Canaccord Genuity Group Lowers InMode (NASDAQ:INMD) Price Target to $15.00

InMode (NASDAQ:INMD) had its price objective reduced by stock analysts at Canaccord Genuity Group from $17.00 to $15.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a “hold” rating on the healthcare company’s stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 6.38% from the stock’s current price.

A number of other research analysts have also recently commented on INMD. Baird R W cut InMode from a “strong-buy” rating to a “hold” rating in a research note on Monday. Barclays boosted their price objective on shares of InMode from $26.00 to $29.00 and gave the stock an “overweight” rating in a report on Wednesday, February 5th. Robert W. Baird downgraded shares of InMode from an “outperform” rating to a “neutral” rating and lowered their price target for the stock from $22.00 to $16.00 in a research note on Monday. BTIG Research lowered shares of InMode from a “buy” rating to a “neutral” rating in a research report on Tuesday. Finally, Needham & Company LLC reissued a “hold” rating on shares of InMode in a research note on Monday. Seven equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $18.54.

InMode Stock Down 2.2 %

NASDAQ:INMD opened at $14.10 on Tuesday. The stock has a market cap of $980.78 million, a P/E ratio of 6.00 and a beta of 1.96. The business’s 50-day moving average price is $17.07 and its two-hundred day moving average price is $17.59. InMode has a twelve month low of $13.68 and a twelve month high of $19.85.

InMode (NASDAQ:INMD) last announced its earnings results on Monday, April 28th. The healthcare company reported $0.31 earnings per share for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.14). InMode had a net margin of 45.91% and a return on equity of 18.25%. The company had revenue of $77.87 million during the quarter, compared to analysts’ expectations of $82.21 million. During the same period in the prior year, the business earned $0.32 earnings per share. The company’s revenue for the quarter was down 3.0% compared to the same quarter last year. On average, equities research analysts expect that InMode will post 1.75 EPS for the current fiscal year.

Hedge Funds Weigh In On InMode

A number of hedge funds have recently modified their holdings of INMD. Barclays PLC grew its stake in shares of InMode by 113.5% in the third quarter. Barclays PLC now owns 169,630 shares of the healthcare company’s stock worth $2,876,000 after purchasing an additional 90,173 shares during the last quarter. Virtu Financial LLC purchased a new position in shares of InMode during the third quarter valued at approximately $219,000. Tidal Investments LLC raised its holdings in shares of InMode by 4.6% during the third quarter. Tidal Investments LLC now owns 71,039 shares of the healthcare company’s stock valued at $1,204,000 after acquiring an additional 3,140 shares in the last quarter. Franklin Resources Inc. lifted its stake in InMode by 4.6% in the third quarter. Franklin Resources Inc. now owns 17,559 shares of the healthcare company’s stock worth $292,000 after acquiring an additional 768 shares during the period. Finally, DGS Capital Management LLC bought a new stake in InMode in the third quarter valued at $182,000. 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.