InMode (NASDAQ:INMD) Shares Gap Down Following Weak Earnings

InMode Ltd. (NASDAQ:INMD - Get Free Report)'s share price gapped down prior to trading on Monday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $16.22, but opened at $14.33. InMode shares last traded at $15.00, with a volume of 716,444 shares.

The healthcare company reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.45 by ($0.14). InMode had a net margin of 45.91% and a return on equity of 18.25%. The firm had revenue of $77.87 million during the quarter, compared to analyst estimates of $82.21 million. During the same period in the previous year, the firm posted $0.32 EPS. The company's revenue for the quarter was down 3.0% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on INMD shares. UBS Group cut their price target on InMode from $19.00 to $16.25 and set a "neutral" rating for the company in a report on Tuesday. Jefferies Financial Group cut their price objective on shares of InMode from $16.00 to $15.00 and set a "hold" rating on the stock in a report on Monday, April 14th. Barclays decreased their target price on shares of InMode from $29.00 to $24.00 and set an "overweight" rating on the stock in a research report on Wednesday. BTIG Research lowered shares of InMode from a "buy" rating to a "neutral" rating in a research report on Tuesday. Finally, Baird R W lowered shares of InMode from a "strong-buy" rating to a "hold" rating in a report on Monday, April 28th. Seven equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, InMode currently has an average rating of "Hold" and an average price target of $18.54.

Institutional Investors Weigh In On InMode

Large investors have recently modified their holdings of the stock. Barclays PLC grew its position in InMode by 113.5% in the third quarter. Barclays PLC now owns 169,630 shares of the healthcare company's stock valued at $2,876,000 after acquiring an additional 90,173 shares in the last quarter. Virtu Financial LLC acquired a new stake in InMode during the 3rd quarter valued at $219,000. Tidal Investments LLC increased its stake in InMode by 4.6% during the 3rd quarter. Tidal Investments LLC now owns 71,039 shares of the healthcare company's stock worth $1,204,000 after buying an additional 3,140 shares during the period. DGS Capital Management LLC acquired a new position in InMode in the 3rd quarter worth $182,000. Finally, CWA Asset Management Group LLC purchased a new position in InMode in the 4th quarter valued at about $367,000. Institutional investors and hedge funds own 68.04% of the company's stock.

InMode Stock Down 0.9 %

The company has a market capitalization of $1.01 billion, a price-to-earnings ratio of 6.20 and a beta of 1.96. The firm has a 50 day moving average price of $16.89 and a two-hundred day moving average price of $17.56.

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.