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

InMode Ltd. (NASDAQ:INMD) was the target of a significant 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 trading volume, of 1,160,000 shares, the days-to-cover ratio is currently 5.1 days.

Institutional Investors Weigh In On InMode

A number of large investors have recently made changes to their positions in the business. Asset Dedication LLC bought a new position in InMode in the 2nd quarter worth $33,000. nVerses Capital LLC bought a new position in shares of InMode in the 2nd quarter worth approximately $42,000. Nisa Investment Advisors LLC lifted its stake in shares of InMode by 314.7% in the 3rd quarter. Nisa Investment Advisors LLC now owns 3,550 shares of the healthcare company’s stock valued at $60,000 after purchasing an additional 2,694 shares during the period. Quarry LP grew its stake in InMode by 154.3% in the third quarter. Quarry LP now owns 3,781 shares of the healthcare company’s stock worth $64,000 after purchasing an additional 2,294 shares during the period. Finally, National Bank of Canada FI raised its holdings in InMode by 40.7% in the second quarter. National Bank of Canada FI now owns 9,406 shares of the healthcare company’s stock worth $168,000 after purchasing an additional 2,720 shares in the last quarter. 68.04% of the stock is currently owned by institutional investors.

InMode Trading Down 1.6 %

Shares of NASDAQ:INMD opened at $17.97 on Tuesday. The company has a market cap of $1.51 billion, a price-to-earnings ratio of 9.71 and a beta of 2.07. InMode has a 12 month low of $14.87 and a 12 month high of $26.80. The company has a 50-day moving average price of $18.14 and a 200-day moving average price of $17.48.

Analyst Ratings Changes

A number of brokerages recently weighed in on INMD. BTIG Research initiated coverage on shares of InMode in a research note on Thursday, October 17th. They issued a “buy” rating and a $25.00 target price on the stock. Needham & Company LLC restated a “hold” rating on shares of InMode in a research report on Thursday, October 31st. Finally, Barclays decreased their price objective on InMode from $29.00 to $27.00 and set an “overweight” rating on the stock in a report on Monday, October 14th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average 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.