ARK Investment Management LLC Has $1.60 Million Stock Position in InMode Ltd. $INMD

ARK Investment Management LLC lowered its holdings in shares of InMode Ltd. (NASDAQ:INMD) by 5.4% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 110,451 shares of the healthcare company’s stock after selling 6,258 shares during the period. ARK Investment Management LLC owned about 0.17% of InMode worth $1,595,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the business. Denali Advisors LLC raised its holdings in shares of InMode by 10.5% during the 2nd quarter. Denali Advisors LLC now owns 34,851 shares of the healthcare company’s stock worth $503,000 after buying an additional 3,300 shares in the last quarter. Easterly Investment Partners LLC acquired a new position in InMode in the 2nd quarter worth about $902,000. Ritholtz Wealth Management acquired a new position in InMode in the 2nd quarter worth about $151,000. Inspire Investing LLC acquired a new position in InMode in the 2nd quarter worth about $185,000. Finally, KLP Kapitalforvaltning AS increased its stake in shares of InMode by 14.1% in the second quarter. KLP Kapitalforvaltning AS now owns 50,900 shares of the healthcare company’s stock valued at $735,000 after buying an additional 6,300 shares during the period. Institutional investors and hedge funds own 68.04% of the company’s stock.

InMode Trading Down 2.6%

Shares of InMode stock opened at $15.59 on Thursday. The business’s fifty day simple moving average is $14.98 and its 200 day simple moving average is $14.66. The firm has a market capitalization of $985.44 million, a P/E ratio of 6.31 and a beta of 2.09. InMode Ltd. has a 12 month low of $13.14 and a 12 month high of $19.85.

InMode (NASDAQ:INMD) last released its earnings results on Wednesday, July 30th. The healthcare company reported $0.47 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.03). The firm had revenue of $95.60 million during the quarter, compared to analysts’ expectations of $98.45 million. InMode had a return on equity of 18.38% and a net margin of 44.50%.The business’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.34 earnings per share. Analysts predict that InMode Ltd. will post 1.75 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on INMD. Wall Street Zen raised InMode from a “hold” rating to a “buy” rating in a research note on Saturday, October 18th. Needham & Company LLC reaffirmed a “hold” rating on shares of InMode in a research note on Friday, October 10th. Canaccord Genuity Group raised their target price on InMode from $14.00 to $16.00 and gave the stock a “hold” rating in a research note on Friday, October 10th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of InMode in a research note on Wednesday, October 8th. Finally, Zacks Research raised InMode from a “strong sell” rating to a “hold” rating in a research note on Monday, September 29th. One investment analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, InMode has a consensus rating of “Hold” and an average target price of $16.85.

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.