InMode (NASDAQ:INMD) Shares Gap Down – Here’s What Happened

Shares of InMode Ltd. (NASDAQ:INMD) gapped down before the market opened on Wednesday . The stock had previously closed at $17.40, but opened at $15.70. InMode shares last traded at $16.08, with a volume of 638,963 shares.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. BTIG Research began coverage on InMode in a research note on Thursday, October 17th. They set a “buy” rating and a $25.00 target price for the company. Needham & Company LLC restated a “hold” rating on shares of InMode in a research note on Thursday, October 31st. Finally, Barclays decreased 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 research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $22.60.

InMode Stock Down 6.6 %

The business’s 50-day moving average price is $18.14 and its 200-day moving average price is $17.33. The firm has a market capitalization of $1.37 billion, a PE ratio of 8.79 and a beta of 2.12.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. National Bank of Canada FI lifted its position in shares of InMode by 6.2% in the third quarter. National Bank of Canada FI now owns 9,985 shares of the healthcare company’s stock worth $169,000 after purchasing an additional 579 shares in the last quarter. Carmel Capital Partners LLC increased its stake in shares of InMode by 6.9% in the third quarter. Carmel Capital Partners LLC now owns 11,511 shares of the healthcare company’s stock valued at $195,000 after buying an additional 741 shares during the period. Franklin Resources Inc. grew its position in shares of InMode by 4.6% in the 3rd quarter. Franklin Resources Inc. now owns 17,559 shares of the healthcare company’s stock valued at $292,000 after buying an additional 768 shares during the last quarter. Meritage Portfolio Management lifted its holdings in InMode by 9.5% in the third quarter. Meritage Portfolio Management now owns 14,765 shares of the healthcare company’s stock valued at $250,000 after buying an additional 1,284 shares during the period. Finally, Inspire Advisors LLC grew its stake in shares of InMode by 9.0% in the 2nd quarter. Inspire Advisors LLC now owns 21,433 shares of the healthcare company’s stock valued at $391,000 after buying an additional 1,778 shares during the period. 68.04% of the stock is currently owned by institutional investors and hedge funds.

About InMode

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.