Wells Fargo & Company Reaffirms “Equal Weight” Rating for Inari Medical (NASDAQ:NARI)

Wells Fargo & Company restated their equal weight rating on shares of Inari Medical (NASDAQ:NARI) in a research report released on Tuesday, MarketBeat.com reports. The brokerage currently has a $80.00 target price on the stock, up from their previous target price of $65.00.

Several other brokerages have also weighed in on NARI. Robert W. Baird restated a “neutral” rating and set a $80.00 target price (down from $81.00) on shares of Inari Medical in a research report on Tuesday. Canaccord Genuity Group restated a “hold” rating and issued a $80.00 price target (up previously from $74.00) on shares of Inari Medical in a report on Tuesday. William Blair reaffirmed a “market perform” rating on shares of Inari Medical in a report on Tuesday. Needham & Company LLC reissued a “hold” rating on shares of Inari Medical in a report on Tuesday, October 29th. Finally, Oppenheimer initiated coverage on Inari Medical in a research note on Tuesday, December 17th. They set an “outperform” rating and a $75.00 price target for the company. Twelve equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $68.00.

Inari Medical Stock Performance

Shares of NASDAQ NARI opened at $79.30 on Tuesday. Inari Medical has a one year low of $36.73 and a one year high of $79.69. The firm has a market capitalization of $4.64 billion, a P/E ratio of -58.74 and a beta of 0.97. The company’s fifty day moving average is $53.49 and its two-hundred day moving average is $49.14.

Insiders Place Their Bets

In other news, Director William Hoffman sold 200,000 shares of the company’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $60.47, for a total value of $12,094,000.00. Following the completion of the sale, the director now owns 238,987 shares of the company’s stock, valued at $14,451,543.89. This represents a 45.56 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Andrew Hykes sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $50.00, for a total value of $150,000.00. Following the sale, the chief executive officer now owns 445,310 shares in the company, valued at approximately $22,265,500. The trade was a 0.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 406,000 shares of company stock worth $22,621,870 over the last ninety days. 10.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Inari Medical

A number of large investors have recently added to or reduced their stakes in the company. Commonwealth Equity Services LLC purchased a new stake in shares of Inari Medical during the second quarter worth about $421,000. Arizona State Retirement System grew its stake in Inari Medical by 2.5% during the 2nd quarter. Arizona State Retirement System now owns 14,602 shares of the company’s stock valued at $703,000 after purchasing an additional 358 shares in the last quarter. Quest Partners LLC raised its position in shares of Inari Medical by 31,257.1% in the 2nd quarter. Quest Partners LLC now owns 2,195 shares of the company’s stock valued at $106,000 after purchasing an additional 2,188 shares in the last quarter. American Century Companies Inc. raised its position in shares of Inari Medical by 26.8% in the 2nd quarter. American Century Companies Inc. now owns 980,917 shares of the company’s stock valued at $47,231,000 after purchasing an additional 207,485 shares in the last quarter. Finally, Sofinnova Investments Inc. boosted its stake in shares of Inari Medical by 1,425.4% during the 2nd quarter. Sofinnova Investments Inc. now owns 155,838 shares of the company’s stock valued at $7,504,000 after buying an additional 145,622 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.