Inari Medical (NASDAQ:NARI) Shares Gap Up Following Analyst Upgrade

Inari Medical, Inc. (NASDAQ:NARI - Get Free Report)'s stock price gapped up before the market opened on Tuesday after Truist Financial raised their price target on the stock from $46.00 to $50.00. The stock had previously closed at $42.56, but opened at $47.70. Truist Financial currently has a hold rating on the stock. Inari Medical shares last traded at $49.01, with a volume of 771,422 shares.

Other research analysts also recently issued research reports about the company. Leerink Partners initiated coverage on Inari Medical in a research note on Tuesday, September 3rd. They set a "market perform" rating and a $47.00 target price for the company. Robert W. Baird upped their price target on shares of Inari Medical from $66.00 to $67.00 and gave the stock an "outperform" rating in a report on Tuesday. Leerink Partnrs upgraded Inari Medical to a "hold" rating in a research note on Tuesday, September 3rd. Wells Fargo & Company reduced their price objective on Inari Medical from $84.00 to $65.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 31st. Finally, Stifel Nicolaus initiated coverage on Inari Medical in a report on Tuesday, September 17th. They issued a "hold" rating and a $50.00 target price for the company. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, Inari Medical has a consensus rating of "Hold" and a consensus target price of $58.89.

Insiders Place Their Bets

In other news, Director William Hoffman sold 40,000 shares of the stock in a transaction 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 completion of the sale, the director now directly owns 601,233 shares in the company, valued at $27,067,509.66. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, Director William Hoffman sold 40,000 shares of the company's stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $45.02, for a total transaction of $1,800,800.00. Following the sale, the director now owns 601,233 shares in the company, valued at $27,067,509.66. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mitch C. Hill sold 5,000 shares of Inari Medical stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $47.99, for a total value of $239,950.00. Following the completion of the sale, the chief financial officer now owns 179,600 shares of the company's stock, valued at approximately $8,619,004. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 88,000 shares of company stock worth $4,009,340. 10.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Inari Medical

Large investors have recently bought and sold shares of the stock. Point72 Asset Management L.P. boosted its position in shares of Inari Medical by 113.3% during the 2nd quarter. Point72 Asset Management L.P. now owns 1,481,283 shares of the company's stock worth $71,324,000 after purchasing an additional 786,691 shares in the last quarter. Armistice Capital LLC boosted its holdings in Inari Medical by 353.1% in the second quarter. Armistice Capital LLC now owns 1,009,252 shares of the company's stock worth $48,595,000 after acquiring an additional 786,501 shares in the last quarter. Vanguard Group Inc. grew its stake in Inari Medical by 11.1% in the first quarter. Vanguard Group Inc. now owns 5,599,854 shares of the company's stock valued at $268,681,000 after acquiring an additional 561,562 shares during the period. The Manufacturers Life Insurance Company increased its holdings in shares of Inari Medical by 1,219.9% during the second quarter. The Manufacturers Life Insurance Company now owns 394,901 shares of the company's stock valued at $19,014,000 after acquiring an additional 364,983 shares in the last quarter. Finally, First Light Asset Management LLC raised its position in shares of Inari Medical by 120.8% during the second quarter. First Light Asset Management LLC now owns 472,384 shares of the company's stock worth $22,745,000 after purchasing an additional 258,444 shares during the period. 90.98% of the stock is currently owned by institutional investors and hedge funds.

Inari Medical Stock Up 15.6 %

The business has a 50-day moving average price of $43.51 and a two-hundred day moving average price of $45.90. The company has a market capitalization of $2.87 billion, a price-to-earnings ratio of -49.68 and a beta of 1.00.

Inari Medical (NASDAQ:NARI - Get Free Report) last released its quarterly earnings data on Tuesday, July 30th. The company reported ($0.41) earnings per share for the quarter, missing analysts' consensus estimates of ($0.16) by ($0.25). The business had revenue of $145.82 million during the quarter, compared to the consensus estimate of $143.96 million. Inari Medical had a negative net margin of 10.42% and a negative return on equity of 7.51%. On average, sell-side analysts anticipate that Inari Medical, Inc. will post -0.75 EPS for the current fiscal year.

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.