Piper Sandler Forecasts Strong Price Appreciation for Inari Medical (NASDAQ:NARI) Stock

Inari Medical (NASDAQ:NARI) had its price target hoisted by equities researchers at Piper Sandler from $52.00 to $80.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Piper Sandler’s target price would indicate a potential upside of 23.08% from the company’s current price.

A number of other research analysts have also commented on NARI. Robert W. Baird restated a “neutral” rating and set a $80.00 price target (down from $81.00) on shares of Inari Medical in a research report on Tuesday. Truist Financial boosted their price target on shares of Inari Medical from $50.00 to $63.00 and gave the company a “hold” rating in a research report on Wednesday, December 18th. Needham & Company LLC reiterated a “hold” rating on shares of Inari Medical in a research report on Tuesday, October 29th. Stifel Nicolaus initiated coverage on shares of Inari Medical in a research report on Tuesday, September 17th. They issued a “hold” rating and a $50.00 target price for the company. Finally, Canaccord Genuity Group reiterated a “hold” rating and issued a $80.00 target price (up from $74.00) on shares of Inari Medical in a research report on Tuesday. Eight investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $66.50.

Inari Medical Price Performance

NARI opened at $65.00 on Tuesday. The company has a fifty day moving average price of $52.24 and a 200-day moving average price of $48.69. The firm has a market capitalization of $3.81 billion, a P/E ratio of -48.15 and a beta of 0.97. Inari Medical has a one year low of $36.73 and a one year high of $65.94.

Insiders Place Their Bets

In other news, CEO Andrew Hykes sold 3,000 shares of the company’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $55.29, for a total transaction of $165,870.00. Following the completion of the transaction, the chief executive officer now directly owns 439,310 shares of the company’s stock, valued at approximately $24,289,449.90. This represents a 0.68 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director William Hoffman sold 40,000 shares of the company’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $45.02, for a total transaction of $1,800,800.00. Following the transaction, the director now directly owns 601,233 shares of the company’s stock, valued at approximately $27,067,509.66. This trade represents a 6.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 206,000 shares of company stock valued at $10,527,870 over the last three months. Insiders own 10.60% of the company’s stock.

Hedge Funds Weigh In On Inari Medical

Several hedge funds and other institutional investors have recently modified their holdings of the company. GAMMA Investing LLC raised its stake in Inari Medical by 66.8% in the fourth quarter. GAMMA Investing LLC now owns 1,963 shares of the company’s stock worth $100,000 after buying an additional 786 shares in the last quarter. Franklin Resources Inc. raised its stake in Inari Medical by 2.2% in the third quarter. Franklin Resources Inc. now owns 223,810 shares of the company’s stock worth $9,445,000 after buying an additional 4,899 shares in the last quarter. Barclays PLC raised its stake in Inari Medical by 9.7% in the third quarter. Barclays PLC now owns 288,079 shares of the company’s stock worth $11,881,000 after buying an additional 25,365 shares in the last quarter. Y Intercept Hong Kong Ltd raised its stake in Inari Medical by 316.7% in the third quarter. Y Intercept Hong Kong Ltd now owns 44,318 shares of the company’s stock worth $1,828,000 after buying an additional 33,682 shares in the last quarter. Finally, Jane Street Group LLC raised its stake in Inari Medical by 32.4% in the third quarter. Jane Street Group LLC now owns 95,223 shares of the company’s stock worth $3,927,000 after buying an additional 23,286 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.