Inari Medical (NASDAQ:NARI) Price Target Cut to $50.00 by Analysts at Piper Sandler

Inari Medical (NASDAQ:NARI) had its price target lowered by Piper Sandler from $55.00 to $50.00 in a research report released on Wednesday, Benzinga reports. The brokerage currently has a neutral rating on the stock.

Several other brokerages have also recently commented on NARI. Truist Financial cut their price target on shares of Inari Medical from $61.00 to $52.00 and set a hold rating on the stock in a research report on Friday, March 22nd. Canaccord Genuity Group reiterated a buy rating and set a $75.00 target price on shares of Inari Medical in a report on Friday, April 12th. Finally, Needham & Company LLC decreased their price target on Inari Medical from $72.00 to $57.00 and set a buy rating for the company in a research note on Wednesday. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus target price of $65.71.

Inari Medical Price Performance

NARI opened at $41.60 on Wednesday. The business’s 50-day moving average price is $43.72 and its two-hundred day moving average price is $53.87. Inari Medical has a 1 year low of $36.73 and a 1 year high of $71.85.

Inari Medical (NASDAQ:NARI) last released its quarterly earnings results on Wednesday, February 28th. The company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.09). Inari Medical had a negative return on equity of 1.64% and a negative net margin of 4.54%. The firm had revenue of $132.10 million for the quarter, compared to analyst estimates of $131.82 million. During the same period last year, the company earned ($0.11) EPS. The company’s revenue was up 22.5% compared to the same quarter last year. Equities analysts anticipate that Inari Medical will post -0.25 EPS for the current year.

Insider Activity

In related news, Director William Hoffman sold 40,000 shares of the business’s stock in a transaction that occurred on 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 transaction, the director now directly owns 1,003,296 shares of the company’s stock, valued at approximately $41,265,564.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CFO Mitch C. Hill sold 6,000 shares of the business’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 transaction of $245,760.00. Following the completion of the sale, the chief financial officer now owns 181,294 shares in the company, valued at $7,425,802.24. The sale was disclosed in a 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 that occurred on Monday, March 18th. The shares were sold at an average price of $41.13, for a total value of $1,645,200.00. Following the completion of the transaction, the director now directly owns 1,003,296 shares in the company, valued at approximately $41,265,564.48. The disclosure for this sale can be found here. Insiders sold a total of 47,451 shares of company stock valued at $1,949,000 over the last three months. Insiders own 10.60% of the company’s stock.

Institutional Trading of Inari Medical

Several institutional investors have recently added to or reduced their stakes in NARI. Fifth Third Bancorp lifted its holdings in shares of Inari Medical by 54.3% during the third quarter. Fifth Third Bancorp now owns 486 shares of the company’s stock worth $32,000 after buying an additional 171 shares in the last quarter. Benjamin F. Edwards & Company Inc. increased its position in Inari Medical by 27.4% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 1,098 shares of the company’s stock worth $71,000 after acquiring an additional 236 shares during the period. Nisa Investment Advisors LLC raised its stake in 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 Inari Medical in the 4th quarter valued at about $185,000. Finally, Clear Street Markets LLC acquired a new position in shares of Inari Medical during the 4th quarter worth approximately $198,000. 90.98% of the stock is currently owned by institutional investors.

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.