Inari Medical (NASDAQ:NARI) Hits New 52-Week High on Analyst Upgrade

Shares of Inari Medical, Inc. (NASDAQ:NARI) hit a new 52-week high during mid-day trading on Tuesday after Piper Sandler raised their price target on the stock from $52.00 to $80.00. Piper Sandler currently has a neutral rating on the stock. Inari Medical traded as high as $79.43 and last traded at $79.31, with a volume of 5168594 shares changing hands. The stock had previously closed at $65.00.

NARI has been the topic of several other reports. Stifel Nicolaus assumed coverage on shares of Inari Medical in a research report on Tuesday, September 17th. They issued a “hold” rating and a $50.00 price target on the stock. Truist Financial boosted their target price on shares of Inari Medical from $50.00 to $63.00 and gave the stock a “hold” rating in a report on Wednesday, December 18th. Needham & Company LLC restated a “hold” rating on shares of Inari Medical in a report on Tuesday, October 29th. Robert W. Baird reaffirmed a “neutral” rating and issued a $80.00 price target (down previously from $81.00) on shares of Inari Medical in a report on Tuesday. Finally, Canaccord Genuity Group reissued a “hold” rating and set a $80.00 price objective (up from $74.00) on shares of Inari Medical in a research note on Tuesday. Ten analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $68.00.

Insider Transactions at Inari Medical

In other news, CEO Andrew Hykes sold 3,000 shares of the stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $50.00, for a total value of $150,000.00. Following the completion of the sale, the chief executive officer now directly owns 445,310 shares of the company’s stock, valued at $22,265,500. This represents a 0.67 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William Hoffman sold 40,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $45.02, for a total transaction of $1,800,800.00. Following the transaction, the director now directly owns 601,233 shares in the company, valued at $27,067,509.66. The trade was a 6.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 206,000 shares of company stock valued at $10,527,870 over the last quarter. Company insiders own 10.60% of the company’s stock.

Institutional Investors Weigh In On Inari Medical

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NARI. Commonwealth Equity Services LLC purchased a new stake in shares of Inari Medical during the second quarter worth $421,000. Arizona State Retirement System lifted its holdings in shares of Inari Medical by 2.5% during the 2nd quarter. Arizona State Retirement System now owns 14,602 shares of the company’s stock valued at $703,000 after buying an additional 358 shares during the last quarter. Quest Partners LLC grew its stake in shares of Inari Medical by 31,257.1% in the 2nd quarter. Quest Partners LLC now owns 2,195 shares of the company’s stock valued at $106,000 after buying an additional 2,188 shares in the last quarter. American Century Companies Inc. increased its holdings in Inari Medical by 26.8% in the second quarter. American Century Companies Inc. now owns 980,917 shares of the company’s stock worth $47,231,000 after buying an additional 207,485 shares during the last quarter. Finally, Sofinnova Investments Inc. raised its position in Inari Medical by 1,425.4% during the second quarter. Sofinnova Investments Inc. now owns 155,838 shares of the company’s stock valued at $7,504,000 after acquiring an additional 145,622 shares in the last quarter. Hedge funds and other institutional investors own 90.98% of the company’s stock.

Inari Medical Price Performance

The stock has a market capitalization of $4.65 billion, a price-to-earnings ratio of -58.85 and a beta of 0.97. The stock’s 50 day simple moving average is $52.85 and its 200-day simple moving average is $48.92.

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.