Inari Medical (NASDAQ:NARI) Trading Down 3.6%

Inari Medical, Inc. (NASDAQ:NARI) traded down 3.6% on Tuesday . The company traded as low as $44.23 and last traded at $44.57. 285,406 shares were traded during trading, a decline of 72% from the average session volume of 1,010,501 shares. The stock had previously closed at $46.25.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Wells Fargo & Company lowered their target price on shares of Inari Medical from $84.00 to $65.00 and set an “overweight” rating for the company in a research note on Wednesday, July 31st. Canaccord Genuity Group lifted their target price on shares of Inari Medical from $55.00 to $71.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. William Blair assumed coverage on shares of Inari Medical in a research note on Thursday, July 25th. They set an “outperform” rating for the company. Leerink Partners assumed coverage on shares of Inari Medical in a research note on Tuesday, September 3rd. They set a “market perform” rating and a $47.00 target price for the company. Finally, Truist Financial reaffirmed a “hold” rating and issued a $55.00 price target (down from $60.00) on shares of Inari Medical in a research note on Wednesday, July 31st. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, Inari Medical currently has an average rating of “Hold” and a consensus price target of $58.44.

Inari Medical Price Performance

The stock has a market capitalization of $2.55 billion, a price-to-earnings ratio of -108.24 and a beta of 1.00. The business’s fifty day moving average price is $48.44 and its 200-day moving average price is $46.09.

Inari Medical (NASDAQ:NARI) last issued its quarterly earnings data on Tuesday, July 30th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.25). Inari Medical had a negative net margin of 10.42% and a negative return on equity of 7.51%. The business had revenue of $145.82 million for the quarter, compared to analyst estimates of $143.96 million. Equities research analysts predict that Inari Medical, Inc. will post -0.7 earnings per share for the current fiscal year.

Insider Buying and Selling at Inari Medical

In other news, Director William Hoffman sold 60,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $56.74, for a total value of $3,404,400.00. Following the sale, the director now owns 743,296 shares of the company’s stock, valued at $42,174,615.04. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, Director William Hoffman sold 60,000 shares of the stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $56.74, for a total value of $3,404,400.00. Following the transaction, the director now owns 743,296 shares of the company’s stock, valued at approximately $42,174,615.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Thomas Tu sold 16,520 shares of the stock in a transaction on Monday, July 15th. The shares were sold at an average price of $55.09, for a total transaction of $910,086.80. Following the transaction, the insider now directly owns 313,257 shares in the company, valued at approximately $17,257,328.13. The disclosure for this sale can be found here. Insiders have sold a total of 155,780 shares of company stock worth $8,123,664 over the last three months. 10.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of NARI. BI Asset Management Fondsmaeglerselskab A S purchased a new position in Inari Medical in the first quarter worth about $30,000. GAMMA Investing LLC grew its position in Inari Medical by 164.7% during the second 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% during the second quarter. Nisa Investment Advisors LLC now owns 956 shares of the company’s stock valued at $46,000 after buying an additional 435 shares during the period. Covestor Ltd grew its position in Inari Medical by 30.2% during the first quarter. Covestor Ltd now owns 1,619 shares of the company’s stock valued at $78,000 after buying an additional 376 shares during the period. Finally, Benjamin F. Edwards & Company Inc. boosted its position in shares of Inari Medical by 39.4% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 1,847 shares of the company’s stock worth $89,000 after purchasing an additional 522 shares during the period. 90.98% of the stock is owned by hedge funds and other institutional investors.

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.