Inari Medical (NASDAQ:NARI) Price Target Raised to $71.00 at Canaccord Genuity Group

Inari Medical (NASDAQ:NARI) had its target price raised by stock analysts at Canaccord Genuity Group from $55.00 to $71.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would suggest a potential upside of 54.68% from the stock’s current price.

A number of other analysts also recently issued reports on NARI. Piper Sandler lowered their price target on shares of Inari Medical from $55.00 to $50.00 and set a “neutral” rating on the stock in a report on Wednesday, May 1st. Wells Fargo & Company lowered 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. Robert W. Baird lowered their price target on shares of Inari Medical from $65.00 to $63.00 and set an “outperform” rating on the stock in a report on Wednesday. William Blair initiated coverage on shares of Inari Medical in a report on Thursday, July 25th. They set an “outperform” rating on the stock. Finally, Truist Financial upped their price objective on shares of Inari Medical from $47.00 to $60.00 and gave the stock a “hold” rating in a research report on Tuesday, July 16th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $66.86.

Inari Medical Price Performance

NARI stock opened at $45.90 on Wednesday. The firm’s fifty day simple moving average is $50.21 and its 200-day simple moving average is $48.79. Inari Medical has a 12 month low of $36.73 and a 12 month high of $71.85. The company has a market capitalization of $2.67 billion, a P/E ratio of -111.95 and a beta of 1.01.

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

Insiders Place Their Bets

In other news, insider Thomas Tu sold 16,520 shares of the stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $55.09, for a total value of $910,086.80. Following the completion of the sale, the insider now directly owns 313,257 shares in the company, valued at $17,257,328.13. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, insider Thomas Tu sold 16,520 shares of the stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $55.09, for a total value of $910,086.80. Following the completion of the sale, the insider now directly owns 313,257 shares in the company, valued at $17,257,328.13. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director William Hoffman sold 40,000 shares of the stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $46.60, for a total transaction of $1,864,000.00. Following the completion of the sale, the director now owns 925,359 shares of the company’s stock, valued at $43,121,729.40. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 222,744 shares of company stock worth $11,494,500. Company insiders own 10.60% of the company’s stock.

Institutional Investors Weigh In On Inari Medical

Several hedge funds and other institutional investors have recently bought and sold shares of NARI. Vanguard Group Inc. increased its position in Inari Medical by 11.1% during the first quarter. Vanguard Group Inc. now owns 5,599,854 shares of the company’s stock worth $268,681,000 after purchasing an additional 561,562 shares during the last quarter. Norges Bank acquired a new stake in Inari Medical during the fourth quarter worth about $29,491,000. Brown Advisory Inc. increased its position in 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 during the last quarter. First Light Asset Management LLC acquired a new stake in Inari Medical during the first quarter worth about $10,265,000. Finally, Peregrine Capital Management LLC acquired a new stake in Inari Medical during the second quarter worth about $8,664,000. 90.98% of the stock is currently 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.