Piper Sandler Forecasts Strong Price Appreciation for Inari Medical (NASDAQ:NARI) Stock

Inari Medical (NASDAQ:NARI) had its price objective boosted by research analysts at Piper Sandler from $50.00 to $52.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm currently has a “neutral” rating on the stock. Piper Sandler’s target price points to a potential upside of 10.40% from the company’s previous close.

NARI has been the subject of a number of other research reports. William Blair started coverage on Inari Medical in a research note on Thursday, July 25th. They issued an “outperform” rating for the company. Leerink Partners started coverage on shares of Inari Medical in a report on Tuesday, September 3rd. They set a “market perform” rating and a $47.00 price target for the company. Deutsche Bank Aktiengesellschaft started coverage on shares of Inari Medical in a research note on Friday, August 9th. They issued a “buy” rating and a $68.00 price objective on the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of Inari Medical in a report on Wednesday, October 9th. Finally, Truist Financial lowered their price target on Inari Medical from $55.00 to $46.00 and set a “hold” rating for the company in a report on Monday, October 14th. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $58.89.

Inari Medical Trading Down 4.2 %

NASDAQ:NARI opened at $47.10 on Tuesday. The firm has a fifty day simple moving average of $43.51 and a 200 day simple moving average of $45.96. Inari Medical has a 1-year low of $36.73 and a 1-year high of $67.13. The stock has a market capitalization of $2.74 billion, a PE ratio of -37.25 and a beta of 1.00.

Inari Medical (NASDAQ:NARI) last issued its quarterly earnings data on Tuesday, July 30th. The company reported ($0.41) earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $145.82 million during the quarter, compared to the consensus estimate of $143.96 million. On average, equities analysts predict that Inari Medical will post -0.75 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Mitch C. Hill sold 3,000 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $45.13, for a total value of $135,390.00. Following the sale, the chief financial officer now directly owns 179,600 shares of the company’s stock, valued at $8,105,348. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director William Hoffman sold 40,000 shares of Inari Medical stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $45.02, for a total value of $1,800,800.00. Following the completion of the sale, the director now directly owns 601,233 shares in the company, valued at $27,067,509.66. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Mitch C. Hill sold 3,000 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $45.13, for a total value of $135,390.00. Following the completion of the transaction, the chief financial officer now directly owns 179,600 shares in the company, valued at approximately $8,105,348. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 88,000 shares of company stock worth $4,009,340 over the last three months. Company insiders own 10.60% of the company’s stock.

Hedge Funds Weigh In On Inari Medical

Several large investors have recently made changes to their positions in the business. Point72 Asset Management L.P. grew its position in Inari Medical by 113.3% in the second quarter. Point72 Asset Management L.P. now owns 1,481,283 shares of the company’s stock worth $71,324,000 after acquiring an additional 786,691 shares in the last quarter. Armistice Capital LLC boosted its holdings in shares of Inari Medical by 353.1% in the 2nd quarter. Armistice Capital LLC now owns 1,009,252 shares of the company’s stock worth $48,595,000 after purchasing an additional 786,501 shares during the period. Vanguard Group Inc. increased its position in shares of Inari Medical by 11.1% during the 1st quarter. Vanguard Group Inc. now owns 5,599,854 shares of the company’s stock valued at $268,681,000 after purchasing an additional 561,562 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in Inari Medical by 1,219.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 394,901 shares of the company’s stock valued at $19,014,000 after buying an additional 364,983 shares during the period. Finally, First Light Asset Management LLC raised its holdings in Inari Medical by 120.8% during the 2nd quarter. First Light Asset Management LLC now owns 472,384 shares of the company’s stock valued at $22,745,000 after buying an additional 258,444 shares during the period. 90.98% of the stock is currently 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.