Algert Global LLC Invests $1.54 Million in Inari Medical, Inc. (NASDAQ:NARI)

Algert Global LLC bought a new stake in Inari Medical, Inc. (NASDAQ:NARI) during the second quarter, Holdings Channel reports. The fund bought 31,926 shares of the company’s stock, valued at approximately $1,537,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Point72 Asset Management L.P. raised its holdings in shares of Inari Medical by 113.3% in the 2nd quarter. Point72 Asset Management L.P. now owns 1,481,283 shares of the company’s stock worth $71,324,000 after purchasing an additional 786,691 shares during the period. Armistice Capital LLC increased its position in Inari Medical by 353.1% during 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 in the last quarter. Vanguard Group Inc. lifted its position in Inari Medical by 11.1% during the first quarter. Vanguard Group Inc. now owns 5,599,854 shares of the company’s stock valued at $268,681,000 after buying an additional 561,562 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in Inari Medical by 1,219.9% during the second quarter. The Manufacturers Life Insurance Company now owns 394,901 shares of the company’s stock worth $19,014,000 after buying an additional 364,983 shares during the period. Finally, First Light Asset Management LLC increased its position in shares of Inari Medical by 120.8% in the second quarter. First Light Asset Management LLC now owns 472,384 shares of the company’s stock worth $22,745,000 after acquiring an additional 258,444 shares in the last quarter. Institutional investors and hedge funds own 90.98% of the company’s stock.

Insider Buying and Selling at Inari Medical

In other news, Director William Hoffman sold 40,000 shares of the firm’s stock in a transaction dated 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 directly owns 643,296 shares in the company, valued at approximately $29,482,255.68. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Inari Medical news, CEO Andrew Hykes sold 3,000 shares of the business’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $55.23, for a total transaction of $165,690.00. Following the completion of the transaction, the chief executive officer now directly owns 455,252 shares of the company’s stock, valued at approximately $25,143,567.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William Hoffman sold 40,000 shares of the company’s stock in a transaction dated 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 transaction, the director now owns 643,296 shares of the company’s stock, valued at approximately $29,482,255.68. The disclosure for this sale can be found here. Insiders sold a total of 132,520 shares of company stock worth $6,958,467 over the last 90 days. Insiders own 10.60% of the company’s stock.

Inari Medical Price Performance

NARI opened at $41.61 on Friday. Inari Medical, Inc. has a 12-month low of $36.73 and a 12-month high of $69.40. The stock has a market capitalization of $2.42 billion, a PE ratio of -101.49 and a beta of 1.00. The firm’s fifty day moving average price is $45.78 and its 200 day moving average price is $46.09.

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

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Wells Fargo & Company reduced their target price on shares of Inari Medical from $84.00 to $65.00 and set an “overweight” rating on the stock in a report on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft began coverage on Inari Medical in a research report on Friday, August 9th. They issued a “buy” rating and a $68.00 target price for the company. Stifel Nicolaus initiated coverage on Inari Medical in a report on Tuesday, September 17th. They set a “hold” rating and a $50.00 target price on the stock. Piper Sandler restated a “neutral” rating and issued a $50.00 price target on shares of Inari Medical in a report on Monday, August 26th. Finally, William Blair began coverage on shares of Inari Medical in a research report on Thursday, July 25th. They set an “outperform” rating on the stock. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, Inari Medical currently has an average rating of “Hold” and a consensus 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.