Short Interest in InMode Ltd. (NASDAQ:INMD) Decreases By 8.2%

InMode Ltd. (NASDAQ:INMD) was the recipient of a large decline in short interest in November. As of November 30th, there was short interest totalling 5,910,000 shares, a decline of 8.2% from the November 15th total of 6,440,000 shares. Based on an average daily volume of 1,160,000 shares, the short-interest ratio is currently 5.1 days.

Wall Street Analysts Forecast Growth

INMD has been the topic of a number of recent analyst reports. BTIG Research began coverage on InMode in a research report on Thursday, October 17th. They issued a “buy” rating and a $25.00 price objective on the stock. Needham & Company LLC reissued a “hold” rating on shares of InMode in a report on Thursday, October 31st. Finally, Barclays lowered their target price on shares of InMode from $29.00 to $27.00 and set an “overweight” rating on the stock in a research note on Monday, October 14th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $22.60.

Hedge Funds Weigh In On InMode

Several institutional investors and hedge funds have recently made changes to their positions in the business. Renaissance Technologies LLC grew its stake in shares of InMode by 11.6% during the second quarter. Renaissance Technologies LLC now owns 2,068,396 shares of the healthcare company’s stock valued at $37,728,000 after buying an additional 214,200 shares during the last quarter. State Street Corp grew its holdings in shares of InMode by 3.7% in the third quarter. State Street Corp now owns 2,044,640 shares of the healthcare company’s stock worth $34,657,000 after purchasing an additional 73,183 shares during the last quarter. Doma Perpetual Capital Management LLC raised its holdings in InMode by 210.7% during the 2nd quarter. Doma Perpetual Capital Management LLC now owns 2,011,240 shares of the healthcare company’s stock valued at $36,685,000 after buying an additional 1,363,841 shares during the last quarter. DDD Partners LLC raised its holdings in InMode by 19.4% during the 2nd quarter. DDD Partners LLC now owns 1,266,678 shares of the healthcare company’s stock valued at $23,104,000 after buying an additional 205,947 shares during the last quarter. Finally, Federated Hermes Inc. grew its holdings in InMode by 191.9% in the 2nd quarter. Federated Hermes Inc. now owns 1,125,017 shares of the healthcare company’s stock worth $20,520,000 after acquiring an additional 739,629 shares during the last quarter. Institutional investors own 68.04% of the company’s stock.

InMode Price Performance

Shares of INMD opened at $17.83 on Wednesday. The firm has a market cap of $1.50 billion, a P/E ratio of 9.64 and a beta of 2.07. InMode has a 1 year low of $14.87 and a 1 year high of $26.80. The stock has a 50 day simple moving average of $18.20 and a two-hundred day simple moving average of $17.47.

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.