Needham & Company LLC Reiterates Hold Rating for Inari Medical (NASDAQ:NARI)

Inari Medical (NASDAQ:NARI)‘s stock had its “hold” rating reiterated by research analysts at Needham & Company LLC in a research note issued on Wednesday, Benzinga reports.

Several other equities analysts also recently commented on NARI. Truist Financial reissued a “hold” rating and issued a $55.00 target price (down previously from $60.00) on shares of Inari Medical in a report on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Inari Medical in a research note on Friday, August 9th. They set a “buy” rating and a $68.00 price target on the stock. Canaccord Genuity Group upped their price target on shares of Inari Medical from $55.00 to $71.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Leerink Partners initiated coverage on shares of Inari Medical in a research note on Tuesday, September 3rd. They set a “market perform” rating and a $47.00 price target on the stock. Finally, Robert W. Baird decreased their price target on shares of Inari Medical from $65.00 to $63.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 31st. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Inari Medical currently has an average rating of “Hold” and an average target price of $58.44.

Inari Medical Price Performance

NARI stock opened at $40.63 on Wednesday. Inari Medical has a one year low of $36.73 and a one year high of $68.92. The company’s fifty day moving average price is $44.59 and its 200-day moving average price is $45.96.

Inari Medical (NASDAQ:NARI) last released its earnings results on Tuesday, July 30th. The company reported ($0.41) EPS for the quarter, missing the consensus estimate 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 company had revenue of $145.82 million during the quarter, compared to analysts’ expectations of $143.96 million. As a group, analysts anticipate that Inari Medical will post -0.7 earnings per share for the current fiscal year.

Insider Buying and Selling at Inari Medical

In other Inari Medical news, insider Thomas Tu sold 16,520 shares of the business’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $55.09, for a total transaction of $910,086.80. Following the transaction, the insider now owns 313,257 shares in the company, valued at $17,257,328.13. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other 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 transaction, the insider now directly owns 313,257 shares in the company, valued at approximately $17,257,328.13. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director William Hoffman sold 60,000 shares of the company’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $56.74, for a total transaction of $3,404,400.00. Following the completion of the transaction, the director now owns 743,296 shares in the company, valued at approximately $42,174,615.04. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 127,520 shares of company stock worth $6,688,717 over the last quarter. Insiders own 10.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Point72 Asset Management L.P. grew its holdings in 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 acquiring an additional 786,691 shares in the last quarter. Armistice Capital LLC grew its holdings in Inari Medical by 353.1% during the 2nd 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 holdings in Inari Medical by 11.1% during the 1st quarter. Vanguard Group Inc. now owns 5,599,854 shares of the company’s stock worth $268,681,000 after acquiring an additional 561,562 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in Inari Medical by 1,219.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 394,901 shares of the company’s stock worth $19,014,000 after acquiring an additional 364,983 shares in the last quarter. Finally, First Light Asset Management LLC grew its holdings in Inari Medical by 120.8% during the 2nd quarter. First Light Asset Management LLC now owns 472,384 shares of the company’s stock worth $22,745,000 after acquiring an additional 258,444 shares in the last quarter. 90.98% of the stock is currently owned by institutional investors.

About Inari Medical

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.