Inari Medical (NASDAQ:NARI) Trading 4.4% Higher

Inari Medical, Inc. (NASDAQ:NARI)’s share price traded up 4.4% during trading on Wednesday . The company traded as high as $39.23 and last traded at $38.75. 561,214 shares traded hands during mid-day trading, a decline of 50% from the average session volume of 1,124,220 shares. The stock had previously closed at $37.11.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $72.00 price objective on shares of Inari Medical in a research note on Wednesday, March 6th. Canaccord Genuity Group reissued a “buy” rating and issued a $75.00 target price on shares of Inari Medical in a report on Friday, April 12th. Piper Sandler lowered Inari Medical from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $85.00 to $55.00 in a research note on Thursday, February 29th. Finally, Truist Financial cut their target price on Inari Medical from $61.00 to $52.00 and set a “hold” rating on the stock in a research report on Friday, March 22nd. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $73.71.

Inari Medical Stock Performance

The firm’s 50 day moving average is $46.08 and its 200 day moving average is $54.77. The stock has a market cap of $2.21 billion, a P/E ratio of -1,272.67 and a beta of 0.84.

Inari Medical (NASDAQ:NARI) last released its earnings results on Wednesday, February 28th. The company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.09). The company had revenue of $132.10 million during the quarter, compared to analyst estimates of $131.82 million. Inari Medical had a positive return on equity of 1.23% and a negative net margin of 0.33%. The firm’s revenue for the quarter was up 22.5% on a year-over-year basis. During the same quarter last year, the business earned ($0.11) earnings per share. As a group, analysts expect that Inari Medical, Inc. will post -0.39 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director William Hoffman sold 40,000 shares of the business’s stock in a transaction on Monday, March 18th. The shares were sold at an average price of $41.13, for a total value of $1,645,200.00. Following the completion of the transaction, the director now directly owns 1,003,296 shares in the company, valued at approximately $41,265,564.48. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CFO Mitch C. Hill sold 6,000 shares of the stock in a transaction that occurred on Friday, April 12th. The stock was sold at an average price of $40.96, for a total transaction of $245,760.00. Following the transaction, the chief financial officer now owns 181,294 shares in the company, valued at approximately $7,425,802.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director William Hoffman sold 40,000 shares of Inari Medical stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $41.13, for a total value of $1,645,200.00. Following the completion of the sale, the director now owns 1,003,296 shares in the company, valued at $41,265,564.48. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 47,451 shares of company stock worth $1,949,000. Corporate insiders own 10.60% of the company’s stock.

Institutional Investors Weigh In On Inari Medical

Hedge funds have recently modified their holdings of the company. Knights of Columbus Asset Advisors LLC lifted its position in shares of Inari Medical by 99.7% during the fourth quarter. Knights of Columbus Asset Advisors LLC now owns 45,621 shares of the company’s stock worth $2,962,000 after purchasing an additional 22,780 shares in the last quarter. Bamco Inc. NY boosted its position in shares of Inari Medical by 18.2% in the 3rd quarter. Bamco Inc. NY now owns 557,937 shares of the company’s stock valued at $36,489,000 after purchasing an additional 86,000 shares during the period. Canada Pension Plan Investment Board purchased a new position in shares of Inari Medical during the third quarter worth approximately $2,564,000. Fiera Capital Corp raised its holdings in shares of Inari Medical by 63.4% in the third quarter. Fiera Capital Corp now owns 560,756 shares of the company’s stock valued at $36,673,000 after buying an additional 217,606 shares during the last quarter. Finally, Asset Management One Co. Ltd. lifted its position in Inari Medical by 19.5% during the 3rd quarter. Asset Management One Co. Ltd. now owns 47,390 shares of the company’s stock worth $3,099,000 after acquiring an additional 7,720 shares during the period. Hedge funds and other institutional investors own 90.98% of the company’s stock.

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.