Inari Medical (NASDAQ:NARI) Given New $57.00 Price Target at Needham & Company LLC

Inari Medical (NASDAQ:NARI) had its price objective reduced by Needham & Company LLC from $72.00 to $57.00 in a research note released on Wednesday, Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

Other analysts have also issued reports about the company. Truist Financial decreased 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. Canaccord Genuity Group restated a buy rating and set a $75.00 target price on shares of Inari Medical in a research report on Friday, April 12th. Finally, Piper Sandler cut Inari Medical from an overweight rating to a neutral rating and reduced their target price for the stock from $85.00 to $55.00 in a research report on Thursday, February 29th. 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, the stock has a consensus rating of Moderate Buy and an average price target of $65.71.

Inari Medical Trading Up 11.4 %

Shares of Inari Medical stock opened at $41.60 on Wednesday. The business’s fifty day simple moving average is $43.72 and its 200 day simple moving average is $53.87. The firm has a market capitalization of $2.41 billion, a P/E ratio of -1,386.67 and a beta of 0.84. Inari Medical has a 12 month low of $36.73 and a 12 month high of $71.85.

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 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 net margin of 0.33% and a positive return on equity of 1.23%. The business’s quarterly revenue was up 22.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.11) earnings per share. Analysts predict that Inari Medical will post -0.25 EPS for the current fiscal year.

Insider Activity

In other Inari Medical news, Director William Hoffman sold 1,451 shares of the stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $40.00, for a total value of $58,040.00. Following the completion of the sale, the director now owns 999,782 shares in the company, valued at approximately $39,991,280. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, CFO Mitch C. Hill sold 6,000 shares of the firm’s stock in a transaction that occurred on Friday, April 12th. The stock was 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 approximately $7,425,802.24. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director William Hoffman sold 1,451 shares of the firm’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 completion of the transaction, the director now owns 999,782 shares of the company’s stock, valued at approximately $39,991,280. The disclosure for this sale can be found here. In the last quarter, insiders sold 47,451 shares of company stock valued at $1,949,000. Insiders own 10.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Fifth Third Bancorp increased its position in Inari Medical by 54.3% during the 3rd quarter. Fifth Third Bancorp now owns 486 shares of the company’s stock valued at $32,000 after buying an additional 171 shares in the last quarter. Benjamin F. Edwards & Company Inc. increased its holdings in shares of Inari Medical by 27.4% in 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 in the last quarter. 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 worth $78,000 after purchasing an additional 693 shares in the last quarter. Handelsinvest Investeringsforvaltning bought a new stake in shares of Inari Medical in the 4th quarter worth $185,000. Finally, Clear Street Markets LLC bought a new stake in shares of Inari Medical in the 4th quarter worth $198,000. Hedge funds and other institutional investors own 90.98% of the company’s stock.

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.