Federated Hermes Inc. Buys 739,629 Shares of InMode Ltd. (NASDAQ:INMD)

Federated Hermes Inc. boosted its stake in shares of InMode Ltd. (NASDAQ:INMD) by 191.9% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,125,017 shares of the healthcare company’s stock after purchasing an additional 739,629 shares during the quarter. Federated Hermes Inc.’s holdings in InMode were worth $20,520,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in INMD. Swedbank AB bought a new stake in shares of InMode during the 1st quarter worth $17,634,000. Acadian Asset Management LLC lifted its position in InMode by 63.6% during the 2nd quarter. Acadian Asset Management LLC now owns 1,124,887 shares of the healthcare company’s stock worth $20,502,000 after acquiring an additional 437,122 shares during the last quarter. Norges Bank bought a new stake in InMode during the fourth quarter valued at about $8,890,000. Nordea Investment Management AB grew its position 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 valued at $7,853,000 after purchasing an additional 223,191 shares during the last quarter. Finally, DDD Partners LLC increased its stake in shares of InMode by 19.4% in 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 period. Institutional investors and hedge funds own 68.04% of the company’s stock.

Wall Street Analyst Weigh In

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

InMode Stock Up 1.7 %

NASDAQ:INMD opened at $17.04 on Monday. The firm has a 50-day moving average price of $16.78 and a 200 day moving average price of $18.28. The firm has a market capitalization of $1.43 billion, a PE ratio of 8.08 and a beta of 2.17. InMode Ltd. has a 12-month low of $15.39 and a 12-month high of $35.58.

InMode (NASDAQ:INMD) last issued its quarterly earnings data on Thursday, August 1st. The healthcare company reported $0.34 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 company had revenue of $102.60 million for the quarter, compared to the consensus estimate of $104.81 million. During the same period in the prior year, the company earned $0.65 EPS. The firm’s revenue was down 24.6% compared to the same quarter last year. On average, research analysts expect that InMode Ltd. will post 1.63 EPS for the current year.

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.