Canaccord Genuity Group Cuts Inari Medical (NASDAQ:NARI) Price Target to $55.00

Inari Medical (NASDAQ:NARI) had its price objective cut by Canaccord Genuity Group from $75.00 to $55.00 in a research note issued to investors on Wednesday, Benzinga reports. They currently have a buy rating on the stock.

Several other brokerages have also recently weighed in on NARI. Wells Fargo & Company dropped their price target on shares of Inari Medical from $100.00 to $84.00 and set an overweight rating on the stock in a research report on Wednesday. Piper Sandler cut their target price on Inari Medical from $55.00 to $50.00 and set a neutral rating on the stock in a research report on Wednesday. Needham & Company LLC decreased their price target on Inari Medical from $72.00 to $57.00 and set a buy rating for the company in a report on Wednesday. Finally, Truist Financial dropped their price objective on Inari Medical from $61.00 to $52.00 and set a hold rating on the stock in a research note on Friday, March 22nd. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $65.71.

Inari Medical Trading Up 0.1 %

Shares of NASDAQ:NARI opened at $42.03 on Wednesday. Inari Medical has a 52-week low of $36.73 and a 52-week high of $71.85. The business’s 50 day simple moving average is $43.12 and its two-hundred day simple moving average is $53.65.

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

Insider Transactions at Inari Medical

In other Inari Medical news, Director William Hoffman sold 38,549 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $42.00, for a total transaction of $1,619,058.00. Following the completion of the transaction, the director now owns 965,359 shares in the company, valued at $40,545,078. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Mitch C. Hill sold 6,000 shares of the business’s stock in a transaction on Friday, April 12th. The stock was sold at an average price of $40.96, for a total transaction of $245,760.00. Following the sale, the chief financial officer now directly owns 181,294 shares in the company, valued at approximately $7,425,802.24. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director William Hoffman sold 38,549 shares of the stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $42.00, for a total value of $1,619,058.00. Following the sale, the director now directly owns 965,359 shares in the company, valued at approximately $40,545,078. The disclosure for this sale can be found here. In the last 90 days, insiders sold 86,000 shares of company stock worth $3,568,058. 10.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Inari Medical

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Inari Medical by 6.9% in the fourth quarter. Vanguard Group Inc. now owns 5,038,292 shares of the company’s stock worth $327,086,000 after purchasing an additional 325,586 shares during the period. Brown Advisory Inc. increased its stake in Inari Medical by 17.6% in the 4th quarter. Brown Advisory Inc. now owns 1,702,113 shares of the company’s stock worth $110,501,000 after acquiring an additional 255,182 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in Inari Medical by 5.6% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 753,968 shares of the company’s stock worth $49,310,000 after acquiring an additional 40,069 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Inari Medical by 7.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 596,007 shares of the company’s stock valued at $38,693,000 after acquiring an additional 41,555 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its position in shares of Inari Medical by 23.4% during the 4th quarter. Principal Financial Group Inc. now owns 567,266 shares of the company’s stock valued at $36,827,000 after acquiring an additional 107,622 shares during the last quarter. 90.98% of the stock is currently owned by 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.