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

Shares of InMode Ltd. (NASDAQ:INMD) fell 5% during mid-day trading on Monday . The stock traded as low as $17.11 and last traded at $17.11. 486,500 shares changed hands during trading, a decline of 64% from the average session volume of 1,334,305 shares. The stock had previously closed at $18.01.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on INMD shares. Needham & Company LLC reiterated a “hold” rating on shares of InMode in a report on Thursday, October 31st. BTIG Research initiated coverage on shares of InMode in a research report on Thursday, October 17th. They set a “buy” rating and a $25.00 price target on the stock. Barclays lowered 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, Jefferies Financial Group cut InMode from a “buy” rating to a “hold” rating and reduced their price objective for the company from $21.00 to $19.00 in a research note on Tuesday, July 23rd. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, InMode presently has a consensus rating of “Hold” and a consensus target price of $22.60.

InMode Price Performance

The company has a market cap of $1.50 billion, a PE ratio of 9.74 and a beta of 2.15. The business has a 50 day moving average of $17.23 and a 200 day moving average of $17.45.

Hedge Funds Weigh In On InMode

Several hedge funds and other institutional investors have recently modified their holdings of INMD. Asset Dedication LLC purchased a new position in shares of InMode during the 2nd quarter worth approximately $33,000. nVerses Capital LLC purchased a new stake in InMode in the second quarter worth $42,000. Nisa Investment Advisors LLC raised its holdings in InMode by 314.7% in the third quarter. Nisa Investment Advisors LLC now owns 3,550 shares of the healthcare company’s stock worth $60,000 after purchasing an additional 2,694 shares in the last quarter. Quarry LP boosted its holdings in shares of InMode by 154.3% during the 3rd quarter. Quarry LP now owns 3,781 shares of the healthcare company’s stock valued at $64,000 after buying an additional 2,294 shares in the last quarter. Finally, EMC Capital Management purchased a new stake in shares of InMode in the 1st quarter worth about $90,000. Hedge funds and other institutional investors own 68.04% of the company’s stock.

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.