Public Sector Pension Investment Board Grows Position in Inari Medical, Inc. (NASDAQ:NARI)

Public Sector Pension Investment Board increased its stake in shares of Inari Medical, Inc. (NASDAQ:NARI) by 8.3% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 113,864 shares of the company’s stock after acquiring an additional 8,734 shares during the quarter. Public Sector Pension Investment Board owned about 0.20% of Inari Medical worth $5,483,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Inari Medical during the 1st quarter valued at about $30,000. GAMMA Investing LLC boosted its stake in Inari Medical by 164.7% during the second quarter. GAMMA Investing LLC now owns 704 shares of the company’s stock valued at $34,000 after buying an additional 438 shares during the last quarter. Nisa Investment Advisors LLC boosted its stake in Inari Medical by 83.5% during the second quarter. Nisa Investment Advisors LLC now owns 956 shares of the company’s stock valued at $46,000 after buying an additional 435 shares during the last quarter. Covestor Ltd grew its holdings in Inari Medical by 30.2% during the 1st quarter. Covestor Ltd now owns 1,619 shares of the company’s stock valued at $78,000 after buying an additional 376 shares in the last quarter. Finally, 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 acquiring an additional 522 shares during the last quarter. 90.98% of the stock is owned by hedge funds and other institutional investors.

Inari Medical Stock Performance

NARI opened at $41.48 on Thursday. The stock’s 50 day moving average price is $47.15 and its 200-day moving average price is $46.10. Inari Medical, Inc. has a one year low of $36.73 and a one year high of $69.40. The stock has a market cap of $2.42 billion, a price-to-earnings ratio of -101.17 and a beta of 1.00.

Inari Medical (NASDAQ:NARI) last released its earnings results 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). Inari Medical had a negative return on equity of 7.51% and a negative net margin of 10.42%. The business had revenue of $145.82 million during the quarter, compared to analysts’ expectations of $143.96 million. As a group, analysts predict that Inari Medical, Inc. will post -0.7 earnings per share for the current fiscal year.

Insider Activity at Inari Medical

In other news, CEO Andrew Hykes sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $50.08, for a total transaction of $150,240.00. Following the transaction, the chief executive officer now directly owns 462,474 shares of the company’s stock, valued at $23,160,697.92. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, insider Thomas Tu sold 16,520 shares of the company’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $55.09, for a total value of $910,086.80. Following the completion of the sale, the insider now directly owns 313,257 shares of the company’s stock, valued at $17,257,328.13. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Andrew Hykes sold 3,000 shares of the stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $50.08, for a total transaction of $150,240.00. Following the transaction, the chief executive officer now owns 462,474 shares in the company, valued at $23,160,697.92. The disclosure for this sale can be found here. Insiders sold 155,520 shares of company stock worth $8,111,707 in the last 90 days. 10.60% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms recently weighed in on NARI. Wells Fargo & Company cut their target price on shares of Inari Medical from $84.00 to $65.00 and set an “overweight” rating for the company in a report on Wednesday, July 31st. Leerink Partners started coverage on shares of Inari Medical in a research note on Tuesday, September 3rd. They issued a “market perform” rating and a $47.00 price objective for the company. Truist Financial restated a “hold” rating and set a $55.00 target price (down from $60.00) on shares of Inari Medical in a research report on Wednesday, July 31st. Piper Sandler reiterated a “neutral” rating and issued a $50.00 price target on shares of Inari Medical in a research report on Monday, August 26th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Inari Medical in a research report on Friday, August 9th. They set a “buy” rating and a $68.00 price objective on the stock. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $58.44.

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.