The Manufacturers Life Insurance Company Has $10.76 Million Holdings in InMode Ltd. (NASDAQ:INMD)

The Manufacturers Life Insurance Company trimmed its holdings in shares of InMode Ltd. (NASDAQ:INMD) by 46.8% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 589,612 shares of the healthcare company’s stock after selling 517,980 shares during the period. The Manufacturers Life Insurance Company owned 0.70% of InMode worth $10,755,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of INMD. Norges Bank acquired a new stake in shares of InMode in the fourth quarter valued at $8,890,000. Seven Eight Capital LP raised its stake in shares of InMode by 497.7% in the fourth quarter. Seven Eight Capital LP now owns 117,374 shares of the healthcare company’s stock worth $2,610,000 after acquiring an additional 97,735 shares during the last quarter. Doma Perpetual Capital Management LLC acquired a new position in shares of InMode during the fourth quarter worth approximately $2,991,000. Virtu Financial LLC grew its stake in shares of InMode by 5.0% during the fourth quarter. Virtu Financial LLC now owns 30,522 shares of the healthcare company’s stock valued at $679,000 after purchasing an additional 1,465 shares during the last quarter. Finally, Trust Co. of Vermont increased its holdings in shares of InMode by 32.8% in the fourth quarter. Trust Co. of Vermont now owns 2,168 shares of the healthcare company’s stock valued at $48,000 after purchasing an additional 536 shares in the last quarter. Institutional investors own 68.04% of the company’s stock.

InMode Stock Down 1.7 %

NASDAQ:INMD opened at $15.18 on Friday. InMode Ltd. has a 12-month low of $15.17 and a 12-month high of $29.28. The stock’s fifty day simple moving average is $16.48 and its 200-day simple moving average is $17.80. The firm has a market capitalization of $1.27 billion, a P/E ratio of 7.19 and a beta of 2.17.

InMode (NASDAQ:INMD) last issued its earnings results on Thursday, August 1st. The healthcare company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.04). The company had revenue of $102.60 million for the quarter, compared to the consensus estimate of $104.81 million. InMode had a return on equity of 21.00% and a net margin of 35.81%. InMode’s quarterly revenue was down 24.6% on a year-over-year basis. During the same quarter last year, the business posted $0.65 EPS. As a group, equities research analysts expect that InMode Ltd. will post 1.63 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Canaccord Genuity Group reduced their price objective on InMode from $21.00 to $16.00 and set a “hold” rating on the stock in a report on Friday, July 12th. Jefferies Financial Group lowered InMode from a “buy” rating to a “hold” rating and cut their price target for the company from $21.00 to $19.00 in a research note on Tuesday, July 23rd. Needham & Company LLC reiterated a “hold” rating on shares of InMode in a research report on Thursday, July 11th. Finally, Barclays dropped their price objective on InMode from $33.00 to $29.00 and set an “overweight” rating for the company in a report on Monday, July 15th. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $22.40.

InMode 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.