Renaissance Technologies LLC Acquires 149,800 Shares of InMode Ltd. $INMD

Key Points

• Renaissance Technologies increased its InMode stake by 6.1%, purchasing 149,800 additional shares to own 2.59 million shares, or approximately 4.08% of the company valued at $35.4 million.
• Institutional investors own 68.04% of InMode, while analysts maintain a consensus “Hold” rating with a $16.00 price target; ratings include one Buy, six Holds and one Sell.
• InMode reported quarterly revenue of $82.02 million, exceeding estimates, but earnings per share of $0.25 missed the $0.30 consensus. Shares recently traded at $15.47, near the midpoint of their 52-week range.

Renaissance Technologies LLC raised its holdings in shares of InMode Ltd. (NASDAQ:INMD - Free Report) by 6.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,586,218 shares of the healthcare company's stock after buying an additional 149,800 shares during the period. Renaissance Technologies LLC owned about 4.08% of InMode worth $35,379,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Systematic Financial Management LP lifted its stake in shares of InMode by 6.7% in the 1st quarter. Systematic Financial Management LP now owns 1,154,457 shares of the healthcare company's stock valued at $15,793,000 after acquiring an additional 72,041 shares during the last quarter. Sei Investments Co. boosted its holdings in InMode by 17.1% during the 1st quarter. Sei Investments Co. now owns 150,343 shares of the healthcare company's stock valued at $2,057,000 after acquiring an additional 21,985 shares during the period. First Trust Advisors LP grew its position in InMode by 19.6% during the 1st quarter. First Trust Advisors LP now owns 24,911 shares of the healthcare company's stock worth $341,000 after acquiring an additional 4,084 shares during the last quarter. Hsbc Holdings PLC bought a new position in InMode during the 1st quarter worth approximately $163,000. Finally, Kathmere Capital Management LLC purchased a new position in InMode in the 1st quarter worth approximately $187,000. 68.04% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

INMD has been the subject of several recent research reports. Barclays set a $19.00 price objective on InMode and gave the company an "overweight" rating in a research report on Thursday, May 7th. Robert W. Baird cut their target price on shares of InMode from $17.00 to $14.00 and set a "neutral" rating on the stock in a report on Thursday, May 7th. One research analyst has rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $16.00.

InMode Trading Up 0.6%

InMode stock opened at $15.47 on Wednesday. The firm has a market cap of $889.22 million, a P/E ratio of 11.38 and a beta of 1.91. InMode Ltd. has a 1-year low of $12.72 and a 1-year high of $16.74. The firm has a 50-day moving average of $14.30 and a 200-day moving average of $14.20.

InMode (NASDAQ:INMD - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The healthcare company reported $0.25 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.30 by ($0.05). InMode had a net margin of 23.27% and a return on equity of 13.47%. The business had revenue of $82.02 million for the quarter, compared to analysts' expectations of $79.84 million. During the same quarter in the prior year, the firm earned $0.31 EPS. The firm's revenue for the quarter was up 5.3% on a year-over-year basis.

InMode Profile

InMode Ltd. NASDAQ: INMD is a medical technology company headquartered in Israel that develops, manufactures and markets devices for aesthetic and medical treatments. The company specializes in energy-based technologies, primarily radiofrequency platforms, designed to deliver minimally-invasive and non-invasive procedures.

InMode's product portfolio encompasses a range of modular systems targeting body contouring, facial rejuvenation, skin tightening and other cosmetic applications. Key offerings include devices built on proprietary radiofrequency and radiofrequency-assisted lipolysis, enabling physicians to perform treatments such as tissue coagulation, skin resurfacing and subdermal volumizing with reduced downtime.

The company distributes its technologies through direct sales operations and distribution partners, serving medical professionals across multiple geographies including North America, Europe, Asia Pacific and Latin America.

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