Inari Medical (NASDAQ:NARI) Sets New 12-Month High on Analyst Upgrade

Inari Medical, Inc. (NASDAQ:NARI) hit a new 52-week high during mid-day trading on Tuesday after Piper Sandler raised their price target on the stock from $52.00 to $80.00. Piper Sandler currently has a neutral rating on the stock. Inari Medical traded as high as $79.43 and last traded at $79.31, with a volume of 5168594 shares traded. The stock had previously closed at $65.00.

Several other research firms also recently issued reports on NARI. Needham & Company LLC restated a “hold” rating on shares of Inari Medical in a report on Tuesday, October 29th. Truist Financial lifted their price target on shares of Inari Medical from $50.00 to $63.00 and gave the stock a “hold” rating in a research note on Wednesday, December 18th. Oppenheimer assumed coverage on shares of Inari Medical in a research note on Tuesday, December 17th. They set an “outperform” rating and a $75.00 price objective on the stock. Robert W. Baird reissued a “neutral” rating and issued a $80.00 target price (down previously from $81.00) on shares of Inari Medical in a research report on Tuesday. Finally, Canaccord Genuity Group reaffirmed a “hold” rating and set a $80.00 price target (up previously from $74.00) on shares of Inari Medical in a research report on Tuesday. Ten research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Inari Medical currently has a consensus rating of “Hold” and a consensus price target of $68.00.

Insider Activity

In related news, Director William Hoffman sold 60,000 shares of the company’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $55.66, for a total transaction of $3,339,600.00. Following the completion of the transaction, the director now directly owns 441,233 shares in the company, valued at $24,559,028.78. This represents a 11.97 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Andrew Hykes sold 3,000 shares of the stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $50.00, for a total value of $150,000.00. Following the completion of the sale, the chief executive officer now directly owns 445,310 shares in the company, valued at $22,265,500. This represents a 0.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 206,000 shares of company stock valued at $10,527,870. 10.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC raised its holdings in shares of Inari Medical by 67.2% during the third quarter. GAMMA Investing LLC now owns 1,177 shares of the company’s stock valued at $49,000 after buying an additional 473 shares during the last quarter. KBC Group NV raised its stake in Inari Medical by 39.0% during the 3rd quarter. KBC Group NV now owns 1,774 shares of the company’s stock valued at $73,000 after acquiring an additional 498 shares in the last quarter. Benjamin F. Edwards & Company Inc. boosted its position in Inari Medical by 39.4% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 1,847 shares of the company’s stock worth $89,000 after acquiring an additional 522 shares during the period. Covestor Ltd grew its stake in shares of Inari Medical by 63.5% in the third quarter. Covestor Ltd now owns 2,384 shares of the company’s stock worth $99,000 after purchasing an additional 926 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Inari Medical during the second quarter valued at $104,000. 90.98% of the stock is owned by institutional investors and hedge funds.

Inari Medical Stock Up 22.2 %

The business’s 50 day moving average is $52.85 and its two-hundred day moving average is $48.92. The firm has a market capitalization of $4.65 billion, a P/E ratio of -58.85 and a beta of 0.97.

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.