Inari Medical, Inc. (NASDAQ:NARI – Get Rating) was the recipient of a large drop in short interest during the month of April. As of April 15th, there was short interest totalling 2,700,000 shares, a drop of 15.1% from the March 31st total of 3,180,000 shares. Based on an average daily trading volume, of 837,100 shares, the short-interest ratio is currently 3.2 days. Currently, 6.0% of the company’s stock are short sold.
Wall Street Analysts Forecast Growth
A number of brokerages have recently issued reports on NARI. Canaccord Genuity Group boosted their price target on shares of Inari Medical from $77.00 to $80.00 and gave the stock a “buy” rating in a research note on Tuesday, February 28th. Morgan Stanley dropped their price target on shares of Inari Medical from $95.00 to $83.00 and set an “overweight” rating on the stock in a research note on Friday, January 6th. Finally, Truist Financial boosted their price target on shares of Inari Medical from $68.00 to $70.00 in a research note on Tuesday, April 18th. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Inari Medical presently has a consensus rating of “Moderate Buy” and a consensus target price of $89.11.
Inari Medical Price Performance
Shares of NASDAQ NARI traded down $0.99 on Friday, hitting $66.42. The company’s stock had a trading volume of 388,088 shares, compared to its average volume of 822,611. Inari Medical has a 12-month low of $50.50 and a 12-month high of $86.94. The company has a market capitalization of $3.61 billion, a price-to-earnings ratio of -120.76 and a beta of 1.11. The stock has a 50 day moving average of $61.68 and a 200-day moving average of $65.84.
Inari Medical (NASDAQ:NARI – Get Rating) last announced its quarterly earnings results on Monday, February 27th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.17) by $0.06. Inari Medical had a negative net margin of 7.63% and a negative return on equity of 7.03%. The company had revenue of $107.77 million for the quarter, compared to the consensus estimate of $104.85 million. During the same quarter in the prior year, the firm earned $0.02 earnings per share. The company’s revenue for the quarter was up 29.5% compared to the same quarter last year. Sell-side analysts expect that Inari Medical will post -0.51 EPS for the current fiscal year.
Insider Activity at Inari Medical
In other Inari Medical news, Director William Hoffman sold 25,000 shares of Inari Medical stock in a transaction on Monday, April 17th. The shares were sold at an average price of $64.67, for a total value of $1,616,750.00. Following the transaction, the director now directly owns 1,227,540 shares in the company, valued at $79,385,011.80. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Inari Medical news, CFO Mitch C. Hill sold 12,750 shares of Inari Medical stock in a transaction on Wednesday, April 12th. The shares were sold at an average price of $64.27, for a total value of $819,442.50. Following the transaction, the chief financial officer now directly owns 179,304 shares in the company, valued at $11,523,868.08. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director William Hoffman sold 25,000 shares of Inari Medical stock in a transaction on Monday, April 17th. The shares were sold at an average price of $64.67, for a total transaction of $1,616,750.00. Following the completion of the transaction, the director now owns 1,227,540 shares in the company, valued at $79,385,011.80. The disclosure for this sale can be found here. Insiders have sold 87,250 shares of company stock valued at $5,316,240 in the last ninety days. Insiders own 11.90% of the company’s stock.
Hedge Funds Weigh In On Inari Medical
A number of institutional investors have recently modified their holdings of the company. Parkside Financial Bank & Trust acquired a new position in Inari Medical during the first quarter worth approximately $25,000. Hollencrest Capital Management acquired a new position in Inari Medical during the fourth quarter worth approximately $25,000. Canada Pension Plan Investment Board increased its position in Inari Medical by 40.9% during the third quarter. Canada Pension Plan Investment Board now owns 689 shares of the company’s stock worth $50,000 after purchasing an additional 200 shares during the last quarter. Banque Cantonale Vaudoise acquired a new position in Inari Medical during the first quarter worth approximately $48,000. Finally, FMR LLC increased its position in Inari Medical by 42.6% during the second quarter. FMR LLC now owns 824 shares of the company’s stock worth $56,000 after purchasing an additional 246 shares during the last quarter. Institutional investors and hedge funds own 85.19% of the company’s stock.
Inari Medical Company Profile
Inari Medical, Inc, a medical device company, develops, manufactures, markets, and sells devices for the interventional treatment of venous diseases in the United States. The company provides ClotTriever, a mechanical thrombectomy system, which is designed to core, capture, and remove large clots from large vessels, as well as for treatment of deep vein thrombosis; and FlowTriever, a large bore catheter-based aspiration and mechanical thrombectomy system, for treatment of pulmonary embolism.