PNC Financial Services Group Inc. Purchases 1,916 Shares of InMode Ltd. (NASDAQ:INMD)

PNC Financial Services Group Inc. boosted its holdings in InMode Ltd. (NASDAQ:INMD) by 72.3% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 4,566 shares of the healthcare company’s stock after acquiring an additional 1,916 shares during the quarter. PNC Financial Services Group Inc.’s holdings in InMode were worth $729,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in INMD. Lord Abbett & CO. LLC acquired a new stake in InMode in the second quarter worth $65,675,000. BlackRock Inc. grew its position in InMode by 216.4% in the second quarter. BlackRock Inc. now owns 1,002,249 shares of the healthcare company’s stock valued at $94,892,000 after purchasing an additional 685,466 shares in the last quarter. SG Americas Securities LLC grew its position in shares of InMode by 803.1% in the 3rd quarter. SG Americas Securities LLC now owns 230,788 shares of the healthcare company’s stock valued at $36,799,000 after acquiring an additional 205,234 shares during the period. Renaissance Technologies LLC grew its position in shares of InMode by 41.4% in the 2nd quarter. Renaissance Technologies LLC now owns 688,281 shares of the healthcare company’s stock valued at $65,166,000 after acquiring an additional 201,600 shares during the period. Finally, Canada Pension Plan Investment Board bought a new position in shares of InMode in the 2nd quarter valued at about $18,974,000.

Several research analysts have recently commented on the stock. Barclays raised their target price on shares of InMode from $60.00 to $85.00 and gave the stock an “overweight” rating in a report on Wednesday, October 13th. raised their target price on shares of InMode from $80.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, October 27th. Needham & Company LLC dropped their price target on shares of InMode to $103.00 and set a “buy” rating for the company in a research note on Tuesday, October 12th. TheStreet downgraded shares of InMode from a “b-” rating to a “c” rating in a research note on Friday, October 1st. Finally, Robert W. Baird lifted their target price on shares of InMode from $80.00 to $96.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 27th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $70.79.

Shares of NASDAQ INMD opened at $50.00 on Friday. InMode Ltd. has a 1 year low of $26.92 and a 1 year high of $99.27. The stock has a market capitalization of $3.20 billion, a P/E ratio of 28.82 and a beta of 1.67. The company has a 50-day moving average price of $74.41 and a 200-day moving average price of $56.14.

InMode (NASDAQ:INMD) last released its quarterly earnings results on Tuesday, October 26th. The healthcare company reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.05. InMode had a net margin of 46.06% and a return on equity of 46.95%. The business had revenue of $94.18 million for the quarter, compared to analysts’ expectations of $89.38 million. During the same period in the previous year, the company earned $0.31 earnings per share. The firm’s revenue for the quarter was up 57.7% compared to the same quarter last year.

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. 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.

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Institutional Ownership by Quarter for InMode (NASDAQ:INMD)

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