Quantedge Capital Pte Ltd Lowers Position in InMode Ltd. $INMD

Quantedge Capital Pte Ltd lessened its holdings in shares of InMode Ltd. (NASDAQ:INMD) by 19.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 204,300 shares of the healthcare company’s stock after selling 48,600 shares during the quarter. InMode comprises 1.5% of Quantedge Capital Pte Ltd’s investment portfolio, making the stock its 14th largest position. Quantedge Capital Pte Ltd owned about 0.32% of InMode worth $2,795,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Cooper Creek Partners Management LLC purchased a new stake in InMode in the third quarter valued at approximately $14,980,000. Millennium Management LLC grew its stake in InMode by 111.4% in the 4th quarter. Millennium Management LLC now owns 1,778,681 shares of the healthcare company’s stock worth $26,129,000 after buying an additional 937,376 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in InMode by 234.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,123,756 shares of the healthcare company’s stock worth $19,935,000 after buying an additional 788,157 shares in the last quarter. Steel Partners Holdings L.P. bought a new position in shares of InMode in the 4th quarter worth $10,352,000. Finally, Bank of America Corp DE increased its holdings in shares of InMode by 142.1% in the 2nd quarter. Bank of America Corp DE now owns 862,209 shares of the healthcare company’s stock worth $12,450,000 after buying an additional 506,134 shares during the last quarter. Hedge funds and other institutional investors own 68.04% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on INMD shares. Robert W. Baird dropped their price objective on shares of InMode from $17.00 to $14.00 and set a “neutral” rating for the company in a report on Thursday, May 7th. Barclays set a $19.00 target price on InMode and gave the company an “overweight” rating in a research note on Thursday, May 7th. One research analyst has rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, InMode has an average rating of “Hold” and an average target price of $16.00.

InMode Stock Performance

Shares of INMD opened at $15.36 on Wednesday. The firm has a market cap of $882.89 million, a price-to-earnings ratio of 11.29 and a beta of 1.91. InMode Ltd. has a fifty-two week low of $12.72 and a fifty-two week high of $16.74. The firm has a 50 day moving average price of $14.18 and a 200-day moving average price of $14.19.

InMode (NASDAQ:INMD) last released its earnings results on Wednesday, May 6th. The healthcare company reported $0.25 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.05). The business had revenue of $82.02 million for the quarter, compared to the consensus estimate of $79.84 million. InMode had a net margin of 23.27% and a return on equity of 13.47%. InMode’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.31 EPS.

About InMode

InMode Ltd. (NASDAQ:INMD) is a medical technology company headquartered in Israel that develops, manufactures and markets devices for aesthetic and medical treatments. The company specializes in energy-based technologies, primarily radiofrequency platforms, designed to deliver minimally-invasive and non-invasive procedures.

InMode’s product portfolio encompasses a range of modular systems targeting body contouring, facial rejuvenation, skin tightening and other cosmetic applications. Key offerings include devices built on proprietary radiofrequency and radiofrequency-assisted lipolysis, enabling physicians to perform treatments such as tissue coagulation, skin resurfacing and subdermal volumizing with reduced downtime.

The company distributes its technologies through direct sales operations and distribution partners, serving medical professionals across multiple geographies including North America, Europe, Asia Pacific and Latin America.