InMode (INMD) Stock Sinks As Market Gains: What You Should Know
InMode (INMD) closed at $45.21 in the latest trading session, marking a -0.09% move from the prior day. This change lagged the S&P 500's daily gain of 0.03%. Elsewhere, the Dow gained 0.01%, while the tech-heavy Nasdaq lost 1.37%.
Coming into today, shares of the maker of cosmetic surgery devices had gained 23.87% in the past month. In that same time, the Medical sector gained 0.82%, while the S&P 500 gained 3.43%.
InMode will be looking to display strength as it nears its next earnings release, which is expected to be July 27, 2023. On that day, InMode is projected to report earnings of $0.67 per share, which would represent year-over-year growth of 13.56%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $135.8 million, up 19.59% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $2.71 per share and revenue of $540 million, which would represent changes of +11.98% and +18.87%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for InMode. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. InMode currently has a Zacks Rank of #3 (Hold).
Looking at its valuation, InMode is holding a Forward P/E ratio of 16.7. This represents a discount compared to its industry's average Forward P/E of 23.57.
The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 116, putting it in the top 47% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow INMD in the coming trading sessions, be sure to utilize Zacks.com.
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InMode Ltd. (INMD) : Free Stock Analysis Report
