Piper Sandler Begins Coverage on Inari Medical (NASDAQ:NARI)

Piper Sandler initiated coverage on shares of Inari Medical (NASDAQ:NARIGet Rating) in a research note released on Tuesday morning, Marketbeat reports. The brokerage issued an overweight rating and a $100.00 target price on the stock.

Other analysts have also recently issued reports about the stock. Bank of America started coverage on shares of Inari Medical in a research note on Wednesday, March 23rd. They set a buy rating on the stock. Canaccord Genuity Group decreased their price objective on shares of Inari Medical from $102.00 to $96.00 and set a buy rating on the stock in a research note on Monday, March 14th. Canaccord Genuity Group decreased their price objective on shares of Inari Medical from $102.00 to $96.00 in a research note on Monday, March 14th. SVB Leerink upped their price objective on shares of Inari Medical from $85.00 to $95.00 and gave the stock an outperform rating in a research note on Thursday, February 24th. Finally, Morgan Stanley decreased their price objective on shares of Inari Medical from $119.00 to $108.00 and set an overweight rating on the stock in a research note on Thursday, February 24th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of Buy and a consensus target price of $105.67.

NASDAQ:NARI opened at $69.24 on Tuesday. Inari Medical has a 12-month low of $50.50 and a 12-month high of $100.00. The firm has a market capitalization of $3.68 billion, a PE ratio of -2,308.00 and a beta of 1.73. The firm has a 50-day moving average price of $68.63 and a 200 day moving average price of $78.17.

Inari Medical (NASDAQ:NARIGet Rating) last posted its quarterly earnings results on Wednesday, May 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.02. Inari Medical had a negative net margin of 0.25% and a negative return on equity of 0.27%. The firm had revenue of $86.75 million during the quarter, compared to analyst estimates of $83.61 million. During the same quarter in the prior year, the business posted $0.13 earnings per share. The company’s quarterly revenue was up 51.1% compared to the same quarter last year. Equities research analysts expect that Inari Medical will post -0.83 earnings per share for the current fiscal year.

In related news, insider Thomas Tu sold 2,000 shares of the stock in a transaction that occurred on Monday, March 28th. The shares were sold at an average price of $90.00, for a total value of $180,000.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO William Hoffman sold 30,000 shares of the stock in a transaction that occurred on Tuesday, April 5th. The shares were sold at an average price of $90.25, for a total transaction of $2,707,500.00. Following the completion of the transaction, the chief executive officer now owns 550,307 shares in the company, valued at $49,665,206.75. The disclosure for this sale can be found here. Insiders have sold 126,500 shares of company stock worth $9,611,980 over the last three months. 11.90% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Wellington Management Group LLP raised its holdings in Inari Medical by 46.8% in the first quarter. Wellington Management Group LLP now owns 4,626,607 shares of the company’s stock worth $419,355,000 after purchasing an additional 1,475,313 shares during the period. Vanguard Group Inc. raised its holdings in Inari Medical by 13.4% in the first quarter. Vanguard Group Inc. now owns 3,518,646 shares of the company’s stock worth $318,930,000 after purchasing an additional 416,425 shares during the period. Capital International Investors raised its holdings in Inari Medical by 0.8% in the first quarter. Capital International Investors now owns 2,838,045 shares of the company’s stock worth $257,240,000 after purchasing an additional 22,159 shares during the period. Alliancebernstein L.P. raised its holdings in Inari Medical by 17.2% in the fourth quarter. Alliancebernstein L.P. now owns 2,777,274 shares of the company’s stock worth $253,482,000 after purchasing an additional 407,400 shares during the period. Finally, Allspring Global Investments Holdings LLC acquired a new stake in Inari Medical in the fourth quarter worth $152,773,000. Institutional investors and hedge funds own 67.90% of the company’s stock.

About Inari Medical (Get Rating)

Inari Medical, Inc, a medical device company, develops, manufactures, markets, and sells devices for the interventional treatment of venous diseases in the United States. The company provides ClotTriever, a mechanical thrombectomy system, which is designed to core, capture, and remove large clots from large vessels, as well as for treatment of deep vein thrombosis; and FlowTriever, a large bore catheter-based aspiration and mechanical thrombectomy system, for treatment of pulmonary embolism.

Further Reading

Analyst Recommendations for Inari Medical (NASDAQ:NARI)

Receive News & Ratings for Inari Medical Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Inari Medical and related companies with MarketBeat.com's FREE daily email newsletter.