INMD heads into its July 28 earnings print with a quietly deteriorating setup — borrowing costs doubling in a week, short interest nudging higher over the month, and the Street still trimming targets after a soft Q1 reaction.
The most striking development in the lending market is speed, not size. Cost to borrow more than doubled over the past week, jumping from around 0.43% to 1.12% — a 133% rise that breaks sharply from the flat-to-declining trend of the prior six weeks. That said, absolute borrow costs remain low, and the lending pool is far from tight: availability is running at 336%, meaning there are more than three shares available for every one currently borrowed, comfortably within the normal range. Availability has actually loosened slightly over the week. So the CTB spike looks more like repositioning demand than any structural squeeze — notable for its velocity, not its severity. Short interest itself is running at about 5% of free float, roughly unchanged on the week but up modestly over the past month after peaking near 3.7 million shares in early June before retreating.
Options positioning is slightly cautious but not alarmed. The put/call ratio is at 0.95, modestly above its 20-day average of 0.92 — a z-score of 0.70, well within normal bounds. The ratio has drifted higher through June after spending most of May below 0.90, a quiet signal that hedging appetite has picked up without yet reaching anything that reads as defensive crowding. The 52-week range for the PCR spans 0.51 to 1.26, so the current reading sits toward the middle of the distribution. Overall, positioning looks watchful rather than aggressive.
The Street remains cautious, and its caution has a directional theme: targets keep falling. The two most recent analyst moves — both following the May earnings print — saw Barclays lower its target from $21 to $19 while holding an Overweight, and Baird trim from $17 to $14 with a Neutral. With the stock now at $13.35, Barclays remains the lone constructive voice, though its target has been cut three times since April 2025. The consensus mean target is around $14.33, implying modest upside, but the slope of revisions is consistently negative. Valuation at face value looks cheap — the P/E is below 10 and the EV/EBITDA is under 4 — but the factor scores temper that story: EPS momentum ranks in the bottom quartile over both 30 and 90 days, and EPS surprise scores in the 32nd percentile, suggesting the cheap multiple is attracting limited conviction.
The institutional picture adds one point of genuine interest. The largest holder, co-founder Moshe Mizrahy, added 800,000 shares in Q1, bringing his stake to 4.3 million shares or 6.8% of the company. Steel Partners also added over one million shares in the quarter, taking its position to roughly 1.8 million. Those are meaningful additions from insiders and active holders close to the business. At the same time, Millennium trimmed its position by around 617,000 shares and Goldman Sachs cut by 413,000 — a split between insider accumulation and institutional quant/multi-strat reduction that reflects the ambiguity around the growth outlook.
The last two earnings reports produced negative one-day moves of roughly 3.3% and 1.1%, with further weakness over the following five days. Q2 results on July 28 arrive as the central reference point: the bull case rests on whether U.S. system sales and operating margins can hold the momentum seen in Q2 2025, while bears will be watching whether the sub-5% revenue CAGR scenario starts to look more credible. The rate at which the Street is willing to revisit those targets — and whether the CTB spike this week marks early short-side interest ahead of the print — is what to track between now and the end of July.
See the live data behind this article on ORTEX.
Open INMD on ORTEX →ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data. Content is informational only and does not constitute investment advice.
