Inari Medical (NASDAQ:NARI) Price Target Lowered to $57.00 at Needham & Company LLC

Inari Medical (NASDAQ:NARI) had its price objective lowered by research analysts at Needham & Company LLC from $72.00 to $57.00 in a report issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s price target suggests a potential upside of 52.65% from the company’s previous close.

Other analysts have also recently issued research reports about the stock. Truist Financial dropped their price objective 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. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $75.00 price objective on shares of Inari Medical in a report on Friday, April 12th. Finally, Piper Sandler cut shares of Inari Medical from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $85.00 to $55.00 in a report on Thursday, February 29th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Inari Medical presently has an average rating of “Moderate Buy” and an average target price of $71.57.

Inari Medical Stock Performance

Shares of NASDAQ:NARI opened at $37.34 on Wednesday. The stock has a market capitalization of $2.16 billion, a price-to-earnings ratio of -1,244.67 and a beta of 0.84. Inari Medical has a 1-year low of $36.73 and a 1-year high of $71.85. The company’s fifty day moving average is $44.03 and its two-hundred day moving average is $53.96.

Inari Medical (NASDAQ:NARI) last issued 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). The business had revenue of $132.10 million for 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 period last year, the company posted ($0.11) earnings per share. Sell-side analysts expect that Inari Medical will post -0.25 EPS for the current fiscal year.

Insider Activity

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

Institutional Trading of Inari Medical

Several institutional investors have recently made changes to their positions in the stock. Fifth Third Bancorp raised its position in Inari Medical by 54.3% during the third quarter. Fifth Third Bancorp now owns 486 shares of the company’s stock valued at $32,000 after acquiring an additional 171 shares in the last quarter. Benjamin F. Edwards & Company Inc. raised its position in Inari Medical by 27.4% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 1,098 shares of the company’s stock valued at $71,000 after acquiring an additional 236 shares in the last quarter. Nisa Investment Advisors LLC raised its position in Inari Medical by 139.7% during the third quarter. Nisa Investment Advisors LLC now owns 1,189 shares of the company’s stock valued at $78,000 after acquiring an additional 693 shares in the last quarter. Handelsinvest Investeringsforvaltning bought a new position in Inari Medical during the fourth quarter valued at approximately $185,000. Finally, Clear Street Markets LLC bought a new position in Inari Medical during the fourth quarter valued at approximately $198,000. 90.98% of the stock is currently owned by institutional investors and hedge funds.

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.