Fred Alger Management LLC Reduces Holdings in Inari Medical, Inc. (NASDAQ:NARI)

Fred Alger Management LLC cut its position in Inari Medical, Inc. (NASDAQ:NARI) by 2.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 466,501 shares of the company’s stock after selling 13,694 shares during the quarter. Fred Alger Management LLC owned 0.80% of Inari Medical worth $22,462,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in NARI. Dimensional Fund Advisors LP lifted its stake in shares of Inari Medical by 7.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 596,007 shares of the company’s stock worth $38,693,000 after acquiring an additional 41,555 shares in the last quarter. Norges Bank acquired a new position in shares of Inari Medical in the 4th quarter valued at about $29,491,000. D.A. Davidson & CO. grew its position in shares of Inari Medical by 1.8% during the 4th quarter. D.A. Davidson & CO. now owns 10,570 shares of the company’s stock valued at $686,000 after buying an additional 188 shares during the last quarter. Olympiad Research LP lifted its holdings in Inari Medical by 31.2% in the fourth quarter. Olympiad Research LP now owns 4,577 shares of the company’s stock worth $297,000 after acquiring an additional 1,088 shares during the last quarter. Finally, NEOS Investment Management LLC acquired a new position in Inari Medical during the 4th quarter valued at approximately $396,000. 90.98% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Inari Medical

In other Inari Medical news, Director William Hoffman sold 40,000 shares of Inari Medical stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $45.83, for a total value of $1,833,200.00. Following the transaction, the director now owns 643,296 shares in the company, valued at $29,482,255.68. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, Director William Hoffman sold 40,000 shares of the company’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $45.83, for a total transaction of $1,833,200.00. Following the completion of the sale, the director now directly owns 643,296 shares of the company’s stock, valued at $29,482,255.68. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Mitch C. Hill sold 3,000 shares of Inari Medical stock in a transaction dated Thursday, September 12th. The stock was 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. The disclosure for this sale can be found here. Insiders sold a total of 155,520 shares of company stock valued at $8,111,707 over the last ninety days. Insiders own 10.60% of the company’s stock.

Inari Medical Stock Performance

NARI opened at $41.48 on Thursday. The company has a market capitalization of $2.42 billion, a PE ratio of -101.17 and a beta of 1.00. The stock’s fifty day moving average is $47.15 and its 200-day moving average is $46.10. Inari Medical, Inc. has a one year low of $36.73 and a one year high of $69.40.

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

Wall Street Analyst Weigh In

NARI has been the topic of a number of recent research reports. Leerink Partners started coverage on Inari Medical in a research note on Tuesday, September 3rd. They issued a “market perform” rating and a $47.00 target price on the stock. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Inari Medical in a research report on Friday, August 9th. They issued a “buy” rating and a $68.00 price objective on the stock. Leerink Partnrs upgraded shares of Inari Medical to a “hold” rating in a research report on Tuesday, September 3rd. Canaccord Genuity Group lifted their price target on Inari Medical from $55.00 to $71.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Finally, Stifel Nicolaus began coverage on Inari Medical in a report on Tuesday, September 17th. They issued a “hold” rating and a $50.00 price objective for the company. Six analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $58.44.

Inari Medical 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.