Canaccord Genuity Group Reaffirms “Hold” Rating for Inari Medical (NASDAQ:NARI)

Canaccord Genuity Group reiterated their hold rating on shares of Inari Medical (NASDAQ:NARI) in a research note issued to investors on Tuesday,Benzinga reports. Canaccord Genuity Group currently has a $80.00 price target on the stock, up from their previous price target of $74.00.

Several other brokerages have also issued reports on NARI. Needham & Company LLC reiterated a “hold” rating on shares of Inari Medical in a research note on Tuesday, October 29th. Piper Sandler raised their target price on shares of Inari Medical from $50.00 to $52.00 and gave the company a “neutral” rating in a research note on Tuesday, October 29th. Oppenheimer began coverage on Inari Medical in a research report on Tuesday, December 17th. They issued an “outperform” rating and a $75.00 price target on the stock. Stifel Nicolaus started coverage on Inari Medical in a research note on Tuesday, September 17th. They issued a “hold” rating and a $50.00 price target on the stock. Finally, Robert W. Baird lifted their price objective on Inari Medical from $66.00 to $67.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Ten research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $68.00.

Inari Medical Stock Up 22.2 %

Shares of NARI stock opened at $79.45 on Tuesday. The business’s fifty day moving average is $52.85 and its 200 day moving average is $48.92. The stock has a market cap of $4.65 billion, a price-to-earnings ratio of -58.85 and a beta of 0.97. Inari Medical has a twelve month low of $36.73 and a twelve month high of $79.50.

Insiders Place Their Bets

In other news, Director William Hoffman sold 60,000 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $55.66, for a total transaction of $3,339,600.00. Following the completion of the transaction, the director now directly owns 441,233 shares of the company’s stock, valued at $24,559,028.78. The trade was a 11.97 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Andrew Hykes sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $55.29, for a total transaction of $165,870.00. Following the completion of the sale, 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 position. The disclosure for this sale can be found here. In the last quarter, insiders sold 206,000 shares of company stock valued at $10,527,870. Corporate insiders own 10.60% of the company’s stock.

Institutional Investors Weigh In On Inari Medical

A number of hedge funds have recently added to or reduced their stakes in NARI. GAMMA Investing LLC grew its holdings in shares of Inari Medical by 66.8% in the fourth quarter. GAMMA Investing LLC now owns 1,963 shares of the company’s stock worth $100,000 after acquiring an additional 786 shares during the period. Franklin Resources Inc. boosted its position in Inari Medical by 2.2% in the third quarter. Franklin Resources Inc. now owns 223,810 shares of the company’s stock worth $9,445,000 after purchasing an additional 4,899 shares during the last quarter. Barclays PLC grew its stake in shares of Inari Medical by 9.7% during the 3rd quarter. Barclays PLC now owns 288,079 shares of the company’s stock valued at $11,881,000 after purchasing an additional 25,365 shares during the period. Y Intercept Hong Kong Ltd increased its position in shares of Inari Medical by 316.7% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 44,318 shares of the company’s stock valued at $1,828,000 after purchasing an additional 33,682 shares during the last quarter. Finally, Jane Street Group LLC lifted its stake in shares of Inari Medical by 32.4% in the 3rd quarter. Jane Street Group LLC now owns 95,223 shares of the company’s stock worth $3,927,000 after purchasing an additional 23,286 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.