Russell Investments Group Ltd. Reduces Holdings in InMode Ltd. $INMD

Key Points

• Russell Investments Group Ltd. reduced its holdings in InMode Ltd. by 30.7% in Q1, selling 93,224 shares, but still owns 210,104 shares valued at approximately $3.7 million.
• Several institutions, including LSV Asset Management and DDD Partners LLC, increased their stakes in InMode during the same period, with DDD Partners boosting its stake by 63.1%.
• InMode's latest earnings report showed earnings per share of $0.47, which fell short of the estimate of $0.50, alongside revenue of $95.6 million compared to expectations of $98.45 million.

Russell Investments Group Ltd. reduced its stake in InMode Ltd. (NASDAQ:INMD - Free Report) by 30.7% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 210,104 shares of the healthcare company's stock after selling 93,224 shares during the quarter. Russell Investments Group Ltd. owned 0.30% of InMode worth $3,727,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. CWM LLC lifted its holdings in 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 buying an additional 1,221 shares in the last quarter. Orion Capital Management LLC acquired a new stake in InMode during the 4th quarter worth approximately $65,000. Lazard Asset Management LLC lifted its holdings in 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 buying an additional 6,190 shares in the last quarter. Quarry LP lifted its holdings in InMode by 100.0% during the 4th quarter. Quarry LP now owns 7,561 shares of the healthcare company's stock worth $126,000 after buying an additional 3,780 shares in the last quarter. Finally, Bridgefront Capital LLC acquired a new stake in InMode during the 4th quarter worth approximately $178,000. 68.04% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

INMD has been the topic of a number of research reports. Barclays reduced their target price on shares of InMode from $24.00 to $21.00 and set an "overweight" rating on the stock in a report on Wednesday, July 30th. Needham & Company LLC reiterated a "hold" rating on shares of InMode in a report on Wednesday, July 30th. Finally, Canaccord Genuity Group reiterated a "hold" rating and set a $15.00 target price on shares of InMode in a report on Friday, July 11th. One 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, the stock currently has a consensus rating of "Hold" and an average price target of $18.04.

InMode Price Performance

Shares of INMD traded down $0.27 during midday trading on Thursday, reaching $14.92. The stock had a trading volume of 2,405,990 shares, compared to its average volume of 1,072,121. InMode Ltd. has a 1-year low of $13.14 and a 1-year high of $19.85. The company's fifty day simple moving average is $14.41 and its two-hundred day simple moving average is $15.59. The company has a market cap of $943.09 million, a price-to-earnings ratio of 6.04 and a beta of 1.93.

InMode (NASDAQ:INMD - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The healthcare company reported $0.47 earnings per share 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 firm had revenue of $95.60 million during the quarter, compared to analyst estimates of $98.45 million. During the same quarter in the previous year, the business posted $0.34 earnings per share. InMode's revenue for the quarter was up 10.6% compared to the same quarter last year. On average, sell-side analysts forecast that InMode Ltd. will post 1.75 earnings per share 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.