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

Shares of InMode Ltd. (NASDAQ:INMD) gapped down before the market opened on Friday . The stock had previously closed at $19.05, but opened at $18.48. InMode shares last traded at $18.95, with a volume of 265,221 shares changing hands.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Barclays increased their price objective on InMode from $26.00 to $29.00 and gave the stock an “overweight” rating in a report on Wednesday, February 5th. BTIG Research assumed coverage on InMode in a report on Thursday, October 17th. They issued a “buy” rating and a $25.00 price objective for the company. Finally, Needham & Company LLC reiterated a “hold” rating on shares of InMode in a report on Tuesday, February 4th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $23.00.

InMode Price Performance

The company has a 50-day moving average price of $17.34 and a 200 day moving average price of $17.24. The firm has a market capitalization of $1.30 billion, a PE ratio of 7.99 and a beta of 2.13.

Institutional Investors Weigh In On InMode

Large investors have recently made changes to their positions in the company. Systematic Financial Management LP increased its holdings in shares of InMode by 13.3% in the third quarter. Systematic Financial Management LP now owns 982,111 shares of the healthcare company’s stock worth $16,647,000 after purchasing an additional 115,492 shares during the last quarter. Barclays PLC increased its holdings 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. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of InMode by 54.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 125,480 shares of the healthcare company’s stock worth $2,127,000 after purchasing an additional 44,058 shares during the last quarter. State Street Corp increased its holdings in shares of InMode by 3.7% in the third quarter. State Street Corp now owns 2,044,640 shares of the healthcare company’s stock worth $34,657,000 after purchasing an additional 73,183 shares during the last quarter. Finally, Wasatch Advisors LP increased its holdings in shares of InMode by 14.6% in the third quarter. Wasatch Advisors LP now owns 421,635 shares of the healthcare company’s stock worth $7,147,000 after purchasing an additional 53,673 shares during the last quarter. 68.04% of the stock is owned by institutional investors.

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.