Victory Capital Management Inc. Lowers Holdings in InMode Ltd. (NASDAQ:INMD)

Victory Capital Management Inc. decreased its stake in InMode Ltd. (NASDAQ:INMD) by 32.4% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 43,395 shares of the healthcare company’s stock after selling 20,846 shares during the quarter. Victory Capital Management Inc.’s holdings in InMode were worth $792,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of INMD. Swedbank AB purchased a new stake in shares of InMode in the first quarter worth about $17,634,000. Norges Bank purchased a new position in shares of InMode during the fourth quarter worth $8,890,000. Nordea Investment Management AB boosted its position in shares of InMode by 161.1% during 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. DDD Partners LLC boosted its holdings in InMode by 19.4% in the second quarter. DDD Partners LLC now owns 1,266,678 shares of the healthcare company’s stock valued at $23,104,000 after purchasing an additional 205,947 shares during the period. Finally, Doma Perpetual Capital Management LLC purchased a new position in InMode in the fourth quarter valued at $2,991,000. Hedge funds and other institutional investors own 68.04% of the company’s stock.

InMode Price Performance

Shares of NASDAQ:INMD opened at $17.42 on Friday. The business’s 50 day simple moving average is $16.78 and its 200-day simple moving average is $18.12. The firm has a market capitalization of $1.46 billion, a price-to-earnings ratio of 8.26 and a beta of 2.17. InMode Ltd. has a 12 month low of $15.39 and a 12 month high of $33.62.

InMode (NASDAQ:INMD) last announced its quarterly earnings results on Thursday, August 1st. The healthcare company reported $0.34 EPS for the quarter, missing the consensus estimate 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 for the quarter, compared to analysts’ expectations of $104.81 million. During the same period last year, the firm earned $0.65 EPS. InMode’s revenue was down 24.6% compared to the same quarter last year. On average, equities analysts anticipate that InMode Ltd. will post 1.63 earnings per share for the current year.

Analyst Upgrades and Downgrades

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

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.