rating of "Hold" and a consensus target price 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.