Canaccord Genuity Group Boosts Inari Medical (NASDAQ:NARI) Price Target to $71.00

Inari Medical (NASDAQ:NARI) had its price objective raised by Canaccord Genuity Group from $55.00 to $71.00 in a research report report published on Wednesday, Benzinga reports. The brokerage currently has a buy rating on the stock.

NARI has been the topic of a number of other research reports. Robert W. Baird decreased their target price on shares of Inari Medical from $65.00 to $63.00 and set an outperform rating on the stock in a research note on Wednesday. Needham & Company LLC reaffirmed a hold rating on shares of Inari Medical in a research note on Wednesday. Truist Financial lifted their target price on Inari Medical from $47.00 to $60.00 and gave the company a hold rating in a research note on Tuesday, July 16th. Wells Fargo & Company dropped their price target on Inari Medical from $100.00 to $84.00 and set an overweight rating for the company in a research note on Wednesday, May 1st. Finally, Piper Sandler reduced their price objective on shares of Inari Medical from $55.00 to $50.00 and set a neutral rating on the stock in a research report on Wednesday, May 1st. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus target price of $63.43.

Inari Medical Price Performance

Shares of Inari Medical stock opened at $47.31 on Wednesday. The stock has a market capitalization of $2.76 billion, a PE ratio of -115.39 and a beta of 1.01. Inari Medical has a 1-year low of $36.73 and a 1-year high of $71.85. The company’s fifty day simple moving average is $50.20 and its 200-day simple moving average is $48.76.

Inari Medical (NASDAQ:NARI) last issued its quarterly earnings results on Tuesday, April 30th. The company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.15). Inari Medical had a negative return on equity of 7.51% and a negative net margin of 10.42%. The company had revenue of $143.19 million during the quarter, compared to analysts’ expectations of $138.32 million. As a group, research analysts anticipate that Inari Medical will post -0.62 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Andrew Hykes sold 3,000 shares of the company’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $50.00, for a total transaction of $150,000.00. Following the sale, the chief executive officer now directly owns 465,474 shares in the company, valued at approximately $23,273,700. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director William Hoffman sold 60,000 shares of Inari Medical stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $56.74, for a total transaction of $3,404,400.00. Following the completion of the sale, the director now directly owns 743,296 shares in the company, valued at $42,174,615.04. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Andrew Hykes sold 3,000 shares of the business’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $50.00, for a total transaction of $150,000.00. Following the sale, the chief executive officer now directly owns 465,474 shares of the company’s stock, valued at $23,273,700. The disclosure for this sale can be found here. Insiders sold 222,744 shares of company stock valued at $11,494,500 in the last three months. Corporate insiders own 10.60% of the company’s stock.

Institutional Investors Weigh In On Inari Medical

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NARI. Vanguard Group Inc. grew its stake in Inari Medical by 11.1% in the 1st quarter. Vanguard Group Inc. now owns 5,599,854 shares of the company’s stock worth $268,681,000 after acquiring an additional 561,562 shares in the last quarter. Norges Bank bought a new position in Inari Medical in the fourth quarter worth approximately $29,491,000. Brown Advisory Inc. increased its holdings in Inari Medical by 17.6% during the 4th 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 during the period. First Light Asset Management LLC bought a new stake in Inari Medical during the 1st quarter valued at $10,265,000. Finally, Peregrine Capital Management LLC purchased a new stake in shares of Inari Medical in the 2nd quarter worth $8,664,000. Institutional investors own 90.98% of the company’s stock.

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.