Envestnet Asset Management Inc. purchased a new stake in shares of InMode Ltd. (NASDAQ:INMD) in the second quarter, according to the company in its most recent filing with the SEC. The fund purchased 24,674 shares of the healthcare company’s stock, valued at approximately $699,000. Envestnet Asset Management Inc. owned about 0.08% of InMode as of its most recent filing with the SEC.
A number of other hedge funds also recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC bought a new position in shares of InMode during the 1st quarter worth approximately $36,000. Reilly Financial Advisors LLC purchased a new position in InMode in the 1st quarter valued at approximately $66,000. Trustcore Financial Services LLC grew its stake in InMode by 145.3% in the 1st quarter. Trustcore Financial Services LLC now owns 4,107 shares of the healthcare company’s stock valued at $88,000 after buying an additional 2,433 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. purchased a new position in InMode in the 4th quarter valued at approximately $98,000. Finally, Citigroup Inc. grew its stake in InMode by 35.9% in the 1st quarter. Citigroup Inc. now owns 4,600 shares of the healthcare company’s stock valued at $99,000 after buying an additional 1,215 shares in the last quarter. Institutional investors and hedge funds own 16.14% of the company’s stock.
INMD has been the subject of a number of recent research reports. Canaccord Genuity reduced their price objective on shares of InMode from $50.00 to $40.00 and set a “buy” rating for the company in a research note on Thursday, May 7th. UBS Group reduced their price objective on shares of InMode from $46.00 to $42.00 and set a “buy” rating for the company in a research note on Thursday, May 7th. Finally, Zacks Investment Research lowered shares of InMode from a “hold” rating to a “sell” rating in a research note on Tuesday, June 9th. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the stock. InMode currently has an average rating of “Buy” and an average target price of $43.60.
InMode (NASDAQ:INMD) last announced its earnings results on Wednesday, May 6th. The healthcare company reported $0.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by ($0.02). InMode had a return on equity of 37.88% and a net margin of 34.56%. The company had revenue of $40.44 million during the quarter, compared to analysts’ expectations of $38.96 million. During the same quarter last year, the firm posted $0.29 earnings per share. The firm’s revenue was up 32.4% on a year-over-year basis. Equities analysts predict that InMode Ltd. will post 0.3 earnings per share for the current fiscal year.
InMode Ltd. designs, develops, manufactures, and markets minimally-invasive aesthetic medical products based on its proprietary radio frequency assisted lipolysis and deep subdermal fractional radio frequency technologies. The company offers minimally-invasive aesthetic medical products for procedures, such as liposuction with simultaneous skin tightening, body and face contouring, and ablative skin rejuvenation treatments.
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