Inari Medical (NASDAQ:NARI) Stock Price Up 6.6%

Inari Medical, Inc. (NASDAQ:NARIGet Rating) shares shot up 6.6% during mid-day trading on Tuesday . The stock traded as high as $92.74 and last traded at $92.68. 5,551 shares traded hands during trading, a decline of 99% from the average session volume of 503,730 shares. The stock had previously closed at $86.93.

NARI has been the subject of a number of recent research reports. Bank of America began coverage on Inari Medical in a research note on Wednesday, March 23rd. They issued a “buy” rating for the company. Morgan Stanley dropped their price objective on shares of Inari Medical from $119.00 to $108.00 and set an “overweight” rating for the company in a research note on Thursday, February 24th. SVB Leerink raised their price objective on shares of Inari Medical from $85.00 to $95.00 and gave the stock an “outperform” rating in a report on Thursday, February 24th. Canaccord Genuity Group decreased their target price on shares of Inari Medical from $102.00 to $96.00 in a research report on Monday, March 14th. Finally, Canaccord Genuity Group dropped their price target on shares of Inari Medical from $102.00 to $96.00 and set a “buy” rating for the company in a research report on Monday, March 14th. One equities research analyst has rated the stock with a sell rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $106.00.

The company has a 50 day simple moving average of $85.79 and a 200-day simple moving average of $84.25. The stock has a market cap of $4.71 billion, a price-to-earnings ratio of 579.47 and a beta of 1.76.

Inari Medical (NASDAQ:NARIGet Rating) last posted its quarterly earnings data on Wednesday, February 23rd. The company reported $0.02 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.02. Inari Medical had a return on equity of 4.33% and a net margin of 3.55%. The business had revenue of $83.20 million during the quarter, compared to the consensus estimate of $79.77 million. During the same period last year, the company earned $0.13 earnings per share. Inari Medical’s quarterly revenue was up 71.2% on a year-over-year basis. On average, equities research analysts anticipate that Inari Medical, Inc. will post -0.27 earnings per share for the current year.

In other news, CFO Mitch C. Hill sold 7,500 shares of Inari Medical stock in a transaction on Tuesday, February 15th. The shares were sold at an average price of $79.10, for a total value of $593,250.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO William Hoffman sold 30,000 shares of the business’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 disclosure for this sale can be found here. Over the last three months, insiders have sold 151,141 shares of company stock valued at $13,192,343. 23.20% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of NARI. BOKF NA lifted its holdings in Inari Medical by 25.8% during the fourth quarter. BOKF NA now owns 29,572 shares of the company’s stock worth $2,699,000 after acquiring an additional 6,064 shares during the period. Norges Bank bought a new position in Inari Medical in the 4th quarter valued at $27,176,000. BlackRock Inc. increased its position in shares of Inari Medical by 4.2% during the 4th quarter. BlackRock Inc. now owns 2,318,735 shares of the company’s stock valued at $211,632,000 after purchasing an additional 93,071 shares during the last quarter. Weiss Multi Strategy Advisers LLC raised its stake in shares of Inari Medical by 16.4% during the 4th quarter. Weiss Multi Strategy Advisers LLC now owns 18,038 shares of the company’s stock worth $1,646,000 after purchasing an additional 2,538 shares during the period. Finally, EFG Asset Management North America Corp. bought a new position in shares of Inari Medical during the 4th quarter valued at approximately $1,671,000. Hedge funds and other institutional investors own 73.80% of the company’s stock.

About Inari Medical (NASDAQ:NARI)

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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