Inari Medical (NASDAQ:NARI) Given "Buy" Rating at Canaccord Genuity Group

Inari Medical (NASDAQ:NARI - Get Free Report)'s stock had its "buy" rating reissued by research analysts at Canaccord Genuity Group in a research report issued on Friday, Benzinga reports. They currently have a $75.00 price target on the stock. Canaccord Genuity Group's price objective points to a potential upside of 83.91% from the company's current price.

A number of other analysts have also recently commented on NARI. Truist Financial lowered 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. Needham & Company LLC restated a "buy" rating and issued a $72.00 price objective on shares of Inari Medical in a research report on Wednesday, March 6th. Finally, Piper Sandler cut shares of Inari Medical from an "overweight" rating to a "neutral" rating and lowered their price objective for the company from $85.00 to $55.00 in a research report on Thursday, February 29th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Inari Medical has a consensus rating of "Moderate Buy" and an average target price of $73.71.

Inari Medical Stock Down 1.8 %

Shares of NARI traded down $0.74 during trading hours on Friday, reaching $40.78. The stock had a trading volume of 588,663 shares, compared to its average volume of 1,141,952. Inari Medical has a 52 week low of $39.90 and a 52 week high of $71.85. The firm has a 50-day moving average of $48.73 and a 200 day moving average of $56.26. The company has a market cap of $2.36 billion, a P/E ratio of -1,359.33 and a beta of 0.84.

Inari Medical (NASDAQ:NARI - Get Free Report) last released its quarterly earnings data on Wednesday, February 28th. The company reported ($0.08) EPS for the quarter, missing analysts' consensus estimates of $0.01 by ($0.09). Inari Medical had a negative net margin of 0.33% and a positive return on equity of 1.23%. The firm had revenue of $132.10 million during the quarter, compared to the consensus estimate of $131.82 million. During the same quarter in the prior year, the company earned ($0.11) EPS. Inari Medical's quarterly revenue was up 22.5% on a year-over-year basis. As a group, equities analysts expect that Inari Medical will post -0.39 earnings per share for the current year.

Insider Buying and Selling

In related news, Director William Hoffman sold 40,000 shares of the company's stock in a transaction on 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 directly owns 1,003,296 shares of the company's stock, valued at approximately $41,265,564.48. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 10.60% of the company's stock.

Hedge Funds Weigh In On Inari Medical

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NARI. Parkside Financial Bank & Trust acquired a new position in shares of Inari Medical during the 1st quarter worth about $25,000. Quarry LP acquired a new position in shares of Inari Medical during the 2nd quarter worth about $27,000. Fifth Third Bancorp boosted its stake in shares of 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. Point72 Middle East FZE acquired a new position in shares of Inari Medical during the 4th quarter worth about $55,000. Finally, FMR LLC boosted its stake in shares of Inari Medical by 42.6% during the 2nd quarter. FMR LLC now owns 824 shares of the company's stock worth $56,000 after buying an additional 246 shares during the last quarter. 90.98% of the stock is owned by institutional investors and hedge funds.

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.