Shares of Inari Medical, Inc. (NASDAQ:NARI – Get Free Report) gapped down before the market opened on Wednesday after Wells Fargo & Company lowered their price target on the stock from $84.00 to $65.00. The stock had previously closed at $52.11, but opened at $45.38. Wells Fargo & Company currently has an overweight rating on the stock. Inari Medical shares last traded at $47.33, with a volume of 282,606 shares changing hands.
NARI has been the topic of a number of other research reports. Truist Financial reiterated a “hold” rating and issued a $55.00 price objective (down previously from $60.00) on shares of Inari Medical in a report on Wednesday. Needham & Company LLC reaffirmed a “hold” rating on shares of Inari Medical in a research note on Wednesday. William Blair started coverage on shares of Inari Medical in a report on Thursday, July 25th. They issued an “outperform” rating on the stock. Piper Sandler dropped their price objective on shares of Inari Medical from $55.00 to $50.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 1st. Finally, Canaccord Genuity Group lifted their target price on Inari Medical from $55.00 to $71.00 and gave the stock a “buy” rating in a research report on Wednesday. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $63.43.
Insiders Place Their Bets
In other Inari Medical news, CEO Andrew Hykes sold 3,000 shares of Inari Medical stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $50.00, for a total transaction of $150,000.00. Following the completion of the sale, the chief executive officer now owns 465,474 shares of the company’s stock, valued at approximately $23,273,700. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CEO Andrew Hykes sold 3,000 shares of Inari Medical stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $50.00, for a total transaction of $150,000.00. Following the sale, the chief executive officer now directly owns 465,474 shares of the company’s stock, valued at $23,273,700. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Rebecca Chambers sold 964 shares of the business’s stock in a transaction on Monday, May 20th. The shares were sold at an average price of $45.39, for a total transaction of $43,755.96. Following the completion of the sale, the director now owns 9,944 shares in the company, valued at approximately $451,358.16. The disclosure for this sale can be found here. Over the last three months, insiders have sold 222,744 shares of company stock worth $11,494,500. 10.60% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently bought and sold shares of NARI. Vanguard Group Inc. raised its position in Inari Medical by 11.1% in the 1st 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 during the last quarter. Brown Advisory Inc. lifted its position in shares of Inari Medical by 17.6% during the 4th quarter. Brown Advisory Inc. now owns 1,702,113 shares of the company’s stock valued at $110,501,000 after acquiring an additional 255,182 shares during the period. Bamco Inc. NY raised its position in Inari Medical by 27.4% during the first quarter. Bamco Inc. NY now owns 777,152 shares of the company’s stock valued at $37,288,000 after purchasing an additional 167,000 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Inari Medical by 7.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 596,007 shares of the company’s stock valued at $38,693,000 after purchasing an additional 41,555 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its stake in shares of Inari Medical by 23.4% during the fourth quarter. Principal Financial Group Inc. now owns 567,266 shares of the company’s stock valued at $36,827,000 after purchasing an additional 107,622 shares in the last quarter. Institutional investors own 90.98% of the company’s stock.
Inari Medical Trading Down 10.7 %
The company has a 50-day moving average of $50.21 and a 200-day moving average of $48.79. The firm has a market capitalization of $2.71 billion, a P/E ratio of -114.41 and a beta of 1.01.
Inari Medical (NASDAQ:NARI – Get Free Report) last posted its quarterly earnings results on Tuesday, April 30th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.15). Inari Medical had a negative net margin of 4.54% and a negative return on equity of 1.65%. The business had revenue of $143.19 million during the quarter, compared to analyst estimates of $138.32 million. Research analysts predict that Inari Medical, Inc. will post -0.41 EPS for the current year.
Inari Medical Company 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.