Inari Medical (NASDAQ:NARI) Price Target Cut to $55.00

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

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

Inari Medical Stock Performance

Shares of NASDAQ NARI traded up $4.26 during mid-day trading on Wednesday, reaching $41.60. 3,347,058 shares of the company's stock were exchanged, compared to its average volume of 1,176,335. The firm has a market capitalization of $2.41 billion, a price-to-earnings ratio of -1,386.67 and a beta of 0.84. Inari Medical has a 52-week low of $36.73 and a 52-week high of $71.85. The company's 50-day moving average is $43.72 and its 200-day moving average is $53.87.

Inari Medical (NASDAQ:NARI - Get Free Report) last released its quarterly 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 analysts' expectations of $131.82 million. Inari Medical had a positive return on equity of 1.23% and a negative net margin of 0.33%. The business's revenue for the quarter was up 22.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.11) earnings per share. As a group, equities analysts predict that Inari Medical will post -0.25 earnings per share for the current fiscal year.

Insider Buying and Selling at Inari Medical

In other Inari Medical news, Director William Hoffman sold 40,000 shares of the stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $41.13, for a total value of $1,645,200.00. Following the sale, the director now owns 1,003,296 shares of the company's stock, valued at approximately $41,265,564.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Mitch C. Hill sold 6,000 shares of the firm's stock in a transaction dated Friday, April 12th. The stock was sold at an average price of $40.96, for a total transaction of $245,760.00. Following the sale, 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William Hoffman sold 40,000 shares of the firm'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 value of $1,645,200.00. Following the transaction, the director now owns 1,003,296 shares in the company, valued at approximately $41,265,564.48. The disclosure for this sale can be found here. Insiders have sold 47,451 shares of company stock valued at $1,949,000 in the last quarter. Corporate insiders own 10.60% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in NARI. Fifth Third Bancorp grew its stake in Inari Medical by 54.3% during the 3rd quarter. Fifth Third Bancorp now owns 486 shares of the company's stock worth $32,000 after buying an additional 171 shares during the last quarter. Benjamin F. Edwards & Company Inc. grew its stake in Inari Medical by 27.4% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 1,098 shares of the company's stock worth $71,000 after buying an additional 236 shares during the last quarter. Nisa Investment Advisors LLC grew 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 last quarter. Handelsinvest Investeringsforvaltning purchased a new position in shares of Inari Medical in the 4th quarter valued at approximately $185,000. Finally, Clear Street Markets LLC purchased a new position in shares of Inari Medical in the 4th quarter valued at approximately $198,000. 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.