Inari Medical (NASDAQ:NARI) PT Lowered to $50.00 at Piper Sandler

Inari Medical (NASDAQ:NARI) had its price target reduced by investment analysts at Piper Sandler from $55.00 to $50.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Piper Sandler’s target price indicates a potential upside of 13.10% from the stock’s current price.

Several other research firms have also issued reports on NARI. Needham & Company LLC lowered their target price on shares of Inari Medical from $72.00 to $57.00 and set a “buy” rating for the company in a report on Wednesday. Canaccord Genuity Group reiterated a “buy” rating and set a $75.00 price objective on shares of Inari Medical in a report on Friday, April 12th. Finally, Truist Financial decreased their price objective on shares of Inari Medical from $61.00 to $52.00 and set a “hold” rating for the company in a report on Friday, March 22nd. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $70.86.

Inari Medical Stock Performance

Shares of NASDAQ:NARI traded up $6.87 on Wednesday, reaching $44.21. The company’s stock had a trading volume of 1,231,176 shares, compared to its average volume of 1,147,431. Inari Medical has a 52-week low of $36.73 and a 52-week high of $71.85. The company has a market cap of $2.56 billion, a P/E ratio of -1,492.67 and a beta of 0.84. The company has a 50-day simple moving average of $44.03 and a 200 day simple moving average of $53.96.

Inari Medical (NASDAQ:NARI) last released its earnings results on Wednesday, February 28th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.09). The firm had revenue of $132.10 million during the quarter, compared to the consensus estimate of $131.82 million. Inari Medical had a positive return on equity of 1.23% and a negative net margin of 0.33%. Inari Medical’s revenue was up 22.5% compared to the same quarter last year. During the same quarter last year, the business posted ($0.11) EPS. On average, equities research analysts forecast 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 business’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 completion of the sale, the director now 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 available at the SEC website. In other news, CFO Mitch C. Hill sold 6,000 shares of Inari Medical 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 approximately $7,425,802.24. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director William Hoffman sold 40,000 shares of the business’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 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. In the last quarter, insiders sold 47,451 shares of company stock worth $1,949,000. 10.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Inari Medical

Institutional investors and hedge funds have recently bought and sold shares of the business. Fifth Third Bancorp lifted its stake in Inari Medical by 54.3% during the 3rd quarter. Fifth Third Bancorp now owns 486 shares of the company’s stock valued at $32,000 after acquiring an additional 171 shares during the period. Benjamin F. Edwards & Company Inc. lifted its stake in shares of Inari Medical by 27.4% in the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 1,098 shares of the company’s stock valued at $71,000 after purchasing an additional 236 shares during the period. Nisa Investment Advisors LLC lifted its stake in shares of Inari Medical by 139.7% in the 3rd quarter. Nisa Investment Advisors LLC now owns 1,189 shares of the company’s stock valued at $78,000 after purchasing an additional 693 shares during the period. Handelsinvest Investeringsforvaltning acquired a new position in shares of Inari Medical in the 4th quarter valued at $185,000. Finally, Clear Street Markets LLC acquired a new position in Inari Medical during the fourth quarter worth $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.