Canaccord Genuity Group Increases Inari Medical (NASDAQ:NARI) Price Target to $71.00

Inari Medical (NASDAQ:NARI) had its price objective upped by Canaccord Genuity Group from $55.00 to $71.00 in a report published on Wednesday, Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other brokerages also recently commented on NARI. Truist Financial increased their price objective on Inari Medical from $47.00 to $60.00 and gave the stock a hold rating in a research note on Tuesday, July 16th. Robert W. Baird lowered their price objective on Inari Medical from $65.00 to $63.00 and set an outperform rating for the company in a research note on Wednesday. Piper Sandler lowered their price objective on Inari Medical from $55.00 to $50.00 and set a neutral rating for the company in a research note on Wednesday, May 1st. Needham & Company LLC reissued a hold rating on shares of Inari Medical in a research note on Wednesday. Finally, William Blair started coverage on Inari Medical in a research note on Thursday, July 25th. They issued an outperform rating for the company. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, Inari Medical currently has a consensus rating of Moderate Buy and an average price target of $60.17.

Inari Medical Stock Performance

NARI stock opened at $47.31 on Wednesday. The stock’s 50 day simple moving average is $50.14 and its 200 day simple moving average is $48.69. Inari Medical has a fifty-two week low of $36.73 and a fifty-two week high of $71.85. The company has a market cap of $2.75 billion, a P/E ratio of -115.39 and a beta of 1.01.

Insider Activity

In other news, Director William Hoffman sold 60,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $56.74, for a total value of $3,404,400.00. Following the completion of the transaction, the director now directly owns 743,296 shares of the company’s stock, valued at $42,174,615.04. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CEO Andrew Hykes sold 3,000 shares of the firm’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $50.00, for a total value of $150,000.00. Following the completion of the transaction, the chief executive officer now directly owns 465,474 shares of the company’s stock, valued at $23,273,700. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William Hoffman sold 60,000 shares of the firm’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $56.74, for a total value of $3,404,400.00. Following the completion of the transaction, the director now directly owns 743,296 shares of the company’s stock, valued at $42,174,615.04. The disclosure for this sale can be found here. Insiders sold a total of 222,744 shares of company stock valued at $11,494,500 over the last three months. Corporate insiders own 10.60% of the company’s stock.

Hedge Funds Weigh In On Inari Medical

Large investors have recently made changes to their positions in the stock. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Inari Medical in the first quarter worth $30,000. GAMMA Investing LLC raised its position in shares of Inari Medical by 164.7% in the second quarter. GAMMA Investing LLC now owns 704 shares of the company’s stock worth $34,000 after buying an additional 438 shares in the last quarter. Nisa Investment Advisors LLC raised its position in shares of Inari Medical by 83.5% in the second quarter. Nisa Investment Advisors LLC now owns 956 shares of the company’s stock worth $46,000 after buying an additional 435 shares in the last quarter. Benjamin F. Edwards & Company Inc. raised its position in shares of Inari Medical by 27.4% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 1,098 shares of the company’s stock worth $71,000 after buying an additional 236 shares in the last quarter. Finally, Covestor Ltd raised its position in shares of Inari Medical by 30.2% in the first quarter. Covestor Ltd now owns 1,619 shares of the company’s stock worth $78,000 after buying an additional 376 shares in the last quarter. 90.98% of the stock is 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.