ARK Investment Management LLC Reduces Holdings in InMode Ltd. (NASDAQ:INMD)

ARK Investment Management LLC reduced its stake in InMode Ltd. (NASDAQ:INMD) by 5.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 105,836 shares of the healthcare company’s stock after selling 6,356 shares during the period. ARK Investment Management LLC’s holdings in InMode were worth $1,767,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Atlas Legacy Advisors LLC bought a new position in shares of InMode in the fourth quarter worth approximately $848,000. D.A. Davidson & CO. raised its holdings in InMode by 5.7% during the 4th quarter. D.A. Davidson & CO. now owns 43,651 shares of the healthcare company’s stock valued at $729,000 after buying an additional 2,373 shares during the last quarter. Principal Financial Group Inc. boosted its position in InMode by 14.6% during the 4th quarter. Principal Financial Group Inc. now owns 99,562 shares of the healthcare company’s stock valued at $1,663,000 after buying an additional 12,661 shares during the period. Harvey Capital Management Inc. grew its holdings in InMode by 1.4% in the 4th quarter. Harvey Capital Management Inc. now owns 51,490 shares of the healthcare company’s stock worth $860,000 after acquiring an additional 700 shares during the last quarter. Finally, Meritage Portfolio Management increased its position in shares of InMode by 12.3% in the fourth quarter. Meritage Portfolio Management now owns 16,575 shares of the healthcare company’s stock valued at $277,000 after acquiring an additional 1,810 shares during the period. Institutional investors own 68.04% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on INMD shares. Needham & Company LLC reiterated a “hold” rating on shares of InMode in a report on Tuesday, February 4th. Barclays upped their price target on InMode from $26.00 to $29.00 and gave the company an “overweight” rating in a research report on Wednesday, February 5th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $22.25.

InMode Price Performance

Shares of NASDAQ INMD opened at $19.31 on Thursday. InMode Ltd. has a 1 year low of $14.87 and a 1 year high of $23.46. The company’s 50-day moving average is $17.49 and its 200 day moving average is $17.36. The stock has a market capitalization of $1.34 billion, a P/E ratio of 8.22 and a beta of 2.13.

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.