Canaccord Genuity Group Reaffirms “Buy” Rating for Inari Medical (NASDAQ:NARI)

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

NARI has been the topic of a number of other research reports. 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. 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. Finally, Needham & Company LLC reaffirmed a buy rating and issued a $72.00 price objective on shares of Inari Medical in a report on Wednesday, March 6th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus price target of $73.71.

Inari Medical Stock Performance

Shares of NASDAQ:NARI opened at $40.78 on Friday. The stock has a market capitalization of $2.36 billion, a price-to-earnings ratio of -1,359.33 and a beta of 0.84. Inari Medical has a 1-year low of $39.90 and a 1-year high of $71.85. The company’s fifty day moving average is $48.73 and its two-hundred day moving average is $56.13.

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 -0.39 EPS for the current fiscal year.

Insider Activity at Inari Medical

In related news, Director William Hoffman sold 40,000 shares of the 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 transaction, the director now 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 accessible through this link. 10.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Inari Medical

Institutional investors and hedge funds have recently bought and sold shares of the stock. Parkside Financial Bank & Trust bought a new position in shares of Inari Medical during the 1st quarter valued at about $25,000. Quarry LP bought a new position in shares of Inari Medical during the 2nd quarter valued at about $27,000. Fifth Third Bancorp boosted its position in shares of 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 purchasing an additional 171 shares in the last quarter. FMR LLC boosted its position in shares of Inari Medical by 42.6% during the 2nd quarter. FMR LLC now owns 824 shares of the company’s stock valued at $56,000 after purchasing an additional 246 shares in the last quarter. Finally, Point72 Middle East FZE bought a new position in shares of Inari Medical during the 4th quarter valued at about $55,000. Institutional investors own 90.98% of the company’s stock.

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.