InMode (NASDAQ:INMD) Price Target Lowered to $16.00 at Canaccord Genuity Group

InMode (NASDAQ:INMD) had its target price dropped by equities research analysts at Canaccord Genuity Group from $21.00 to $16.00 in a note issued to investors on Friday, Benzinga reports. The firm currently has a “hold” rating on the healthcare company’s stock. Canaccord Genuity Group’s price target indicates a potential downside of 8.94% from the stock’s current price.

A number of other research firms also recently weighed in on INMD. Barclays reduced their target price on shares of InMode from $34.00 to $33.00 and set an “overweight” rating on the stock in a report on Friday, April 12th. Needham & Company LLC restated a “hold” rating on shares of InMode in a report on Thursday. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $31.60.

InMode Stock Up 4.5 %

NASDAQ INMD traded up $0.75 on Friday, reaching $17.57. The company had a trading volume of 347,695 shares, compared to its average volume of 1,454,827. The stock has a market capitalization of $1.48 billion, a PE ratio of 8.33 and a beta of 2.18. The firm’s 50 day moving average price is $18.24 and its 200 day moving average price is $20.24. InMode has a 12 month low of $16.44 and a 12 month high of $48.25.

InMode (NASDAQ:INMD) last announced its quarterly earnings results on Thursday, May 2nd. The healthcare company reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.09. InMode had a net margin of 38.84% and a return on equity of 26.15%. The company had revenue of $80.28 million for the quarter, compared to the consensus estimate of $80.10 million. On average, research analysts expect that InMode will post 1.8 EPS for the current year.

Hedge Funds Weigh In On InMode

A number of large investors have recently bought and sold shares of the business. Trust Co. of Vermont increased its stake in InMode by 32.8% in the fourth quarter. Trust Co. of Vermont now owns 2,168 shares of the healthcare company’s stock worth $48,000 after purchasing an additional 536 shares during the period. CWM LLC raised its stake in shares of InMode by 38.3% during the fourth quarter. CWM LLC now owns 2,454 shares of the healthcare company’s stock valued at $55,000 after acquiring an additional 680 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of InMode by 9.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 7,645 shares of the healthcare company’s stock valued at $165,000 after acquiring an additional 691 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of InMode by 2.0% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 35,643 shares of the healthcare company’s stock valued at $793,000 after purchasing an additional 701 shares during the period. Finally, Newbridge Financial Services Group Inc. raised its position in InMode by 69.2% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 2,200 shares of the healthcare company’s stock valued at $49,000 after purchasing an additional 900 shares in the last quarter. Hedge funds and other institutional investors own 68.04% of the company’s stock.

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.