Canaccord Genuity Group Reiterates Buy Rating for Inari Medical (NASDAQ:NARI)

Inari Medical (NASDAQ:NARI)‘s stock had its “buy” rating restated by equities researchers at Canaccord Genuity Group in a note issued to investors on Friday, Benzinga reports. They presently have a $75.00 price objective on the stock. Canaccord Genuity Group’s price target would indicate a potential upside of 83.91% from the stock’s previous close.

Several other research firms have also recently commented on NARI. Needham & Company LLC reaffirmed a “buy” rating and issued a $72.00 price target on shares of Inari Medical in a report on Wednesday, March 6th. Piper Sandler downgraded shares of Inari Medical from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $85.00 to $55.00 in a research note on Thursday, February 29th. Finally, Truist Financial dropped their price objective on shares of Inari Medical from $61.00 to $52.00 and set a “hold” rating for the company in a research note on Friday, March 22nd. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, Inari Medical presently has a consensus rating of “Moderate Buy” and an average target price of $73.71.

Inari Medical Stock Down 1.8 %

Shares of NASDAQ NARI opened at $40.78 on Friday. Inari Medical has a 12 month low of $39.90 and a 12 month high of $71.85. The company has a market cap of $2.36 billion, a P/E ratio of -1,359.33 and a beta of 0.84. The business’s 50 day moving average is $48.73 and its two-hundred day moving average is $56.20.

Inari Medical (NASDAQ:NARI) last released its earnings results on Wednesday, February 28th. The company reported ($0.08) EPS for the quarter, missing the consensus estimate of $0.01 by ($0.09). Inari Medical had a negative net margin of 0.33% and a positive return on equity of 1.23%. The company had revenue of $132.10 million for the quarter, compared to analyst estimates of $131.82 million. During the same quarter in the previous year, the company earned ($0.11) earnings per share. Inari Medical’s revenue for the quarter was up 22.5% compared to the same quarter last year. Sell-side analysts expect that Inari Medical will post -0.39 earnings per share for the current fiscal year.

Insider Transactions at Inari Medical

In other news, Director William Hoffman sold 40,000 shares of Inari Medical 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 owns 1,003,296 shares in the company, valued at $41,265,564.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 10.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Bamco Inc. NY increased its position in Inari Medical by 18.2% in the 3rd quarter. Bamco Inc. NY now owns 557,937 shares of the company’s stock valued at $36,489,000 after acquiring an additional 86,000 shares in the last quarter. Canada Pension Plan Investment Board bought a new position in Inari Medical in the 3rd quarter worth approximately $2,564,000. Fiera Capital Corp lifted its holdings in Inari Medical by 63.4% during the 3rd quarter. Fiera Capital Corp now owns 560,756 shares of the company’s stock worth $36,673,000 after buying an additional 217,606 shares in the last quarter. Asset Management One Co. Ltd. boosted its position in Inari Medical by 19.5% in the 3rd quarter. Asset Management One Co. Ltd. now owns 47,390 shares of the company’s stock valued at $3,099,000 after buying an additional 7,720 shares during the last quarter. Finally, New York State Common Retirement Fund increased its stake in shares of Inari Medical by 37.0% in the 3rd quarter. New York State Common Retirement Fund now owns 281,427 shares of the company’s stock valued at $18,405,000 after buying an additional 76,072 shares during the period. 90.98% of the stock is 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.