Short Interest in InMode Ltd. (NASDAQ:INMD) Increases By 6.0%

InMode Ltd. (NASDAQ:INMD) saw a large growth in short interest during the month of January. As of January 31st, there was short interest totalling 6,050,000 shares, a growth of 6.0% from the January 15th total of 5,710,000 shares. Based on an average daily trading volume, of 959,300 shares, the days-to-cover ratio is presently 6.3 days.

Wall Street Analysts Forecast Growth

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

InMode Price Performance

Shares of InMode stock opened at $18.81 on Tuesday. InMode has a one year low of $14.87 and a one year high of $24.03. The business’s 50 day simple moving average is $17.35 and its two-hundred day simple moving average is $17.25. The stock has a market capitalization of $1.31 billion, a P/E ratio of 8.00 and a beta of 2.13.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. National Bank of Canada FI grew its holdings in InMode by 6.2% in the 3rd quarter. National Bank of Canada FI now owns 9,985 shares of the healthcare company’s stock worth $169,000 after acquiring an additional 579 shares during the last quarter. Strategic Global Advisors LLC boosted its holdings in shares of InMode by 3.0% during the fourth quarter. Strategic Global Advisors LLC now owns 20,744 shares of the healthcare company’s stock worth $346,000 after purchasing an additional 604 shares during the period. Harvey Capital Management Inc. grew its stake in shares of InMode by 1.4% in the fourth quarter. Harvey Capital Management Inc. now owns 51,490 shares of the healthcare company’s stock worth $860,000 after purchasing an additional 700 shares during the last quarter. Thrivent Financial for Lutherans increased its holdings in InMode by 6.1% during the 4th quarter. Thrivent Financial for Lutherans now owns 12,586 shares of the healthcare company’s stock valued at $210,000 after purchasing an additional 721 shares during the period. Finally, Covestor Ltd raised its position in InMode by 13.9% during the 4th quarter. Covestor Ltd now owns 5,936 shares of the healthcare company’s stock valued at $99,000 after purchasing an additional 723 shares during the last quarter. 68.04% of the stock is owned by hedge funds and other institutional investors.

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.