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

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

InMode Price Performance

Shares of INMD stock opened at $18.26 on Monday. The stock’s fifty day moving average price is $18.08 and its 200 day moving average price is $17.49. InMode has a 1-year low of $14.87 and a 1-year high of $26.80. The company has a market cap of $1.53 billion, a price-to-earnings ratio of 9.87 and a beta of 2.07.

Hedge Funds Weigh In On InMode

Several hedge funds have recently modified their holdings of the stock. DGS Capital Management LLC acquired a new position in InMode during the 3rd quarter valued at approximately $182,000. Franklin Resources Inc. increased its position in shares of InMode by 4.6% in the 3rd quarter. Franklin Resources Inc. now owns 17,559 shares of the healthcare company’s stock valued at $292,000 after acquiring an additional 768 shares during the period. Tidal Investments LLC raised its stake in InMode by 4.6% in the 3rd quarter. Tidal Investments LLC now owns 71,039 shares of the healthcare company’s stock worth $1,204,000 after acquiring an additional 3,140 shares during the last quarter. Virtu Financial LLC acquired a new stake in InMode during the 3rd quarter worth about $219,000. Finally, Geode Capital Management LLC grew its stake in InMode by 0.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,101,951 shares of the healthcare company’s stock valued at $18,678,000 after purchasing an additional 6,282 shares during the last quarter. Institutional investors and hedge funds own 68.04% of the company’s stock.

Wall Street Analysts Forecast Growth

INMD has been the topic of a number of recent research reports. Barclays decreased their target price on InMode from $29.00 to $27.00 and set an “overweight” rating on the stock in a report on Monday, October 14th. Needham & Company LLC reaffirmed a “hold” rating on shares of InMode in a report on Thursday, October 31st. Finally, BTIG Research began coverage on shares of InMode in a report on Thursday, October 17th. They issued a “buy” rating and a $25.00 target price on the stock. Four 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, the stock presently has a consensus rating of “Hold” and an average price target of $22.60.

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.