Inari Medical (NASDAQ:NARI) Hits New 52-Week High After Analyst Upgrade

Shares of Inari Medical, Inc. (NASDAQ:NARI) reached a new 52-week high on Tuesday after Piper Sandler raised their price target on the stock from $52.00 to $80.00. Piper Sandler currently has a neutral rating on the stock. Inari Medical traded as high as $79.43 and last traded at $79.31, with a volume of 5168594 shares trading hands. The stock had previously closed at $65.00.

Several other brokerages also recently issued reports on NARI. Truist Financial raised their price objective on shares of Inari Medical from $50.00 to $63.00 and gave the stock a “hold” rating in a research note on Wednesday, December 18th. Robert W. Baird restated a “neutral” rating and set a $80.00 price objective (down previously from $81.00) on shares of Inari Medical in a report on Tuesday. Oppenheimer initiated coverage on Inari Medical in a research report on Tuesday, December 17th. They set an “outperform” rating and a $75.00 target price for the company. Canaccord Genuity Group reiterated a “hold” rating and set a $80.00 price objective (up previously from $74.00) on shares of Inari Medical in a report on Tuesday. Finally, Stifel Nicolaus began coverage on shares of Inari Medical in a research note on Tuesday, September 17th. They set a “hold” rating and a $50.00 price target for the company. Twelve analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $68.00.

Insider Buying and Selling

In other Inari Medical news, CEO Andrew Hykes sold 3,000 shares of Inari Medical stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $50.00, for a total value of $150,000.00. Following the transaction, the chief executive officer now directly owns 445,310 shares of the company’s stock, valued at approximately $22,265,500. The trade was a 0.67 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William Hoffman sold 200,000 shares of the stock in a transaction on Monday, January 6th. The shares were sold at an average price of $60.47, for a total value of $12,094,000.00. Following the sale, the director now owns 238,987 shares of the company’s stock, valued at approximately $14,451,543.89. This represents a 45.56 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 406,000 shares of company stock worth $22,621,870 in the last three months. 10.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Inari Medical

Several hedge funds have recently made changes to their positions in NARI. Vestal Point Capital LP lifted its position in Inari Medical by 342.9% during the 3rd quarter. Vestal Point Capital LP now owns 1,550,000 shares of the company’s stock worth $63,922,000 after acquiring an additional 1,200,000 shares during the period. Point72 Asset Management L.P. lifted its holdings in shares of Inari Medical by 113.3% during the second 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 during the period. Armistice Capital LLC boosted its position in Inari Medical by 353.1% in the second quarter. Armistice Capital LLC now owns 1,009,252 shares of the company’s stock valued at $48,595,000 after buying an additional 786,501 shares during the last quarter. Jennison Associates LLC boosted its holdings in shares of Inari Medical by 63.2% in the 3rd quarter. Jennison Associates LLC now owns 1,576,641 shares of the company’s stock valued at $65,021,000 after acquiring an additional 610,468 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of Inari Medical by 101.3% during the third quarter. The Manufacturers Life Insurance Company now owns 795,099 shares of the company’s stock worth $32,790,000 after purchasing an additional 400,198 shares during the last quarter. 90.98% of the stock is owned by institutional investors and hedge funds.

Inari Medical Stock Down 0.2 %

The business’s 50-day moving average is $52.85 and its 200-day moving average is $48.92. The company has a market capitalization of $4.64 billion, a price-to-earnings ratio of -58.74 and a beta of 0.97.

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.