Asset Dedication LLC Invests $33,000 in InMode Ltd. (NASDAQ:INMD)

Asset Dedication LLC purchased a new position in InMode Ltd. (NASDAQ:INMD) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 1,832 shares of the healthcare company’s stock, valued at approximately $33,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of INMD. Nordea Investment Management AB boosted its stake in InMode by 161.1% during the 1st quarter. Nordea Investment Management AB now owns 361,701 shares of the healthcare company’s stock valued at $7,853,000 after acquiring an additional 223,191 shares during the last quarter. Principal Securities Inc. acquired a new stake in shares of InMode in the 4th quarter valued at about $32,000. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of InMode during the first quarter worth about $959,000. ARK Investment Management LLC grew its stake in InMode by 35.0% in the second quarter. ARK Investment Management LLC now owns 124,905 shares of the healthcare company’s stock worth $2,278,000 after purchasing an additional 32,369 shares in the last quarter. Finally, Doma Perpetual Capital Management LLC bought a new stake in InMode in the fourth quarter valued at about $2,991,000. Hedge funds and other institutional investors own 68.04% of the company’s stock.

Wall Street Analysts Forecast Growth

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

InMode Price Performance

NASDAQ:INMD opened at $15.52 on Tuesday. InMode Ltd. has a 12-month low of $15.39 and a 12-month high of $38.33. The business has a 50 day simple moving average of $16.82 and a 200 day simple moving average of $18.41. The firm has a market capitalization of $1.30 billion, a P/E ratio of 7.36 and a beta of 2.18.

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 the consensus estimate of $0.38 by ($0.04). InMode had a net margin of 35.81% and a return on equity of 21.00%. The firm had revenue of $102.60 million for the quarter, compared to analyst estimates of $104.81 million. During the same period last year, the firm posted $0.65 EPS. The business’s revenue was down 24.6% compared to the same quarter last year. Research analysts anticipate that InMode Ltd. will post 1.63 EPS 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.