Inari Medical (NASDAQ:NARI) PT Lowered to $55.00 at Canaccord Genuity Group

Inari Medical (NASDAQ:NARI) had its target price decreased by Canaccord Genuity Group from $75.00 to $55.00 in a research note published on Wednesday morning, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

A number of other equities analysts have also commented on NARI. Piper Sandler reduced their target price on shares of 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 cut their price target on shares of Inari Medical from $72.00 to $57.00 and set a buy rating on the stock in a report on Wednesday. Wells Fargo & Company cut their price target on shares of Inari Medical from $100.00 to $84.00 and set an overweight rating on the stock in a report on Wednesday. Finally, Truist Financial lowered their price objective on shares of Inari Medical from $61.00 to $52.00 and set a hold rating for the company in a research note on Friday, March 22nd. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Inari Medical currently has a consensus rating of Moderate Buy and an average price target of $65.71.

Inari Medical Stock Performance

Shares of Inari Medical stock opened at $42.03 on Wednesday. Inari Medical has a twelve month low of $36.73 and a twelve month high of $71.85. The business has a 50-day moving average price of $43.12 and a 200-day moving average price of $53.68.

Inari Medical (NASDAQ:NARI) last announced its quarterly earnings data 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). 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%. The firm’s revenue for the quarter was up 22.5% on a year-over-year basis. During the same period in the previous year, the business earned ($0.11) EPS. Sell-side analysts expect that Inari Medical will post -0.41 EPS for the current year.

Insiders Place Their Bets

In other Inari Medical news, CFO Mitch C. Hill sold 6,000 shares of the company’s stock in a transaction dated Friday, April 12th. The shares were sold at an average price of $40.96, for a total value of $245,760.00. Following the completion of the transaction, the chief financial officer now owns 181,294 shares in the company, valued at $7,425,802.24. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Inari Medical news, CFO Mitch C. Hill sold 6,000 shares of the company’s stock in a transaction dated Friday, April 12th. The shares were sold at an average price of $40.96, for a total value of $245,760.00. Following the completion of the transaction, the chief financial officer now owns 181,294 shares in the company, valued at $7,425,802.24. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director William Hoffman sold 40,000 shares of the company’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $41.13, for a total transaction of $1,645,200.00. Following the completion of the transaction, the director now owns 1,003,296 shares of the company’s stock, valued at approximately $41,265,564.48. The disclosure for this sale can be found here. Over the last quarter, insiders sold 86,000 shares of company stock worth $3,568,058. Company insiders own 10.60% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Norges Bank purchased a new stake in shares of Inari Medical during the fourth quarter worth about $29,491,000. Vanguard Group Inc. increased its stake in shares of Inari Medical by 6.9% during 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 in the last quarter. Principal Financial Group Inc. increased its stake in shares of Inari Medical by 127.3% during the third quarter. Principal Financial Group Inc. now owns 459,644 shares of the company’s stock worth $30,061,000 after purchasing an additional 257,463 shares in the last quarter. Brown Advisory Inc. increased its stake in shares of Inari Medical by 17.6% during the fourth quarter. Brown Advisory Inc. now owns 1,702,113 shares of the company’s stock worth $110,501,000 after purchasing an additional 255,182 shares in the last quarter. Finally, Fuller & Thaler Asset Management Inc. purchased a new stake in shares of Inari Medical during the third quarter worth about $14,267,000. Institutional investors and hedge funds own 90.98% of the company’s stock.

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.