Inari Medical (NASDAQ:NARI) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Inari Medical (NASDAQ:NARI) had its target price raised by stock analysts at Canaccord Genuity Group from $71.00 to $74.00 in a note issued to investors on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target indicates a potential upside of 57.11% from the stock’s current price.

A number of other equities analysts have also issued reports on the stock. Piper Sandler increased their target price on shares of Inari Medical from $50.00 to $52.00 and gave the company a “neutral” rating in a research report on Tuesday. Leerink Partnrs upgraded shares of Inari Medical to a “hold” rating in a report on Tuesday, September 3rd. Wells Fargo & Company dropped their target price on Inari Medical from $84.00 to $65.00 and set an “overweight” rating on the stock in a report on Wednesday, July 31st. Stifel Nicolaus began coverage on Inari Medical in a research note on Tuesday, September 17th. They set a “hold” rating and a $50.00 price target for the company. Finally, Truist Financial lowered their price target on Inari Medical from $55.00 to $46.00 and set a “hold” rating on the stock in a research report on Monday, October 14th. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $58.89.

Inari Medical Stock Down 4.2 %

Shares of NASDAQ:NARI opened at $47.10 on Tuesday. The company has a market cap of $2.74 billion, a PE ratio of -37.25 and a beta of 1.00. Inari Medical has a fifty-two week low of $36.73 and a fifty-two week high of $67.13. The firm has a 50-day simple moving average of $43.51 and a 200 day simple moving average of $45.96.

Inari Medical (NASDAQ:NARI) last announced its quarterly earnings results on Tuesday, July 30th. The company reported ($0.41) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.25). The company had revenue of $145.82 million for the quarter, compared to analyst estimates of $143.96 million. Inari Medical had a negative return on equity of 7.51% and a negative net margin of 10.42%. As a group, research analysts forecast that Inari Medical will post -0.75 EPS for the current fiscal year.

Insider Activity

In other news, CFO Mitch C. Hill sold 3,000 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $45.13, for a total value of $135,390.00. Following the sale, the chief financial officer now owns 179,600 shares of the company’s stock, valued at $8,105,348. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Inari Medical news, Director William Hoffman sold 40,000 shares of the company’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $45.02, for a total transaction of $1,800,800.00. Following the sale, the director now directly owns 601,233 shares of the company’s stock, valued at approximately $27,067,509.66. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Mitch C. Hill sold 3,000 shares of Inari Medical stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $45.13, for a total transaction of $135,390.00. Following the completion of the transaction, the chief financial officer now directly owns 179,600 shares of the company’s stock, valued at approximately $8,105,348. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 88,000 shares of company stock worth $4,009,340 over the last three months. Corporate insiders own 10.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in NARI. State of Alaska Department of Revenue raised its stake in Inari Medical by 462.4% in the 1st quarter. State of Alaska Department of Revenue now owns 31,095 shares of the company’s stock worth $1,491,000 after purchasing an additional 25,566 shares in the last quarter. Maryland State Retirement & Pension System acquired a new stake in shares of Inari Medical in the first quarter valued at approximately $886,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Inari Medical in the first quarter valued at approximately $30,000. Texas Permanent School Fund Corp grew its position in Inari Medical by 1.5% during the first quarter. Texas Permanent School Fund Corp now owns 44,858 shares of the company’s stock worth $2,152,000 after buying an additional 664 shares in the last quarter. Finally, Swiss National Bank increased its stake in Inari Medical by 0.6% during the 1st quarter. Swiss National Bank now owns 102,300 shares of the company’s stock worth $4,908,000 after acquiring an additional 600 shares during the period. 90.98% of the stock is owned by institutional investors and hedge funds.

About Inari Medical

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.