Analysts Set InMode Ltd. (NASDAQ:INMD) Target Price at $22.60

InMode Ltd. (NASDAQ:INMD) has been assigned a consensus rating of “Hold” from the six ratings firms that are covering the company, Marketbeat Ratings reports. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $22.60.

Several equities analysts recently commented on INMD shares. BTIG Research began coverage on shares of InMode in a research report on Thursday, October 17th. They issued a “buy” rating and a $25.00 price objective for the company. Barclays decreased their price target on shares of InMode from $29.00 to $27.00 and set an “overweight” rating for the company in a report on Monday, October 14th. Finally, Needham & Company LLC reissued a “hold” rating on shares of InMode in a report on Thursday, October 31st.

InMode Stock Performance

InMode stock opened at $17.01 on Friday. The stock has a market cap of $1.43 billion, a PE ratio of 9.19 and a beta of 2.12. The stock has a 50-day moving average of $18.17 and a two-hundred day moving average of $17.34. InMode has a one year low of $14.87 and a one year high of $26.80.

Hedge Funds Weigh In On InMode

A number of institutional investors have recently bought and sold shares of INMD. Renaissance Technologies LLC raised its stake 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 during the last quarter. State Street Corp raised its position in InMode by 3.7% during the third quarter. State Street Corp now owns 2,044,640 shares of the healthcare company’s stock valued at $34,657,000 after acquiring an additional 73,183 shares in the last quarter. Doma Perpetual Capital Management LLC lifted its holdings in InMode by 210.7% in the second quarter. Doma Perpetual Capital Management LLC now owns 2,011,240 shares of the healthcare company’s stock valued at $36,685,000 after acquiring an additional 1,363,841 shares during the period. Federated Hermes Inc. boosted its position in 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 boosted its position in InMode by 63.6% in the 2nd quarter. Acadian Asset Management LLC now owns 1,124,887 shares of the healthcare company’s stock worth $20,502,000 after purchasing an additional 437,122 shares in the last quarter. 68.04% of the stock is owned by hedge funds and other institutional investors.

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.