Taylor Frigon Capital Management LLC Trims Stake in InMode Ltd. (NASDAQ:INMD)

Taylor Frigon Capital Management LLC lessened its holdings in InMode Ltd. (NASDAQ:INMD) by 4.6% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 105,256 shares of the healthcare company’s stock after selling 5,131 shares during the period. Taylor Frigon Capital Management LLC owned 0.13% of InMode worth $1,796,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Doma Perpetual Capital Management LLC raised its holdings in shares of InMode by 210.7% in the 2nd quarter. Doma Perpetual Capital Management LLC now owns 2,011,240 shares of the healthcare company’s stock valued at $36,685,000 after acquiring an additional 1,363,841 shares in the last quarter. Swedbank AB bought a new stake in shares of InMode during the 1st quarter valued at about $17,634,000. Federated Hermes Inc. boosted its position in shares of InMode by 191.9% during the 2nd quarter. Federated Hermes Inc. now owns 1,125,017 shares of the healthcare company’s stock valued at $20,520,000 after acquiring an additional 739,629 shares during the last quarter. Acadian Asset Management LLC boosted its position in shares of InMode by 63.6% during the 2nd quarter. Acadian Asset Management LLC now owns 1,124,887 shares of the healthcare company’s stock valued at $20,502,000 after acquiring an additional 437,122 shares during the last quarter. Finally, Lombard Odier Asset Management Europe Ltd bought a new stake in shares of InMode during the 2nd quarter valued at about $4,104,000. Institutional investors own 68.04% of the company’s stock.

InMode Price Performance

InMode stock traded down $0.08 during trading hours on Thursday, reaching $17.76. The company had a trading volume of 322,020 shares, compared to its average volume of 1,354,614. The company has a 50-day moving average price of $16.42 and a 200 day moving average price of $17.38. The firm has a market cap of $1.49 billion, a price-to-earnings ratio of 8.45 and a beta of 2.17. InMode Ltd. has a 12-month low of $14.87 and a 12-month high of $26.80.

InMode (NASDAQ:INMD) last announced its quarterly earnings results on Thursday, August 1st. The healthcare company reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.04). The company had revenue of $102.60 million during the quarter, compared to analysts’ expectations of $104.81 million. InMode had a return on equity of 21.00% and a net margin of 35.81%. InMode’s revenue for the quarter was down 24.6% on a year-over-year basis. During the same period last year, the firm earned $0.65 earnings per share. As a group, research analysts expect that InMode Ltd. will post 1.63 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have recently issued reports on INMD shares. Jefferies Financial Group downgraded InMode from a “buy” rating to a “hold” rating and dropped their price target for the company from $21.00 to $19.00 in a research report on Tuesday, July 23rd. BTIG Research started coverage on InMode in a research report on Thursday, October 17th. They set a “buy” rating and a $25.00 price target for the company. Needham & Company LLC reiterated a “hold” rating on shares of InMode in a research report on Thursday, October 10th. Canaccord Genuity Group dropped their price target on InMode from $21.00 to $16.00 and set a “hold” rating for the company in a research report on Friday, July 12th. Finally, Barclays dropped their target price on InMode from $29.00 to $27.00 and set an “overweight” rating for the company in a research report on Monday, October 14th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, InMode currently has an average rating of “Hold” and a consensus price target of $22.60.

InMode 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.