Verition Fund Management LLC boosted its position in InMode Ltd. (NASDAQ:INMD – Get Rating) by 634.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,809 shares of the healthcare company’s stock after buying an additional 28,343 shares during the period. Verition Fund Management LLC’s holdings in InMode were worth $1,211,000 at the end of the most recent quarter.
A number of other institutional investors have also added to or reduced their stakes in the company. Renaissance Technologies LLC raised its position in shares of InMode by 23.2% during the first quarter. Renaissance Technologies LLC now owns 3,181,662 shares of the healthcare company’s stock worth $117,435,000 after purchasing an additional 598,300 shares during the period. 1832 Asset Management L.P. increased its position in shares of InMode by 432.6% during the fourth quarter. 1832 Asset Management L.P. now owns 2,260,400 shares of the healthcare company’s stock worth $160,320,000 after acquiring an additional 1,836,000 shares in the last quarter. William Blair Investment Management LLC raised its holdings in shares of InMode by 16.4% in the 1st quarter. William Blair Investment Management LLC now owns 1,925,527 shares of the healthcare company’s stock worth $71,071,000 after acquiring an additional 271,606 shares during the last quarter. Meitav Dash Investments Ltd. boosted its stake in InMode by 181.0% during the 1st quarter. Meitav Dash Investments Ltd. now owns 986,710 shares of the healthcare company’s stock valued at $122,734,000 after purchasing an additional 635,538 shares during the last quarter. Finally, State Street Corp raised its stake in shares of InMode by 12.4% in the first quarter. State Street Corp now owns 869,820 shares of the healthcare company’s stock worth $32,105,000 after purchasing an additional 95,985 shares during the last quarter. 54.93% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several research analysts recently issued reports on the company. TheStreet raised InMode from a “d+” rating to a “b-” rating in a research report on Tuesday, August 9th. Canaccord Genuity Group reduced their target price on shares of InMode from $50.00 to $40.00 and set a “buy” rating for the company in a research note on Thursday, June 30th. Robert W. Baird raised their price target on shares of InMode from $44.00 to $53.00 in a research report on Friday, July 29th. Needham & Company LLC boosted their price target on shares of InMode from $58.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, July 29th. Finally, Canaccord Genuity Group decreased their price objective on shares of InMode from $50.00 to $40.00 and set a “buy” rating for the company in a research note on Thursday, June 30th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, InMode has an average rating of “Buy” and an average price target of $63.00.
InMode Stock Performance
InMode (NASDAQ:INMD – Get Rating) last released its earnings results on Thursday, July 28th. The healthcare company reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.51 by $0.08. InMode had a net margin of 42.66% and a return on equity of 41.50%. The firm had revenue of $113.55 million for the quarter, compared to analysts’ expectations of $103.00 million. During the same period in the previous year, the company earned $1.02 earnings per share. The company’s quarterly revenue was up 30.0% on a year-over-year basis.
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.
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