Inari Medical (NASDAQ:NARI) Rating Reiterated by Canaccord Genuity Group

Canaccord Genuity Group restated their buy rating on shares of Inari Medical (NASDAQ:NARI) in a research report report published on Friday morning, Benzinga reports. They currently have a $75.00 target price on the stock.

A number of other analysts also recently weighed in on NARI. Piper Sandler downgraded shares of Inari Medical from an overweight rating to a neutral rating and reduced their target price for the stock from $85.00 to $55.00 in a report on Thursday, February 29th. Truist Financial cut their price target on shares of Inari Medical from $61.00 to $52.00 and set a hold rating on the stock in a report on Friday, March 22nd. Finally, Needham & Company LLC reiterated a buy rating and set a $72.00 price target on shares of Inari Medical in a report on Wednesday, March 6th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Inari Medical currently has an average rating of Moderate Buy and a consensus target price of $73.71.

Inari Medical Stock Down 3.2 %

Inari Medical stock opened at $39.49 on Friday. The company’s 50-day moving average price is $48.39 and its 200-day moving average price is $55.94. Inari Medical has a twelve month low of $39.11 and a twelve month high of $71.85. The company has a market cap of $2.29 billion, a PE ratio of -1,316.33 and a beta of 0.84.

Inari Medical (NASDAQ:NARI) last posted its earnings results 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). Inari Medical had a positive return on equity of 1.23% and a negative net margin of 0.33%. The business had revenue of $132.10 million during the quarter, compared to the consensus estimate of $131.82 million. During the same quarter last year, the firm earned ($0.11) earnings per share. The business’s quarterly revenue was up 22.5% on a year-over-year basis. As a group, sell-side analysts expect that Inari Medical will post -0.39 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Inari Medical news, Director William Hoffman sold 40,000 shares of the company’s stock in a transaction dated 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 directly owns 1,003,296 shares in the company, valued at approximately $41,265,564.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 10.60% of the company’s stock.

Hedge Funds Weigh In On Inari Medical

A number of hedge funds have recently added to or reduced their stakes in the stock. Parkside Financial Bank & Trust purchased a new stake in shares of Inari Medical in the 1st quarter worth approximately $25,000. Quarry LP purchased a new stake in shares of Inari Medical in the 2nd quarter worth approximately $27,000. Fifth Third Bancorp lifted its position in shares of Inari Medical by 54.3% in the 3rd quarter. Fifth Third Bancorp now owns 486 shares of the company’s stock worth $32,000 after purchasing an additional 171 shares during the period. FMR LLC lifted its position in shares of Inari Medical by 42.6% in the 2nd quarter. FMR LLC now owns 824 shares of the company’s stock worth $56,000 after purchasing an additional 246 shares during the period. Finally, Point72 Middle East FZE purchased a new stake in shares of Inari Medical in the 4th quarter worth approximately $55,000. 90.98% of the stock is currently owned by institutional investors.

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.