Barclays Issues Pessimistic Forecast for InMode (NASDAQ:INMD) Stock Price

Key Points

• Barclays has lowered its price target for InMode (NASDAQ: INMD) from $24.00 to $21.00, maintaining an "overweight" rating, indicating a potential upside of 48.36% from the previous close.
• InMode reported a quarterly EPS of $0.31, which missed expectations of $0.45, and experienced a 3.0% decline in revenue year-over-year.
• Institutional investors own 68.04% of InMode's stock, with recent significant increases in stakes from various hedge funds.

InMode (NASDAQ:INMD - Free Report) had its price target trimmed by Barclays from $24.00 to $21.00 in a research report report published on Wednesday morning,Benzinga reports. The brokerage currently has an overweight rating on the healthcare company's stock.

A number of other brokerages also recently commented on INMD. Jefferies Financial Group reduced their price objective on InMode from $16.00 to $15.00 and set a "hold" rating for the company in a research report on Monday, April 14th. Baird R W downgraded InMode from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 28th. Canaccord Genuity Group reissued a "hold" rating and issued a $15.00 target price on shares of InMode in a report on Friday, July 11th. UBS Group dropped their target price on InMode from $19.00 to $16.25 and set a "neutral" rating for the company in a report on Tuesday, April 29th. Finally, Needham & Company LLC reissued a "hold" rating on shares of InMode in a report on Monday, April 28th. Seven research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $18.04.

InMode Stock Performance

Shares of NASDAQ INMD traded up $0.08 during mid-day trading on Wednesday, reaching $13.74. 1,726,589 shares of the company traded hands, compared to its average volume of 1,105,759. The stock has a market cap of $868.51 million, a PE ratio of 5.56 and a beta of 1.93. The company's fifty day moving average is $14.33 and its two-hundred day moving average is $15.96. InMode has a fifty-two week low of $13.14 and a fifty-two 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 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 for the quarter, compared to the consensus estimate of $98.45 million. During the same quarter in the previous year, the company earned $0.34 EPS. InMode's revenue for the quarter was up 10.6% compared to the same quarter last year. Research analysts forecast that InMode will post 1.75 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in INMD. Parallel Advisors LLC boosted its position in shares of InMode by 63.1% in the 2nd quarter. Parallel Advisors LLC now owns 1,973 shares of the healthcare company's stock worth $28,000 after purchasing an additional 763 shares during the last quarter. CWM LLC lifted its holdings in shares of InMode by 106.4% in the first quarter. CWM LLC now owns 2,369 shares of the healthcare company's stock valued at $42,000 after purchasing an additional 1,221 shares in the last quarter. Orion Capital Management LLC bought a new stake in shares of InMode in the fourth quarter valued at about $65,000. Summit Securities Group LLC bought a new stake in InMode during the first quarter worth about $70,000. Finally, Covestor Ltd raised its holdings in InMode by 13.9% during the fourth quarter. Covestor Ltd now owns 5,936 shares of the healthcare company's stock worth $99,000 after acquiring an additional 723 shares in the last quarter. 68.04% of the stock is currently owned by institutional investors.

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.