Inari Medical (NASDAQ:NARI) Sets New 12-Month High – Here’s What Happened

Shares of Inari Medical, Inc. (NASDAQ:NARI) reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $79.76 and last traded at $79.70, with a volume of 989517 shares. The stock had previously closed at $79.60.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on NARI. Canaccord Genuity Group restated a “hold” rating and issued a $80.00 price target (up from $74.00) on shares of Inari Medical in a report on Tuesday, January 7th. Robert W. Baird reaffirmed a “neutral” rating and set a $80.00 price target (down from $81.00) on shares of Inari Medical in a research note on Tuesday, January 7th. BTIG Research reissued a “neutral” rating on shares of Inari Medical in a research report on Wednesday, January 8th. Baird R W lowered shares of Inari Medical from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 7th. Finally, Needham & Company LLC restated a “hold” rating on shares of Inari Medical in a report on Tuesday, October 29th. Twelve analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $68.00.

Inari Medical Price Performance

The company has a market capitalization of $4.67 billion, a price-to-earnings ratio of -59.04 and a beta of 0.97. The stock has a 50-day moving average price of $62.15 and a 200-day moving average price of $52.25.

Insiders Place Their Bets

In other news, Director William Hoffman sold 60,000 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $55.66, for a total transaction of $3,339,600.00. Following the completion of the sale, the director now owns 441,233 shares in the company, valued at $24,559,028.78. The trade was a 11.97 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Andrew Hykes sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $55.29, for a total value of $165,870.00. Following the completion of the transaction, the chief executive officer now directly owns 439,310 shares in the company, valued at $24,289,449.90. The trade was a 0.68 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 323,000 shares of company stock valued at $18,669,070 over the last ninety days. 10.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Inari Medical

Institutional investors and hedge funds have recently modified their holdings of the business. Aigen Investment Management LP acquired a new position in Inari Medical in the 3rd quarter valued at $428,000. Vestal Point Capital LP increased its holdings in Inari Medical by 342.9% in the 3rd quarter. Vestal Point Capital LP now owns 1,550,000 shares of the company’s stock valued at $63,922,000 after buying an additional 1,200,000 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in shares of Inari Medical in the 3rd quarter valued at approximately $1,397,000. Verition Fund Management LLC acquired a new stake in shares of Inari Medical during the 3rd quarter worth approximately $1,235,000. Finally, Jane Street Group LLC increased its stake in Inari Medical by 32.4% in the third quarter. Jane Street Group LLC now owns 95,223 shares of the company’s stock valued at $3,927,000 after acquiring an additional 23,286 shares during the last quarter. 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.