Canaccord Genuity Group Issues Positive Forecast for Inari Medical (NASDAQ:NARI) Stock Price

Inari Medical (NASDAQ:NARI) had its price target raised by research analysts at Canaccord Genuity Group from $71.00 to $74.00 in a report issued on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price indicates a potential upside of 57.11% from the stock’s current price.

Several other brokerages have also issued reports on NARI. Wells Fargo & Company lowered their target price on Inari Medical from $84.00 to $65.00 and set an “overweight” rating for the company in a research report on Wednesday, July 31st. William Blair started coverage on Inari Medical in a research note on Thursday, July 25th. They issued an “outperform” rating on the stock. Robert W. Baird increased their target price on shares of Inari Medical from $66.00 to $67.00 and gave the company an “outperform” rating in a research report on Tuesday. Piper Sandler boosted their price target on shares of Inari Medical from $50.00 to $52.00 and gave the stock a “neutral” rating in a research report on Tuesday. Finally, Truist Financial decreased their price objective on shares of Inari Medical from $55.00 to $46.00 and set a “hold” rating for the company in a research 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 company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $58.89.

Inari Medical Stock Down 4.2 %

Shares of NARI stock opened at $47.10 on Tuesday. Inari Medical has a twelve month low of $36.73 and a twelve month high of $67.13. The business has a fifty day simple moving average of $43.51 and a 200 day simple moving average of $45.96. The company has a market cap of $2.74 billion, a P/E ratio of -37.25 and a beta of 1.00.

Inari Medical (NASDAQ:NARI) last announced its quarterly earnings results on Tuesday, July 30th. The company reported ($0.41) EPS for the quarter, missing analysts’ consensus estimates 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%. As a group, equities research analysts anticipate that Inari Medical will post -0.75 earnings per share for the current fiscal year.

Insider Activity at Inari Medical

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. BI Asset Management Fondsmaeglerselskab A S purchased a new position in Inari Medical during the first quarter valued at $30,000. GAMMA Investing LLC increased its stake in shares of 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 purchasing an additional 438 shares in the last quarter. Nisa Investment Advisors LLC boosted its position in shares of Inari Medical by 83.5% in the 2nd quarter. Nisa Investment Advisors LLC now owns 956 shares of the company’s stock worth $46,000 after purchasing an additional 435 shares in the last quarter. Covestor Ltd grew its stake in shares of Inari Medical by 30.2% in the 1st quarter. Covestor Ltd now owns 1,619 shares of the company’s stock worth $78,000 after buying an additional 376 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. increased its position in Inari Medical by 39.4% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 1,847 shares of the company’s stock valued at $89,000 after buying an additional 522 shares in the last quarter. 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.