Inari Medical (NASDAQ:NARI) Trading Down 4.6% After Insider Selling

Inari Medical, Inc. (NASDAQ:NARI)’s stock price dropped 4.6% during trading on Wednesday following insider selling activity. The company traded as low as $48.62 and last traded at $48.62. Approximately 136,045 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 983,498 shares. The stock had previously closed at $50.97.

Specifically, Director William Hoffman sold 60,000 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $51.16, for a total transaction of $3,069,600.00. Following the transaction, the director now owns 501,233 shares in the company, valued at approximately $25,643,080.28. This represents a 10.69 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on NARI shares. Needham & Company LLC reissued a “hold” rating on shares of Inari Medical in a report on Tuesday, October 29th. Robert W. Baird boosted their target price on shares of Inari Medical from $66.00 to $67.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Canaccord Genuity Group raised their price target on shares of Inari Medical from $71.00 to $74.00 and gave the company a “buy” rating in a research report on Tuesday, October 29th. Leerink Partners assumed coverage on shares of Inari Medical in a research report on Tuesday, September 3rd. They issued a “market perform” rating and a $47.00 price objective for the company. Finally, Piper Sandler raised their target price on Inari Medical from $50.00 to $52.00 and gave the company a “neutral” rating in a research report on Tuesday, October 29th. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Inari Medical presently has a consensus rating of “Hold” and a consensus target price of $58.89.

Inari Medical Stock Up 0.8 %

The stock has a 50-day moving average of $45.52 and a 200 day moving average of $47.19. The stock has a market cap of $2.94 billion, a PE ratio of -36.89 and a beta of 0.96.

Institutional Investors Weigh In On Inari Medical

Several hedge funds and other institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC grew its stake in shares of Inari Medical by 164.7% in the 2nd quarter. GAMMA Investing LLC now owns 704 shares of the company’s stock valued at $34,000 after buying an additional 438 shares during the period. Nisa Investment Advisors LLC grew its position in Inari Medical by 83.5% in the second quarter. Nisa Investment Advisors LLC now owns 956 shares of the company’s stock worth $46,000 after acquiring an additional 435 shares during the period. KBC Group NV grew its position in Inari Medical by 39.0% in the third quarter. KBC Group NV now owns 1,774 shares of the company’s stock worth $73,000 after acquiring an additional 498 shares during the period. Covestor Ltd raised its position in Inari Medical by 30.2% in the first quarter. Covestor Ltd now owns 1,619 shares of the company’s stock valued at $78,000 after purchasing an additional 376 shares during the period. Finally, Benjamin F. Edwards & Company Inc. lifted its stake in shares of Inari Medical by 39.4% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 1,847 shares of the company’s stock valued at $89,000 after purchasing an additional 522 shares during the last quarter. 90.98% of the stock is currently owned by institutional investors and hedge funds.

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.