Inari Medical (NASDAQ:NARI) PT Lowered to $57.00 at Needham & Company LLC

Inari Medical (NASDAQ:NARI) had its price objective cut by Needham & Company LLC from $72.00 to $57.00 in a report issued on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

NARI has been the topic of a number of other reports. Piper Sandler downgraded shares of Inari Medical from an overweight rating to a neutral rating and dropped their target price for the stock from $85.00 to $55.00 in a research note on Thursday, February 29th. Truist Financial dropped their price objective on shares of Inari Medical from $61.00 to $52.00 and set a hold rating on the stock in a research note on Friday, March 22nd. Finally, Canaccord Genuity Group reiterated a buy rating and set a $75.00 price objective on shares of Inari Medical in a research note on Friday, April 12th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, Inari Medical has a consensus rating of Moderate Buy and a consensus price target of $65.71.

Inari Medical Stock Performance

Shares of NASDAQ NARI opened at $42.03 on Wednesday. The firm’s 50-day moving average price is $43.12 and its 200-day moving average price is $53.68. Inari Medical has a 12-month low of $36.73 and a 12-month high of $71.85.

Inari Medical (NASDAQ:NARI) last announced its earnings results on Wednesday, February 28th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.09). Inari Medical had a negative net margin of 4.54% and a negative return on equity of 1.65%. The business had revenue of $132.10 million for the quarter, compared to analysts’ expectations of $131.82 million. During the same quarter in the prior year, the company posted ($0.11) earnings per share. The firm’s quarterly revenue was up 22.5% compared to the same quarter last year. Analysts anticipate that Inari Medical will post -0.41 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director William Hoffman sold 1,451 shares of the business’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $40.00, for a total value of $58,040.00. Following the sale, the director now directly owns 999,782 shares of the company’s stock, valued at approximately $39,991,280. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director William Hoffman sold 1,451 shares of Inari Medical stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $40.00, for a total value of $58,040.00. Following the completion of the transaction, the director now owns 999,782 shares in the company, valued at $39,991,280. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mitch C. Hill sold 6,000 shares of Inari Medical stock in a transaction that occurred on Friday, April 12th. The shares were sold at an average price of $40.96, for a total transaction of $245,760.00. Following the completion of the transaction, the chief financial officer now owns 181,294 shares of the company’s stock, valued at approximately $7,425,802.24. The disclosure for this sale can be found here. Insiders have sold 86,000 shares of company stock valued at $3,568,058 over the last ninety days. Company insiders own 10.60% of the company’s stock.

Institutional Trading of Inari Medical

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BI Asset Management Fondsmaeglerselskab A S acquired a new position in Inari Medical during the first quarter worth $30,000. Fifth Third Bancorp boosted its position in shares of Inari Medical by 54.3% during the 3rd quarter. Fifth Third Bancorp now owns 486 shares of the company’s stock worth $32,000 after purchasing an additional 171 shares in the last quarter. Benjamin F. Edwards & Company Inc. grew its stake in shares of Inari Medical by 27.4% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 1,098 shares of the company’s stock worth $71,000 after purchasing an additional 236 shares during the period. Nisa Investment Advisors LLC increased its holdings in shares of Inari Medical by 139.7% in the 3rd quarter. Nisa Investment Advisors LLC now owns 1,189 shares of the company’s stock valued at $78,000 after purchasing an additional 693 shares in the last quarter. Finally, Handelsinvest Investeringsforvaltning acquired a new stake in shares of Inari Medical in the fourth quarter valued at about $185,000. 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.