Inari Medical (NASDAQ:NARI) Price Target Cut to $57.00

Inari Medical (NASDAQ:NARI) had its price target reduced by Needham & Company LLC from $72.00 to $57.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price target would suggest a potential upside of 35.75% from the company’s previous close.

Other equities research analysts have also recently issued reports about the stock. 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 research report on Friday, March 22nd. Piper Sandler lowered shares of Inari Medical from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $85.00 to $55.00 in a research note on Thursday, February 29th. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $75.00 price target on shares of Inari Medical in a research note on Friday, April 12th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $65.71.

Inari Medical Price Performance

Inari Medical stock opened at $41.99 on Wednesday. The firm has a 50 day simple moving average of $43.42 and a 200-day simple moving average of $53.79. Inari Medical has a 1-year low of $36.73 and a 1-year high of $71.85.

Inari Medical (NASDAQ:NARI) last posted its quarterly earnings results on Wednesday, February 28th. The company reported ($0.08) EPS for the quarter, missing the consensus estimate of $0.01 by ($0.09). The business had revenue of $132.10 million during the quarter, compared to analyst estimates of $131.82 million. Inari Medical had a negative return on equity of 1.65% and a negative net margin of 4.54%. The business’s revenue was up 22.5% on a year-over-year basis. During the same quarter last year, the firm earned ($0.11) EPS. Equities analysts forecast that Inari Medical will post -0.25 EPS for the current year.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Inari Medical

Large investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in shares of Inari Medical by 6.9% in the fourth quarter. Vanguard Group Inc. now owns 5,038,292 shares of the company’s stock worth $327,086,000 after acquiring an additional 325,586 shares in the last quarter. Brown Advisory Inc. boosted its stake in Inari Medical by 17.6% during the 4th quarter. Brown Advisory Inc. now owns 1,702,113 shares of the company’s stock valued at $110,501,000 after acquiring an additional 255,182 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in Inari Medical by 5.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 753,968 shares of the company’s stock valued at $49,310,000 after acquiring an additional 40,069 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Inari Medical by 7.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 596,007 shares of the company’s stock valued at $38,693,000 after acquiring an additional 41,555 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its position in shares of Inari Medical by 23.4% in the 4th quarter. Principal Financial Group Inc. now owns 567,266 shares of the company’s stock worth $36,827,000 after buying an additional 107,622 shares during the last quarter. Hedge funds and other institutional investors own 90.98% of the company’s stock.

Inari Medical Company Profile

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.