Piper Sandler Lowers Inari Medical (NASDAQ:NARI) Price Target to $50.00

Inari Medical (NASDAQ:NARI) had its target price cut by Piper Sandler from $55.00 to $50.00 in a research note released on Wednesday, Benzinga reports. They currently have a neutral rating on the stock.

Several other equities research analysts have also commented on the company. Canaccord Genuity Group reissued a buy rating and set a $75.00 price target on shares of Inari Medical in a research note on Friday, April 12th. Truist Financial reduced their target price on Inari Medical from $61.00 to $52.00 and set a hold rating on the stock in a research note on Friday, March 22nd. Finally, Needham & Company LLC cut their price target on Inari Medical from $72.00 to $57.00 and set a buy rating for the company in a report on Wednesday. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $65.71.

Inari Medical Stock Performance

Shares of NARI stock opened at $42.03 on Wednesday. Inari Medical has a 52-week low of $36.73 and a 52-week high of $71.85. The stock’s 50-day moving average price is $43.12 and its 200 day moving average price is $53.68.

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). Inari Medical had a negative return on equity of 1.65% and a negative net margin of 4.54%. The business had revenue of $132.10 million for the quarter, compared to analyst estimates of $131.82 million. During the same quarter in the previous year, the firm posted ($0.11) EPS. The business’s revenue for the quarter was up 22.5% on a year-over-year basis. As a group, equities research analysts anticipate that Inari Medical will post -0.41 EPS for the current year.

Insider Buying and Selling

In related news, Director William Hoffman sold 38,549 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $42.00, for a total value of $1,619,058.00. Following the sale, the director now directly owns 965,359 shares of the company’s stock, valued at $40,545,078. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director William Hoffman sold 38,549 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $42.00, for a total value of $1,619,058.00. Following the sale, the director now directly owns 965,359 shares of the company’s stock, valued at $40,545,078. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 transaction of $245,760.00. Following the transaction, the chief financial officer now directly owns 181,294 shares in the company, valued at $7,425,802.24. The disclosure for this sale can be found here. Over the last three months, insiders have sold 86,000 shares of company stock valued at $3,568,058. Insiders own 10.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in NARI. Vanguard Group Inc. raised its holdings in shares of Inari Medical by 6.9% during the 4th quarter. Vanguard Group Inc. now owns 5,038,292 shares of the company’s stock valued at $327,086,000 after buying an additional 325,586 shares during the period. Brown Advisory Inc. lifted its position in shares of Inari Medical by 17.6% during the fourth quarter. Brown Advisory Inc. now owns 1,702,113 shares of the company’s stock worth $110,501,000 after purchasing an additional 255,182 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Inari Medical by 5.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 753,968 shares of the company’s stock valued at $49,310,000 after purchasing an additional 40,069 shares during the period. Dimensional Fund Advisors LP grew its holdings 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 purchasing an additional 41,555 shares in the last quarter. Finally, Principal Financial Group Inc. grew its holdings in Inari Medical by 23.4% during the 4th quarter. Principal Financial Group Inc. now owns 567,266 shares of the company’s stock valued at $36,827,000 after purchasing an additional 107,622 shares in the last quarter. 90.98% of the stock is owned by hedge funds and other 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.