Inari Medical (NASDAQ:NARI) Sets New 1-Year High Following Analyst Upgrade

Inari Medical, Inc. (NASDAQ:NARI - Get Free Report)'s stock price 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.

Several other analysts have also recently weighed in on the company. Stifel Nicolaus began coverage on Inari Medical in a research report on Tuesday, September 17th. They set a "hold" rating and a $50.00 price objective on the stock. Robert W. Baird reaffirmed a "neutral" rating and set a $80.00 price objective (down from $81.00) on shares of Inari Medical in a research report on Tuesday. Oppenheimer started coverage on Inari Medical in a research report on Tuesday, December 17th. They issued an "outperform" rating and a $75.00 price target on the stock. Canaccord Genuity Group reissued a "hold" rating and issued a $80.00 price target (up from $74.00) on shares of Inari Medical in a research report on Tuesday. Finally, Needham & Company LLC reissued a "hold" rating on shares of Inari Medical in a research report on Tuesday, October 29th. Ten analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat, Inari Medical has an average rating of "Hold" and a consensus price target of $68.00.

Insider Activity at Inari Medical

In other news, CEO Andrew Hykes sold 3,000 shares of the company's stock in a transaction on Tuesday, October 29th. The stock was 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 in the company, valued at $22,265,500. This represents a 0.67 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director William Hoffman sold 40,000 shares of the company's stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $45.02, for a total value of $1,800,800.00. Following the completion of the sale, the director now owns 601,233 shares of the company's stock, valued at $27,067,509.66. This trade represents a 6.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 206,000 shares of company stock valued at $10,527,870. 10.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Inari Medical

Hedge funds and other institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC increased its stake in Inari Medical by 67.2% in the 3rd quarter. GAMMA Investing LLC now owns 1,177 shares of the company's stock worth $49,000 after buying an additional 473 shares in the last quarter. KBC Group NV increased its stake in Inari Medical by 39.0% in the 3rd quarter. KBC Group NV now owns 1,774 shares of the company's stock worth $73,000 after buying an additional 498 shares in the last quarter. Benjamin F. Edwards & Company Inc. increased its stake in Inari Medical by 39.4% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 1,847 shares of the company's stock worth $89,000 after buying an additional 522 shares in the last quarter. Covestor Ltd boosted its holdings in shares of Inari Medical by 63.5% during the 3rd quarter. Covestor Ltd now owns 2,384 shares of the company's stock valued at $99,000 after purchasing an additional 926 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Inari Medical during the 2nd quarter valued at about $104,000. 90.98% of the stock is currently owned by hedge funds and other institutional investors.

Inari Medical Stock Performance

The firm's fifty day simple moving average is $52.24 and its 200 day simple moving average is $48.69. The firm has a market cap of $4.65 billion, a P/E ratio of -58.85 and a beta of 0.97.

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.