Should You Hold Inmode Ltd. (INMD)?
Wasatch Global Investors, an asset management company, released its “Wasatch Micro Cap Value Strategy” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy posted a double-digit gain in the fourth quarter but trailed the benchmark Russell Microcap Index which rose 16.06%. In 2023, the strategy appreciated and outperformed the benchmark’s 9.33% return. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Wasatch Micro Cap Value Strategy featured stocks like InMode Ltd. (NASDAQ:INMD) in the Q4 2023 investor letter. Headquartered in Yokneam, Israel, InMode Ltd. (NASDAQ:INMD) develops, manufactures, and markets minimally invasive aesthetic medical products. On March 12, 2024, InMode Ltd. (NASDAQ:INMD) stock closed at $21.46 per share. One-month return of InMode Ltd. (NASDAQ:INMD) was -6.29%, and its shares lost 31.02% of their value over the last 52 weeks. InMode Ltd. (NASDAQ:INMD) has a market capitalization of $1.808 billion.
Wasatch Micro Cap Value Strategy stated the following regarding InMode Ltd. (NASDAQ:INMD) in its fourth quarter 2023 investor letter:
"InMode Ltd. (NASDAQ:INMD) was also a detractor. This Israeli company develops aesthetic treatments for the face, body and skin. The treatments harness novel radio-frequency technology. Inmode has experienced extremely strong growth, which we think will continue because the company’s treatments are very effective and far ahead of the competition. During the quarter, however, the stock was down due to the attack on Israel and a forecast of increased seasonality in Inmode’s revenues and earnings. Nevertheless, we still like Inmode based on its technological edge, strong balance sheet, gross margins in excess of 80% and a valuation of a 6 multiple based on forward EV-to-EBITDA."
A medical professional wearing gloves and a protective mask performing a minimally invasive aesthetic medical procedures on a patient.
InMode Ltd. (NASDAQ:INMD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, InMode Ltd. (NASDAQ:INMD) was held by 24 hedge fund portfolios, compared to 24 in the previous quarter, according to our database.
We discussed InMode Ltd. (NASDAQ:INMD) in another article and shared Ave Maria World Equity Fund's views on the company. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
