Inari Medical (NASDAQ:NARI) Price Target Cut to $63.00

Inari Medical (NASDAQ:NARI) had its price objective dropped by equities research analysts at Robert W. Baird from $65.00 to $63.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Robert W. Baird’s price target would indicate a potential upside of 20.90% from the stock’s current price.

A number of other research analysts also recently commented on the stock. Piper Sandler dropped their price objective on shares of Inari Medical from $55.00 to $50.00 and set a “neutral” rating for the company in a research note on Wednesday, May 1st. Canaccord Genuity Group dropped their price target on shares of Inari Medical from $75.00 to $55.00 and set a “buy” rating for the company in a research report on Wednesday, May 1st. Wells Fargo & Company decreased 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, May 1st. Truist Financial lifted their target price on Inari Medical from $47.00 to $60.00 and gave the company a “hold” rating in a report on Tuesday, July 16th. Finally, Needham & Company LLC restated a “hold” rating on shares of Inari Medical in a research note on Wednesday. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Inari Medical presently has an average rating of “Moderate Buy” and a consensus price target of $64.57.

Inari Medical Stock Performance

Shares of NARI opened at $52.11 on Wednesday. Inari Medical has a fifty-two week low of $36.73 and a fifty-two week high of $71.85. The company has a market capitalization of $3.03 billion, a PE ratio of -127.10 and a beta of 1.01. The stock has a fifty day moving average of $50.21 and a two-hundred day moving average of $48.79.

Inari Medical (NASDAQ:NARI) last released its earnings results on Tuesday, April 30th. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.15). Inari Medical had a negative net margin of 4.54% and a negative return on equity of 1.65%. The business had revenue of $143.19 million during the quarter, compared to analyst estimates of $138.32 million. As a group, equities research analysts forecast that Inari Medical will post -0.41 earnings per share for the current fiscal year.

Insider Activity at Inari Medical

In other Inari Medical news, CEO Andrew Hykes sold 3,000 shares of the business’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $50.00, for a total transaction of $150,000.00. Following the transaction, the chief executive officer now owns 465,474 shares in the company, valued at $23,273,700. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CEO Andrew Hykes sold 3,000 shares of Inari Medical stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $50.00, for a total transaction of $150,000.00. Following the sale, the chief executive officer now owns 465,474 shares of the company’s stock, valued at approximately $23,273,700. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Mitch C. Hill sold 6,000 shares of the company’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $45.97, for a total transaction of $275,820.00. Following the completion of the transaction, the chief financial officer now directly owns 181,294 shares of the company’s stock, valued at $8,334,085.18. The disclosure for this sale can be found here. In the last three months, insiders sold 222,744 shares of company stock worth $11,494,500. Corporate insiders own 10.60% of the company’s stock.

Institutional Trading of Inari Medical

A number of institutional investors and hedge funds have recently modified their holdings of the business. iA Global Asset Management Inc. boosted its stake in Inari Medical by 9.3% in the second quarter. iA Global Asset Management Inc. now owns 105,780 shares of the company’s stock valued at $5,093,000 after acquiring an additional 9,010 shares during the period. Peregrine Capital Management LLC bought a new position in Inari Medical during the 2nd quarter worth $8,664,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Inari Medical by 11.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,463 shares of the company’s stock worth $696,000 after buying an additional 1,475 shares during the period. Legato Capital Management LLC acquired a new stake in Inari Medical in the second quarter worth $397,000. Finally, Louisiana State Employees Retirement System lifted its stake in Inari Medical by 2.4% in the second quarter. Louisiana State Employees Retirement System now owns 26,000 shares of the company’s stock valued at $1,252,000 after buying an additional 600 shares during the last quarter. 90.98% of the stock is owned by institutional investors and hedge funds.

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.