Ancient Art L.P. Acquires New Holdings in InMode Ltd. $INMD

Ancient Art L.P. bought a new position in shares of InMode Ltd. (NASDAQ:INMD) during the 3rd quarter, HoldingsChannel reports. The institutional investor bought 956,630 shares of the healthcare company’s stock, valued at approximately $14,254,000. InMode makes up 3.4% of Ancient Art L.P.’s portfolio, making the stock its 8th biggest position.

A number of other institutional investors have also recently added to or reduced their stakes in the business. ARGA Investment Management LP increased its position in InMode by 355.0% in the 3rd quarter. ARGA Investment Management LP now owns 143,658 shares of the healthcare company’s stock valued at $2,141,000 after acquiring an additional 112,087 shares during the period. Hussman Strategic Advisors Inc. acquired a new position in shares of InMode during the third quarter worth $1,564,000. Divisadero Street Capital Management LP bought a new stake in shares of InMode in the second quarter worth $1,397,000. State of New Jersey Common Pension Fund D grew its stake in shares of InMode by 612.1% in the third quarter. State of New Jersey Common Pension Fund D now owns 96,120 shares of the healthcare company’s stock worth $1,432,000 after purchasing an additional 82,621 shares during the last quarter. Finally, OMERS ADMINISTRATION Corp increased its holdings in InMode by 55.3% in the second quarter. OMERS ADMINISTRATION Corp now owns 200,043 shares of the healthcare company’s stock valued at $2,889,000 after purchasing an additional 71,231 shares during the period. 68.04% of the stock is owned by institutional investors.

InMode Stock Up 6.1%

INMD opened at $13.54 on Friday. InMode Ltd. has a twelve month low of $12.72 and a twelve month high of $19.09. The company has a fifty day moving average of $14.40 and a 200-day moving average of $14.63. The stock has a market cap of $857.89 million, a PE ratio of 9.40 and a beta of 2.18.

InMode (NASDAQ:INMD) last released its earnings results on Tuesday, February 10th. The healthcare company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.04. InMode had a net margin of 25.33% and a return on equity of 14.52%. The business had revenue of $103.85 million for the quarter, compared to analyst estimates of $104.64 million. During the same quarter in the previous year, the business earned $0.42 earnings per share. InMode’s revenue for the quarter was up 6.1% on a year-over-year basis. Sell-side analysts anticipate that InMode Ltd. will post 1.75 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on INMD shares. Canaccord Genuity Group set a $15.00 target price on InMode and gave the stock a “hold” rating in a research report on Wednesday, December 17th. Weiss Ratings reissued a “sell (d+)” rating on shares of InMode in a research note on Thursday, January 22nd. BTIG Research restated a “neutral” rating on shares of InMode in a research report on Monday, January 26th. Finally, Robert W. Baird set a $17.00 price objective on InMode in a research note on Wednesday, February 11th. One research analyst has rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $16.80.

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.