Northern Trust Corp Lowers Position in InMode Ltd. $INMD

Key Points

• Northern Trust Corp has reduced its stake in InMode Ltd. by 8.8%, now owning 600,233 shares valued at approximately $10.65 million.
• Several institutional investors have made significant changes to their positions in InMode, including CWM LLC increasing its stake by 106.4% in the first quarter.
• Analysts generally rate InMode as a "Hold," with a consensus price target of $18.04, though some have reduced their target prices following the company's recent earnings report.

Northern Trust Corp decreased its position in shares of InMode Ltd. (NASDAQ:INMD - Free Report) by 8.8% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 600,233 shares of the healthcare company's stock after selling 57,921 shares during the quarter. Northern Trust Corp owned approximately 0.86% of InMode worth $10,648,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. CWM LLC grew its stake in shares of InMode by 106.4% during the 1st quarter. CWM LLC now owns 2,369 shares of the healthcare company's stock worth $42,000 after acquiring an additional 1,221 shares during the period. Orion Capital Management LLC bought a new position in shares of InMode during the 4th quarter worth $65,000. Summit Securities Group LLC bought a new position in shares of InMode during the 1st quarter worth $70,000. Lazard Asset Management LLC grew its stake in shares of InMode by 6,128.7% during the 4th quarter. Lazard Asset Management LLC now owns 6,291 shares of the healthcare company's stock worth $105,000 after acquiring an additional 6,190 shares during the period. Finally, Bridgefront Capital LLC bought a new position in shares of InMode during the 4th quarter worth $178,000. Institutional investors own 68.04% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on INMD. Barclays cut their price target on InMode from $24.00 to $21.00 and set an "overweight" rating for the company in a research note on Wednesday, July 30th. Canaccord Genuity Group restated a "hold" rating and issued a $15.00 target price on shares of InMode in a research note on Friday, July 11th. Finally, Needham & Company LLC restated a "hold" rating on shares of InMode in a research note on Wednesday, July 30th. One equities research analyst has rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $18.04.

InMode Stock Performance

NASDAQ INMD traded down $0.05 during trading hours on Wednesday, hitting $15.02. The company had a trading volume of 1,239,368 shares, compared to its average volume of 951,671. The firm has a 50 day simple moving average of $14.53 and a 200 day simple moving average of $15.33. InMode Ltd. has a 52 week low of $13.14 and a 52 week high of $19.85. The firm has a market capitalization of $949.41 million, a price-to-earnings ratio of 6.08 and a beta of 2.00.

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 net margin of 44.50% and a return on equity of 18.38%. The business had revenue of $95.60 million during the quarter, compared to analysts' expectations of $98.45 million. During the same period in the previous year, the business earned $0.34 EPS. The business's revenue was up 10.6% on a year-over-year basis. On average, research analysts forecast that InMode Ltd. will post 1.75 earnings per share for the current 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.