The Manufacturers Life Insurance Company Reduces Position in InMode Ltd. (NASDAQ:INMD)

The Manufacturers Life Insurance Company trimmed its stake in InMode Ltd. (NASDAQ:INMD) by 95.3% during the third quarter, HoldingsChannel reports. The institutional investor owned 27,646 shares of the healthcare company’s stock after selling 561,966 shares during the period. The Manufacturers Life Insurance Company’s holdings in InMode were worth $469,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. SG Americas Securities LLC purchased a new stake in shares of InMode during the second quarter worth about $417,000. Means Investment CO. Inc. bought a new stake in shares of InMode in the 2nd quarter worth about $285,000. Summit Global Investments acquired a new position in InMode in the second quarter worth about $579,000. North Growth Management Ltd. grew its stake in InMode by 11.9% in the second quarter. North Growth Management Ltd. now owns 593,000 shares of the healthcare company’s stock worth $10,821,000 after purchasing an additional 63,000 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in InMode by 12.7% in the second quarter. Bank of New York Mellon Corp now owns 279,082 shares of the healthcare company’s stock worth $5,090,000 after acquiring an additional 31,549 shares during the last quarter. 68.04% of the stock is owned by hedge funds and other institutional investors.

InMode Trading Down 1.3 %

InMode stock opened at $18.26 on Monday. The company has a market cap of $1.53 billion, a P/E ratio of 9.87 and a beta of 2.07. The company has a fifty day simple moving average of $18.08 and a 200 day simple moving average of $17.49. InMode Ltd. has a 1-year low of $14.87 and a 1-year high of $26.80.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on INMD shares. BTIG Research assumed coverage on InMode in a report on Thursday, October 17th. They set a “buy” rating and a $25.00 price target on the stock. Barclays decreased their price target on shares of InMode from $29.00 to $27.00 and set an “overweight” rating on the stock in a research report on Monday, October 14th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of InMode in a research report on Thursday, October 31st. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $22.60.

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.