Public Employees Retirement Association of Colorado Sells 3,300 Shares of InMode Ltd. (NASDAQ:INMD)

Public Employees Retirement Association of Colorado lowered its stake in InMode Ltd. (NASDAQ:INMD) by 16.4% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 16,762 shares of the healthcare company’s stock after selling 3,300 shares during the period. Public Employees Retirement Association of Colorado’s holdings in InMode were worth $306,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Nordea Investment Management AB increased its stake in shares of InMode by 161.1% in the first quarter. Nordea Investment Management AB now owns 361,701 shares of the healthcare company’s stock worth $7,853,000 after buying an additional 223,191 shares during the period. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in InMode in the 1st quarter worth $959,000. ARK Investment Management LLC increased its position in shares of InMode by 35.0% in the second quarter. ARK Investment Management LLC now owns 124,905 shares of the healthcare company’s stock valued at $2,278,000 after acquiring an additional 32,369 shares during the period. Doma Perpetual Capital Management LLC purchased a new position in shares of InMode in the fourth quarter valued at about $2,991,000. Finally, Wasatch Advisors LP raised its stake in shares of InMode by 46.6% during the first quarter. Wasatch Advisors LP now owns 327,046 shares of the healthcare company’s stock valued at $7,067,000 after acquiring an additional 103,946 shares during the last quarter. Hedge funds and other institutional investors own 68.04% of the company’s stock.

InMode Trading Up 1.4 %

INMD opened at $17.43 on Friday. The company has a market cap of $1.46 billion, a price-to-earnings ratio of 8.26 and a beta of 2.17. The stock has a fifty day simple moving average of $16.64 and a two-hundred day simple moving average of $17.99. InMode Ltd. has a 12-month low of $15.39 and a 12-month high of $33.62.

InMode (NASDAQ:INMD) last issued its quarterly earnings results on Thursday, August 1st. The healthcare company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.04). The business had revenue of $102.60 million for the quarter, compared to analysts’ expectations of $104.81 million. InMode had a net margin of 35.81% and a return on equity of 21.00%. The company’s revenue was down 24.6% on a year-over-year basis. During the same period last year, the business earned $0.65 earnings per share. On average, analysts predict that InMode Ltd. will post 1.63 EPS for the current year.

Analyst Ratings Changes

A number of brokerages recently issued reports on INMD. Needham & Company LLC restated a “hold” rating on shares of InMode in a report on Thursday, July 11th. Barclays reduced their target price on InMode from $33.00 to $29.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. Jefferies Financial Group lowered InMode from a “buy” rating to a “hold” rating and dropped their price target for the stock from $21.00 to $19.00 in a research note on Tuesday, July 23rd. Finally, Canaccord Genuity Group reduced their price objective on shares of InMode from $21.00 to $16.00 and set a “hold” rating on the stock in a research report on Friday, July 12th. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $22.40.

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.