InMode Ltd. (NASDAQ:INMD) Stock Holdings Trimmed by Mackenzie Financial Corp

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 lowered its stake in InMode Ltd. (NASDAQ:INMD - Free Report) by 36.4% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 51,852 shares of the healthcare company's stock after selling 29,650 shares during the quarter. Mackenzie Financial Corp owned about 0.07% of InMode worth $920,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. DDD Partners LLC boosted its holdings in InMode by 63.1% in the first quarter. DDD Partners LLC now owns 989,903 shares of the healthcare company's stock valued at $17,561,000 after purchasing an additional 382,938 shares during the last quarter. Norges Bank purchased a new position in InMode in the fourth quarter valued at about $2,943,000. Quantedge Capital Pte Ltd boosted its holdings in InMode by 644.8% in the fourth quarter. Quantedge Capital Pte Ltd now owns 171,300 shares of the healthcare company's stock valued at $2,861,000 after purchasing an additional 148,300 shares during the last quarter. Jefferies Financial Group Inc. purchased a new position in InMode in the fourth quarter valued at about $2,246,000. Finally, Cary Street Partners Financial LLC purchased a new position in InMode in the fourth quarter valued at about $2,214,000. Institutional investors and hedge funds own 68.04% of the company's stock.

Analysts Set New Price Targets

INMD has been the subject of a number of analyst reports. Barclays reduced their price target on InMode from $24.00 to $21.00 and set an "overweight" rating for the company in a report on Wednesday, July 30th. UBS Group reduced their target price on InMode from $19.00 to $16.25 and set a "neutral" rating on the stock in a report on Tuesday, April 29th. Baird R W downgraded InMode from a "strong-buy" rating to a "hold" rating in a report on Monday, April 28th. Robert W. Baird downgraded InMode from an "outperform" rating to a "neutral" rating and reduced their target price for the stock from $22.00 to $16.00 in a report on Monday, April 28th. Finally, Jefferies Financial Group reduced their target price on InMode from $16.00 to $15.00 and set a "hold" rating on the stock in a report on Monday, April 14th. Seven equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $18.04.

InMode Price Performance

NASDAQ:INMD traded down $0.26 during midday trading on Friday, reaching $14.11. 770,941 shares of the company traded hands, compared to its average volume of 1,153,551. InMode Ltd. has a twelve month low of $13.14 and a twelve month high of $19.85. The firm has a market capitalization of $891.89 million, a price-to-earnings ratio of 5.71 and a beta of 1.93. The company has a fifty day moving average price of $14.29 and a 200 day moving average price of $15.88.

InMode (NASDAQ:INMD - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The healthcare company reported $0.47 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.50 by ($0.03). InMode had a net margin of 44.50% and a return on equity of 18.38%. The company had revenue of $95.60 million for the quarter, compared to analyst estimates of $98.45 million. During the same quarter in the prior year, the firm earned $0.34 EPS. The company's revenue for the quarter was up 10.6% compared to the same quarter last year. On average, equities research analysts forecast that InMode Ltd. will post 1.75 earnings per share for the current fiscal year.

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.