InMode (NASDAQ:INMD) Shares Gap Down – Here’s Why

InMode Ltd. (NASDAQ:INMD)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $17.40, but opened at $15.70. InMode shares last traded at $16.08, with a volume of 638,963 shares.

Analyst Ratings Changes

INMD has been the subject of several research reports. Needham & Company LLC reissued a “hold” rating on shares of InMode in a report on Thursday, October 31st. BTIG Research assumed coverage on InMode in a research note on Thursday, October 17th. They set a “buy” rating and a $25.00 price target for the company. Finally, Barclays lowered their price objective on InMode from $27.00 to $26.00 and set an “overweight” rating on the stock in a research note on Thursday. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $22.40.

InMode Price Performance

The stock has a market capitalization of $1.34 billion, a P/E ratio of 8.60 and a beta of 2.12. The stock has a fifty day moving average price of $18.09 and a 200 day moving average price of $17.32.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. National Bank of Canada FI lifted its holdings in shares of InMode by 6.2% in the third quarter. National Bank of Canada FI now owns 9,985 shares of the healthcare company’s stock worth $169,000 after buying an additional 579 shares in the last quarter. Carmel Capital Partners LLC increased its holdings in InMode by 6.9% during the 3rd quarter. Carmel Capital Partners LLC now owns 11,511 shares of the healthcare company’s stock worth $195,000 after acquiring an additional 741 shares during the period. Franklin Resources Inc. lifted its stake in InMode by 4.6% in the 3rd quarter. Franklin Resources Inc. now owns 17,559 shares of the healthcare company’s stock worth $292,000 after purchasing an additional 768 shares in the last quarter. Meritage Portfolio Management raised its position in shares of InMode by 9.5% in the third quarter. Meritage Portfolio Management now owns 14,765 shares of the healthcare company’s stock worth $250,000 after buying an additional 1,284 shares in the last quarter. Finally, Inspire Advisors LLC increased its position in shares of InMode by 9.0% in the second quarter. Inspire Advisors LLC now owns 21,433 shares of the healthcare company’s stock worth $391,000 after purchasing an additional 1,778 shares during the last quarter. Institutional investors own 68.04% of the company’s stock.

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.