Inari Medical (NASDAQ:NARI) Stock Price Down 4.6% After Insider Selling

Inari Medical, Inc. (NASDAQ:NARI)’s stock price dropped 4.6% during mid-day trading on Monday after an insider sold shares in the company. The company traded as low as $52.86 and last traded at $52.90. Approximately 358,067 shares were traded during mid-day trading, a decline of 64% from the average daily volume of 996,203 shares. The stock had previously closed at $55.45.

Specifically, CEO Andrew Hykes sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $55.29, for a total value of $165,870.00. Following the sale, the chief executive officer now owns 439,310 shares of the company’s stock, valued at $24,289,449.90. The trade was a 0.68 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director William Hoffman sold 60,000 shares of the business’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $55.66, for a total transaction of $3,339,600.00. Following the sale, the director now directly owns 441,233 shares in the company, valued at $24,559,028.78. The trade was a 11.97 % decrease in their position. The disclosure for this sale can be found here.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Needham & Company LLC reissued a “hold” rating on shares of Inari Medical in a report on Tuesday, October 29th. Stifel Nicolaus assumed coverage on shares of Inari Medical in a research report on Tuesday, September 17th. They issued a “hold” rating and a $50.00 price objective for the company. Leerink Partnrs raised shares of Inari Medical to a “hold” rating in a research note on Tuesday, September 3rd. Oppenheimer initiated coverage on shares of Inari Medical in a research note on Tuesday, December 17th. They issued an “outperform” rating and a $75.00 target price on the stock. Finally, Piper Sandler boosted their price target on shares of Inari Medical from $50.00 to $52.00 and gave the company a “neutral” rating in a research report on Tuesday, October 29th. Six analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Inari Medical has a consensus rating of “Moderate Buy” and a consensus price target of $61.80.

Inari Medical Stock Down 4.0 %

The stock has a 50-day simple moving average of $50.34 and a two-hundred day simple moving average of $48.17. The firm has a market cap of $3.12 billion, a PE ratio of -39.44 and a beta of 0.97.

Hedge Funds Weigh In On Inari Medical

Large investors have recently modified their holdings of the company. Jennison Associates LLC grew its position in Inari Medical by 63.2% during the third quarter. Jennison Associates LLC now owns 1,576,641 shares of the company’s stock valued at $65,021,000 after acquiring an additional 610,468 shares during the last quarter. Vestal Point Capital LP boosted its stake in shares of Inari Medical by 342.9% in the 3rd quarter. Vestal Point Capital LP now owns 1,550,000 shares of the company’s stock valued at $63,922,000 after purchasing an additional 1,200,000 shares in the last quarter. Point72 Asset Management L.P. grew its holdings in shares of Inari Medical by 113.3% during the 2nd quarter. Point72 Asset Management L.P. now owns 1,481,283 shares of the company’s stock valued at $71,324,000 after purchasing an additional 786,691 shares during the last quarter. Armistice Capital LLC raised its position in Inari Medical by 353.1% in the 2nd quarter. Armistice Capital LLC now owns 1,009,252 shares of the company’s stock worth $48,595,000 after purchasing an additional 786,501 shares during the period. Finally, Bamco Inc. NY lifted its stake in Inari Medical by 29.5% in the third quarter. Bamco Inc. NY now owns 1,006,129 shares of the company’s stock worth $41,493,000 after purchasing an additional 228,977 shares during the last quarter. 90.98% of the stock is owned by hedge funds and other institutional investors.

Inari Medical Company Profile

Inari Medical, Inc builds minimally invasive, novel, and catheter-based mechanical thrombectomy devices and accessories for the specific disease states in the United States. The company provides ClotTriever system, which is designed to core, capture, and remove large clots from large vessels for treatment of deep vein thrombosis and peripheral thrombus; FlowTriever system, a large bore catheter-based aspiration and mechanical thrombectomy system to remove large clots from large vessels in the peripheral vasculature for treating pulmonary embolism and other complex venous thromboembolism cases; InThrill system to treat small vessel thrombosis; and LimFlow system for patients who have chronic limb-threatening ischemia with no suitable endovascular or surgical revascularization options and risk of major amputation.