Inari Medical (NASDAQ:NARI) Price Target Lowered to $55.00 at Canaccord Genuity Group

Inari Medical (NASDAQ:NARI) had its price objective decreased by Canaccord Genuity Group from $75.00 to $55.00 in a research report released on Wednesday, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

A number of other analysts have also weighed in on NARI. Needham & Company LLC reduced their price objective on shares of Inari Medical from $72.00 to $57.00 and set a buy rating for the company in a research note on Wednesday. Wells Fargo & Company reduced their price target on shares of Inari Medical from $100.00 to $84.00 and set an overweight rating for the company in a research note on Wednesday. Truist Financial reduced their price target on shares of Inari Medical from $61.00 to $52.00 and set a hold rating for the company in a research note on Friday, March 22nd. Finally, Piper Sandler reduced their price target on shares of Inari Medical from $55.00 to $50.00 and set a neutral rating for the company in a research note on Wednesday. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $65.71.

Inari Medical Stock Performance

NASDAQ:NARI opened at $41.60 on Wednesday. Inari Medical has a fifty-two week low of $36.73 and a fifty-two week high of $71.85. The firm has a 50-day simple moving average of $43.72 and a two-hundred day simple moving average of $53.87.

Inari Medical (NASDAQ:NARI) last released its quarterly earnings data on Wednesday, February 28th. The company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.09). The firm had revenue of $132.10 million for the quarter, compared to the consensus estimate of $131.82 million. Inari Medical had a negative net margin of 4.54% and a negative return on equity of 1.64%. The firm’s revenue for the quarter was up 22.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.11) earnings per share. On average, research analysts forecast that Inari Medical will post -0.25 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Hedge Funds Weigh In On Inari Medical

Several large investors have recently added to or reduced their stakes in NARI. Norges Bank purchased a new position in Inari Medical during the fourth quarter valued at approximately $29,491,000. Vanguard Group Inc. lifted its holdings in Inari Medical by 6.9% during the fourth quarter. Vanguard Group Inc. now owns 5,038,292 shares of the company’s stock valued at $327,086,000 after purchasing an additional 325,586 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in Inari Medical by 127.3% during the third quarter. Principal Financial Group Inc. now owns 459,644 shares of the company’s stock valued at $30,061,000 after purchasing an additional 257,463 shares in the last quarter. Brown Advisory Inc. lifted its holdings in Inari Medical by 17.6% during the fourth quarter. Brown Advisory Inc. now owns 1,702,113 shares of the company’s stock valued at $110,501,000 after purchasing an additional 255,182 shares in the last quarter. Finally, Fuller & Thaler Asset Management Inc. purchased a new position in Inari Medical during the third quarter valued at approximately $14,267,000. Hedge funds and other institutional investors own 90.98% of the company’s stock.

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.