Victory Capital Management Inc. Invests $1.29 Million in 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 shares of InMode Ltd. (NASDAQ:INMD - Free Report) during the first quarter, according to the company in its most recent Form 13F filing 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 0.10% of InMode at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Raymond James Financial Inc. bought a new stake in InMode during the 4th quarter valued at $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 1st quarter. Handelsbanken Fonder AB now owns 36,400 shares of the healthcare company's stock valued at $646,000 after acquiring an additional 9,300 shares during the period. Bessemer Group Inc. bought a new stake in InMode during the 1st quarter valued at $617,000. Finally, GAMMA Investing LLC raised its holdings in InMode by 13,923.8% during the 1st quarter. GAMMA Investing LLC now owns 2,945 shares of the healthcare company's stock valued at $520,000 after acquiring an additional 2,924 shares during the period. Institutional investors own 68.04% of the company's stock.

InMode Price Performance

NASDAQ INMD traded up $0.08 during trading on Friday, hitting $13.74. 1,726,589 shares of the company's stock traded hands, compared to its average volume of 1,295,570. The stock has a fifty day moving average of $14.34 and a two-hundred day moving average of $15.98. InMode Ltd. has a 12-month low of $13.14 and a 12-month high of $19.85. The firm has a market cap of $868.51 million, a P/E ratio of 5.56 and a beta of 1.95.

InMode (NASDAQ:INMD - Get Free Report) last posted its quarterly 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 17.99%. The business's quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.34 earnings per share. As a group, analysts expect that InMode Ltd. will post 1.75 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on INMD. Baird R W cut shares of InMode from a "strong-buy" rating to a "hold" rating in a report on Monday, April 28th. UBS Group decreased their price target on shares of InMode from $19.00 to $16.25 and set a "neutral" rating on the stock in a report on Tuesday, April 29th. BTIG Research cut shares of InMode from a "buy" rating to a "neutral" rating in a report on Tuesday, April 29th. Robert W. Baird cut shares of InMode from an "outperform" rating to a "neutral" rating and decreased their price target for the stock from $22.00 to $16.00 in a report on Monday, April 28th. Finally, Barclays decreased their price target on shares of InMode from $24.00 to $21.00 and set an "overweight" rating on the stock in a report on Wednesday. Seven research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, InMode has an average rating of "Hold" and a consensus target price of $18.04.

About InMode

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.