InMode (NASDAQ:INMD) Shares Down 7.4%

InMode Ltd. (NASDAQ:INMD)’s share price was down 7.4% during mid-day trading on Tuesday . The stock traded as low as $40.01 and last traded at $40.69, approximately 7,535,058 shares traded hands during trading. An increase of 346% from the average daily volume of 1,691,116 shares. The stock had previously closed at $43.96.

Several equities research analysts recently issued reports on INMD shares. Robert W. Baird restated an “outperform” rating and set a $55.00 price objective (up from $45.00) on shares of InMode in a research report on Tuesday, January 28th. Zacks Investment Research lowered shares of InMode from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 8th. Finally, Barclays increased their target price on shares of InMode from $27.00 to $45.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 6th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. InMode presently has an average rating of “Buy” and an average price target of $40.60.

The company has a current ratio of 7.83, a quick ratio of 7.47 and a debt-to-equity ratio of 0.01. The stock has a 50 day moving average price of $43.27.

A number of hedge funds have recently made changes to their positions in INMD. Maple Rock Capital Partners Inc. purchased a new position in InMode during the third quarter worth about $10,755,000. Penserra Capital Management LLC purchased a new position in InMode during the third quarter worth about $8,690,000. UBS Group AG boosted its stake in InMode by 582.8% during the fourth quarter. UBS Group AG now owns 109,600 shares of the healthcare company’s stock worth $4,297,000 after buying an additional 93,548 shares during the period. Millennium Management LLC purchased a new position in InMode during the third quarter worth about $1,535,000. Finally, Rice Hall James & Associates LLC purchased a new position in InMode during the third quarter worth about $1,244,000. 10.36% of the stock is owned by institutional investors.

About InMode (NASDAQ:INMD)

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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