Handelsbanken Fonder AB Buys 8,028 Shares of InMode Ltd. (NASDAQ:INMD)

Handelsbanken Fonder AB raised its stake in shares of InMode Ltd. (NASDAQ:INMD) by 6.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 128,097 shares of the healthcare company’s stock after purchasing an additional 8,028 shares during the quarter. Handelsbanken Fonder AB’s holdings in InMode were worth $2,171,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of INMD. Renaissance Technologies LLC raised its position in shares of InMode by 11.6% during the 2nd quarter. Renaissance Technologies LLC now owns 2,068,396 shares of the healthcare company’s stock valued at $37,728,000 after buying an additional 214,200 shares in the last quarter. Doma Perpetual Capital Management LLC lifted its stake in InMode by 210.7% during the second quarter. Doma Perpetual Capital Management LLC now owns 2,011,240 shares of the healthcare company’s stock worth $36,685,000 after purchasing an additional 1,363,841 shares during the last quarter. DDD Partners LLC lifted its stake in InMode by 19.4% during the second quarter. DDD Partners LLC now owns 1,266,678 shares of the healthcare company’s stock worth $23,104,000 after purchasing an additional 205,947 shares during the last quarter. Federated Hermes Inc. boosted its holdings in shares of InMode by 191.9% in the 2nd quarter. Federated Hermes Inc. now owns 1,125,017 shares of the healthcare company’s stock worth $20,520,000 after purchasing an additional 739,629 shares in the last quarter. Finally, Acadian Asset Management LLC increased its position in shares of InMode by 63.6% during the 2nd quarter. Acadian Asset Management LLC now owns 1,124,887 shares of the healthcare company’s stock valued at $20,502,000 after purchasing an additional 437,122 shares during the last quarter. Hedge funds and other institutional investors own 68.04% of the company’s stock.

Analyst Upgrades and Downgrades

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

InMode Stock Performance

Shares of InMode stock opened at $15.05 on Thursday. InMode Ltd. has a 52-week low of $14.87 and a 52-week high of $29.28. The company’s 50 day moving average price is $16.32 and its 200-day moving average price is $17.64. The stock has a market capitalization of $1.26 billion, a price-to-earnings ratio of 7.13 and a beta of 2.17.

InMode (NASDAQ:INMD) last announced 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). InMode had a return on equity of 21.00% and a net margin of 35.81%. The firm had revenue of $102.60 million during the quarter, compared to the consensus estimate of $104.81 million. During the same period last year, the business earned $0.65 EPS. InMode’s revenue was down 24.6% on a year-over-year basis. As a group, equities research analysts forecast that InMode Ltd. will post 1.63 earnings per share for the current fiscal year.

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.