Victory Capital Management Inc. Buys Shares of 72,676 InMode Ltd. (NASDAQ:INMD)

Key Points

• Victory Capital Management Inc. has acquired 72,676 shares of InMode Ltd., valued at approximately $1.29 million, marking a new position for the firm in the healthcare company.
• InMode reported $0.47 earnings per share for the last quarter, falling short of analysts' estimates of $0.50, while revenues reached $95.60 million, which also missed expectations.
• Several analysts have downgraded InMode's stock rating, with Baird R W and others reducing their price targets significantly, reflecting a consensus rating of "Hold" and an average price target of $18.04.

Victory Capital Management Inc. bought a new stake in InMode Ltd. (NASDAQ:INMD - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 72,676 shares of the healthcare company's stock, valued at approximately $1,289,000. Victory Capital Management Inc. owned approximately 0.10% of InMode at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Raymond James Financial Inc. bought a new stake in shares of InMode during the fourth quarter valued at approximately $1,332,000. Allspring Global Investments Holdings LLC bought a new stake in InMode during the 1st quarter valued at $192,000. Handelsbanken Fonder AB raised its holdings in InMode by 34.3% during the first quarter. Handelsbanken Fonder AB now owns 36,400 shares of the healthcare company's stock worth $646,000 after buying an additional 9,300 shares during the last quarter. Bessemer Group Inc. acquired a new position in InMode during the first quarter worth $617,000. Finally, GAMMA Investing LLC lifted its stake in shares of InMode by 13,923.8% in the first quarter. GAMMA Investing LLC now owns 2,945 shares of the healthcare company's stock valued at $520,000 after buying an additional 2,924 shares in the last quarter. 68.04% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. UBS Group decreased their target price on shares of InMode from $19.00 to $16.25 and set a "neutral" rating for the company in a research report on Tuesday, April 29th. Jefferies Financial Group lowered their price objective on InMode from $16.00 to $15.00 and set a "hold" rating for the company in a research note on Monday, April 14th. BTIG Research lowered InMode from a "buy" rating to a "neutral" rating 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. Finally, Needham & Company LLC restated a "hold" rating on shares of InMode in a research note on Wednesday. Seven investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $18.04.

InMode Trading Up 0.6%

Shares of INMD stock traded up $0.08 during trading on Friday, hitting $13.74. The company's stock had a trading volume of 1,726,589 shares, compared to its average volume of 1,019,427. The company has a market cap of $868.51 million, a PE ratio of 5.56 and a beta of 1.93. The business has a fifty day moving average of $14.33 and a 200-day moving average of $15.96. InMode Ltd. has a 52 week low of $13.14 and a 52 week high of $19.85.

InMode (NASDAQ:INMD - Get Free Report) last announced its earnings results on Wednesday, July 30th. The healthcare company reported $0.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.03). The business had revenue of $95.60 million for the quarter, compared to analysts' expectations of $98.45 million. InMode had a net margin of 44.50% and a return on equity of 18.38%. The company's revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.34 earnings per share. As a group, research analysts predict that InMode Ltd. will post 1.75 EPS 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.