InMode Ltd. (NASDAQ:INMD) Sees Large Decrease in Short Interest

InMode Ltd. (NASDAQ:INMD) was the recipient of a significant decrease in short interest in the month of October. As of October 31st, there was short interest totalling 6,230,000 shares, a decrease of 10.1% from the October 15th total of 6,930,000 shares. Based on an average daily trading volume, of 1,130,000 shares, the days-to-cover ratio is currently 5.5 days.

InMode Trading Down 0.6 %

INMD traded down $0.11 during midday trading on Monday, hitting $17.90. 1,536,399 shares of the company were exchanged, compared to its average volume of 1,339,013. The company’s 50 day simple moving average is $17.23 and its 200 day simple moving average is $17.45. The firm has a market capitalization of $1.50 billion, a price-to-earnings ratio of 9.68 and a beta of 2.15. InMode has a 1-year low of $14.87 and a 1-year high of $26.80.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on INMD shares. Needham & Company LLC reiterated a “hold” rating on shares of InMode in a research report on Thursday, October 31st. BTIG Research assumed coverage on InMode in a research report on Thursday, October 17th. They issued a “buy” rating and a $25.00 price target for the company. Barclays decreased their price objective on InMode from $29.00 to $27.00 and set an “overweight” rating for the company in a report on Monday, October 14th. Finally, Jefferies Financial Group cut shares of InMode from a “buy” rating to a “hold” rating and lowered their target price for the stock from $21.00 to $19.00 in a research note on Tuesday, July 23rd. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, InMode currently has an average rating of “Hold” and a consensus target price of $22.60.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Asset Dedication LLC purchased a new position in shares of InMode during the 2nd quarter valued at approximately $33,000. Headlands Technologies LLC increased its stake in shares of InMode by 118.2% during the first quarter. Headlands Technologies LLC now owns 1,916 shares of the healthcare company’s stock worth $41,000 after purchasing an additional 1,038 shares in the last quarter. nVerses Capital LLC purchased a new stake in shares of InMode during the second quarter worth about $42,000. Nisa Investment Advisors LLC lifted its stake in InMode by 314.7% in the 3rd quarter. Nisa Investment Advisors LLC now owns 3,550 shares of the healthcare company’s stock valued at $60,000 after buying an additional 2,694 shares in the last quarter. Finally, Quarry LP lifted its stake in InMode by 154.3% in the 3rd quarter. Quarry LP now owns 3,781 shares of the healthcare company’s stock valued at $64,000 after buying an additional 2,294 shares in the last quarter. 68.04% of the stock is owned by institutional investors and hedge funds.

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.