Inari Medical (NASDAQ:NARI) Announces Earnings Results

Inari Medical (NASDAQ:NARI – Get Rating) issued its earnings results on Wednesday. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.02, MarketWatch Earnings reports. Inari Medical had a negative return on equity of 0.33% and a negative net margin of 0.25%. The business had revenue of $86.75 million during the quarter, compared to analyst estimates of $83.61 million. During the same quarter in the previous year, the firm earned $0.13 EPS. Inari Medical’s revenue was up 51.1% on a year-over-year basis.

NARI stock traded down $8.74 during midday trading on Friday, hitting $62.57. The company’s stock had a trading volume of 1,252,134 shares, compared to its average volume of 889,799. Inari Medical has a 12 month low of $61.53 and a 12 month high of $100.66. The firm has a market capitalization of $3.32 billion, a price-to-earnings ratio of -2,085.67 and a beta of 1.68. The company has a 50 day moving average of $86.54 and a two-hundred day moving average of $84.18.

Several equities research analysts have recently commented on NARI shares. Morgan Stanley reduced their price target on shares of Inari Medical from $119.00 to $108.00 and set an “overweight” rating for the company in a research report on Thursday, February 24th. Canaccord Genuity Group reduced their price target on shares of Inari Medical from $102.00 to $96.00 in a research report on Monday, March 14th. Bank of America started coverage on shares of Inari Medical in a research report on Wednesday, March 23rd. They set a “buy” rating for the company. SVB Leerink upped their price target on shares of Inari Medical from $85.00 to $95.00 and gave the company an “outperform” rating in a research report on Thursday, February 24th. Finally, Zacks Investment Research downgraded Inari Medical from a “hold” rating to a “strong sell” rating and set a $76.00 price objective for the company. in a research note on Tuesday, January 11th. One research analyst has rated the stock with a sell rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $106.00.

In other Inari Medical news, CEO William Hoffman sold 30,000 shares of the company’s stock in a transaction that occurred on Monday, February 7th. The stock was sold at an average price of $74.01, for a total value of $2,220,300.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Donald B. Milder sold 7,000 shares of the company’s stock in a transaction that occurred on Monday, April 18th. The stock was sold at an average price of $86.89, for a total value of $608,230.00. Following the sale, the director now directly owns 3,654,614 shares in the company, valued at $317,549,410.46. The disclosure for this sale can be found here. Insiders sold a total of 165,641 shares of company stock valued at $14,452,248 over the last 90 days. 11.90% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently modified their holdings of NARI. UBS Group AG raised its holdings in shares of Inari Medical by 289.4% during the 3rd quarter. UBS Group AG now owns 3,181 shares of the company’s stock worth $258,000 after acquiring an additional 2,364 shares in the last quarter. LPL Financial LLC raised its holdings in shares of Inari Medical by 55.0% during the 3rd quarter. LPL Financial LLC now owns 7,360 shares of the company’s stock worth $597,000 after acquiring an additional 2,612 shares in the last quarter. Stifel Financial Corp raised its holdings in shares of Inari Medical by 11.8% during the 4th quarter. Stifel Financial Corp now owns 9,301 shares of the company’s stock worth $849,000 after acquiring an additional 984 shares in the last quarter. MML Investors Services LLC raised its holdings in Inari Medical by 45.1% during the 4th quarter. MML Investors Services LLC now owns 9,940 shares of the company’s stock valued at $907,000 after buying an additional 3,088 shares during the period. Finally, Cubist Systematic Strategies LLC raised its holdings in Inari Medical by 45.6% during the 4th quarter. Cubist Systematic Strategies LLC now owns 13,876 shares of the company’s stock valued at $1,266,000 after buying an additional 4,346 shares during the period. 67.90% of the stock is currently owned by institutional investors and hedge funds.

Inari Medical Company Profile (Get Rating)

Inari Medical, Inc, a medical device company, develops, manufactures, markets, and sells devices for the interventional treatment of venous diseases in the United States. The company provides ClotTriever, a mechanical thrombectomy system, which is designed to core, capture, and remove large clots from large vessels, as well as for treatment of deep vein thrombosis; and FlowTriever, a large bore catheter-based aspiration and mechanical thrombectomy system, for treatment of pulmonary embolism.

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