Inari Medical (NASDAQ:NARI) Price Target Lowered to $55.00 at Canaccord Genuity Group

Inari Medical (NASDAQ:NARI) had its price target lowered by Canaccord Genuity Group from $75.00 to $55.00 in a research report released on Wednesday, Benzinga reports. The firm currently has a buy rating on the stock.

Other equities research analysts have also recently issued reports about the stock. Piper Sandler decreased their price objective on shares of Inari Medical from $55.00 to $50.00 and set a neutral rating for the company in a research report on Wednesday. Wells Fargo & Company reduced their price target on shares of Inari Medical from $100.00 to $84.00 and set an overweight rating for the company in a report on Wednesday. Truist Financial reduced their price target 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. Finally, Needham & Company LLC reduced their price target on shares of Inari Medical from $72.00 to $57.00 and set a buy rating for the company in a report on Wednesday. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of Moderate Buy and a consensus price target of $65.71.

Inari Medical Trading Up 11.4 %

NARI opened at $41.60 on Wednesday. Inari Medical has a twelve month low of $36.73 and a twelve month high of $71.85. The company has a fifty day moving average of $43.72 and a 200-day moving average of $53.87.

Inari Medical (NASDAQ:NARI) last posted its quarterly earnings data on Wednesday, February 28th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.09). Inari Medical had a negative return on equity of 1.64% and a negative net margin of 4.54%. The firm had revenue of $132.10 million for the quarter, compared to analyst estimates of $131.82 million. During the same quarter last year, the company earned ($0.11) earnings per share. The company’s quarterly revenue was up 22.5% compared to the same quarter last year. As a group, analysts forecast that Inari Medical will post -0.25 EPS for the current year.

Insider Activity

In other news, CFO Mitch C. Hill sold 6,000 shares of Inari Medical stock in a transaction dated Friday, April 12th. The shares were sold at an average price of $40.96, for a total transaction 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 Securities & Exchange Commission, which can be accessed through this link. In related 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 transaction of $245,760.00. Following the transaction, the chief financial officer now directly owns 181,294 shares of the company’s stock, valued at $7,425,802.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William Hoffman sold 1,451 shares of the firm’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $40.00, for a total transaction of $58,040.00. Following the transaction, the director now directly owns 999,782 shares in the company, valued at $39,991,280. The disclosure for this sale can be found here. Insiders sold 47,451 shares of company stock worth $1,949,000 over the last three months. 10.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Fifth Third Bancorp lifted its position in shares of 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 purchasing an additional 171 shares in the last quarter. Benjamin F. Edwards & Company Inc. lifted its position in shares of 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 purchasing an additional 236 shares in the last quarter. Nisa Investment Advisors LLC lifted its position in shares of 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 purchasing an additional 693 shares in the last quarter. Handelsinvest Investeringsforvaltning bought a new stake in Inari Medical in the fourth quarter worth about $185,000. Finally, Clear Street Markets LLC bought a new stake in Inari Medical in the fourth quarter worth about $198,000. 90.98% of the stock is 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.