Inari Medical (NASDAQ:NARI) Stock Price Down 4.2% – What’s Next?

Inari Medical, Inc. (NASDAQ:NARI)’s share price fell 4.2% during trading on Friday . The stock traded as low as $49.40 and last traded at $49.60. 412,108 shares changed hands during mid-day trading, a decline of 33% from the average session volume of 614,661 shares. The stock had previously closed at $51.80.

Wall Street Analysts Forecast Growth

NARI has been the subject of several research analyst reports. Canaccord Genuity Group lifted their target price on Inari Medical from $71.00 to $74.00 and gave the stock a “buy” rating in a research report on Tuesday, October 29th. Stifel Nicolaus started coverage on shares of Inari Medical in a research report on Tuesday, September 17th. They issued a “hold” rating and a $50.00 price objective for the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Inari Medical in a research report on Tuesday, October 29th. Truist Financial boosted their price target on Inari Medical from $50.00 to $63.00 and gave the company a “hold” rating in a report on Wednesday, December 18th. Finally, Piper Sandler raised their price objective on Inari Medical from $50.00 to $52.00 and gave the stock a “neutral” rating in a report on Tuesday, October 29th. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Inari Medical currently has an average rating of “Moderate Buy” and an average target price of $61.80.

Inari Medical Price Performance

The business has a 50-day moving average of $51.80 and a two-hundred day moving average of $48.53. The company has a market cap of $2.91 billion, a P/E ratio of -36.87 and a beta of 0.97.

Insider Activity

In other news, CEO Andrew Hykes sold 3,000 shares of the company’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $55.29, for a total transaction of $165,870.00. Following the transaction, the chief executive officer now owns 439,310 shares in the company, valued at $24,289,449.90. This represents a 0.68 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director William Hoffman sold 40,000 shares of Inari Medical stock in a transaction that occurred 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 sale, the director now owns 601,233 shares of the company’s stock, valued at $27,067,509.66. This trade represents a 6.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 206,000 shares of company stock worth $10,527,870. Corporate insiders own 10.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in NARI. Jennison Associates LLC increased its position in shares of Inari Medical by 63.2% in the 3rd quarter. Jennison Associates LLC now owns 1,576,641 shares of the company’s stock valued at $65,021,000 after acquiring an additional 610,468 shares during the period. Vestal Point Capital LP grew its stake in Inari Medical by 342.9% during the 3rd quarter. Vestal Point Capital LP now owns 1,550,000 shares of the company’s stock valued at $63,922,000 after purchasing an additional 1,200,000 shares during the last quarter. Point72 Asset Management L.P. increased its holdings in shares of 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 valued at $71,324,000 after purchasing an additional 786,691 shares during the period. Armistice Capital LLC increased its holdings in shares of Inari Medical by 353.1% in the second quarter. Armistice Capital LLC now owns 1,009,252 shares of the company’s stock valued at $48,595,000 after purchasing an additional 786,501 shares during the period. Finally, Bamco Inc. NY raised its stake in shares of Inari Medical by 29.5% in the third quarter. Bamco Inc. NY now owns 1,006,129 shares of the company’s stock worth $41,493,000 after purchasing an additional 228,977 shares during the last quarter. Hedge funds and other institutional investors own 90.98% of the company’s stock.

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.