Inari Medical (NASDAQ:NARI) Cut to “Strong Sell” at Zacks Investment Research

Zacks Investment Research lowered shares of Inari Medical (NASDAQ:NARI) from a hold rating to a strong sell rating in a report published on Tuesday morning, Zacks.com reports. Zacks Investment Research currently has $76.00 price objective on the stock.

According to Zacks, “Inari Medical’s heavy dependency on the broad adoption of its products and probability of incurring operating losses in the near term are concerning. Gross margin contraction is worrying. Limited commercial sales expertise is another headwind. Inari Medical underperformed its industry over the past six months. Yet, the company’s product launches and sustained U.S. commercial expansion in third-quarter 2021 are encouraging. The company made substantial progress on all of its five growth drivers. Raised revenue outlook for 2021 instills optimism. Inari Medical’s significant expansion in its commercial footprint is impressive. The company’s focus on venous system and commitment toward patient care raise optimism. A strong balance sheet is an added plus. The company’s third quarter results were better than expected.”

A number of other equities research analysts also recently weighed in on the company. SVB Leerink boosted their price target on Inari Medical from $110.00 to $120.00 and gave the company an outperform rating in a report on Wednesday, November 10th. BTIG Research restated a buy rating and issued a $139.00 price objective on shares of Inari Medical in a report on Monday, November 29th. One investment analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of Buy and a consensus target price of $120.17.

Shares of NASDAQ:NARI opened at $77.89 on Tuesday. The stock’s 50-day moving average price is $85.89 and its two-hundred day moving average price is $85.17. Inari Medical has a 12-month low of $68.44 and a 12-month high of $127.42. The firm has a market cap of $3.91 billion, a price-to-earnings ratio of 288.49 and a beta of 1.94.

Inari Medical (NASDAQ:NARI) last released its quarterly earnings results on Tuesday, November 9th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.05. The firm had revenue of $72.92 million for the quarter, compared to analyst estimates of $62.16 million. Inari Medical had a return on equity of 7.23% and a net margin of 6.49%. During the same period in the previous year, the company posted $0.12 EPS. On average, equities analysts predict that Inari Medical will post 0.19 earnings per share for the current year.

In related news, Director Donald B. Milder sold 7,000 shares of the firm’s stock in a transaction that occurred on Friday, December 10th. The shares were sold at an average price of $79.00, for a total value of $553,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Andrew Hykes sold 9,000 shares of Inari Medical stock in a transaction on Tuesday, October 19th. The stock was sold at an average price of $87.76, for a total transaction of $789,840.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 196,000 shares of company stock valued at $16,758,176. 23.20% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in NARI. Jennison Associates LLC bought a new stake in Inari Medical during the third quarter worth about $22,329,000. Deutsche Bank AG raised its holdings in shares of Inari Medical by 81.6% during the second quarter. Deutsche Bank AG now owns 201,102 shares of the company’s stock valued at $18,759,000 after purchasing an additional 90,363 shares during the last quarter. Capital International Investors raised its holdings in shares of Inari Medical by 13.8% during the second quarter. Capital International Investors now owns 512,050 shares of the company’s stock valued at $47,764,000 after purchasing an additional 62,050 shares during the last quarter. UBS Asset Management Americas Inc. raised its holdings in shares of Inari Medical by 30.3% during the second quarter. UBS Asset Management Americas Inc. now owns 19,229 shares of the company’s stock valued at $1,794,000 after purchasing an additional 4,470 shares during the last quarter. Finally, Metropolitan Life Insurance Co NY raised its holdings in shares of Inari Medical by 186,980.0% during the second quarter. Metropolitan Life Insurance Co NY now owns 9,354 shares of the company’s stock valued at $873,000 after purchasing an additional 9,349 shares during the last quarter. Institutional investors own 69.77% of the company’s stock.

About Inari Medical

Inari Medical, Inc, a commercial-stage medical device company, focuses on developing products to treat and transform the lives of patients suffering from venous diseases in the United States. It offers ClotTriever for treatment of deep vein thrombosis; and FlowTriever, a thrombectomy system for treatment of pulmonary embolism.

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