InMode (NASDAQ:INMD) Stock Price Down 5% – Here’s What Happened

InMode Ltd. (NASDAQ:INMD)’s stock price was down 5% during mid-day trading on Monday . The company traded as low as $17.11 and last traded at $17.11. Approximately 486,500 shares traded hands during trading, a decline of 64% from the average daily volume of 1,334,305 shares. The stock had previously closed at $18.01.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on INMD. Jefferies Financial Group lowered shares of InMode from a “buy” rating to a “hold” rating and dropped their price target for the stock 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 research report on Thursday, October 31st. Barclays reduced their price objective on shares of InMode from $29.00 to $27.00 and set an “overweight” rating for the company in a report on Monday, October 14th. Finally, BTIG Research began coverage on shares of InMode in a research note on Thursday, October 17th. They issued a “buy” rating and a $25.00 price target on the stock. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $22.60.

InMode Price Performance

The business’s 50 day moving average is $17.30 and its 200 day moving average is $17.46. The stock has a market cap of $1.53 billion, a price-to-earnings ratio of 9.56 and a beta of 2.15.

Hedge Funds Weigh In On InMode

Hedge funds and other institutional investors have recently made changes to their positions in the business. ProShare Advisors LLC boosted its stake in InMode by 8.5% in the first quarter. ProShare Advisors LLC now owns 13,920 shares of the healthcare company’s stock valued at $301,000 after buying an additional 1,094 shares in the last quarter. Vanguard Group Inc. boosted its holdings in InMode by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 751,537 shares of the healthcare company’s stock worth $16,241,000 after buying an additional 4,387 shares during the period. Healthcare of Ontario Pension Plan Trust Fund bought a new position in InMode during the first quarter valued at $959,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of InMode by 24.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 59,610 shares of the healthcare company’s stock valued at $1,289,000 after buying an additional 11,643 shares in the last quarter. Finally, Public Employees Retirement Association of Colorado raised its position in shares of InMode by 19.7% in the first quarter. Public Employees Retirement Association of Colorado now owns 20,062 shares of the healthcare company’s stock worth $434,000 after acquiring an additional 3,300 shares during the period. 68.04% of the stock is owned by institutional investors.

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.