Inari Medical, Inc. (NASDAQ:NARI) Short Interest Update

Inari Medical, Inc. (NASDAQ:NARI) was the target of a large growth in short interest in the month of December. As of December 15th, there was short interest totalling 3,660,000 shares, a growth of 25.3% from the November 30th total of 2,920,000 shares. Based on an average daily trading volume, of 940,700 shares, the days-to-cover ratio is presently 3.9 days.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Stifel Nicolaus initiated coverage on Inari Medical in a report on Tuesday, September 17th. They set a “hold” rating and a $50.00 target price for the company. Piper Sandler lifted their target price on Inari Medical from $50.00 to $52.00 and gave the company a “neutral” rating in a research report on Tuesday, October 29th. Leerink Partnrs upgraded Inari Medical to a “hold” rating in a research note on Tuesday, September 3rd. Oppenheimer assumed coverage on shares of Inari Medical in a research note on Tuesday, December 17th. They set an “outperform” rating and a $75.00 price target for the company. Finally, Canaccord Genuity Group boosted their price objective on shares of Inari Medical from $71.00 to $74.00 and gave the stock a “buy” rating in a research report on Tuesday, October 29th. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $61.80.

Inari Medical Price Performance

NASDAQ NARI traded down $1.06 on Friday, hitting $52.97. 510,231 shares of the stock were exchanged, compared to its average volume of 990,650. The company has a market capitalization of $3.10 billion, a PE ratio of -39.24 and a beta of 0.97. The business’s fifty day moving average is $51.08 and its 200 day moving average is $48.33. Inari Medical has a 52 week low of $36.73 and a 52 week high of $66.61.

Insider Buying and Selling

In other news, Director William Hoffman sold 40,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $45.02, for a total value of $1,800,800.00. Following the completion of the transaction, the director now owns 601,233 shares in the company, valued at $27,067,509.66. This represents a 6.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Andrew Hykes sold 3,000 shares of the firm’s stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $50.00, for a total transaction of $150,000.00. Following the sale, the chief executive officer now owns 445,310 shares in the company, valued at approximately $22,265,500. The trade was a 0.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 206,000 shares of company stock valued at $10,527,870. 10.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Jennison Associates LLC lifted its stake in 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 purchasing an additional 610,468 shares during the last quarter. Vestal Point Capital LP raised its stake in Inari Medical by 342.9% in the third quarter. Vestal Point Capital LP now owns 1,550,000 shares of the company’s stock valued at $63,922,000 after buying an additional 1,200,000 shares during the period. Point72 Asset Management L.P. lifted its position in shares of Inari Medical by 113.3% in the second quarter. Point72 Asset Management L.P. now owns 1,481,283 shares of the company’s stock valued at $71,324,000 after buying an additional 786,691 shares during the last quarter. Armistice Capital LLC boosted its stake in shares of 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 during the period. Finally, Bamco Inc. NY increased its holdings in shares of Inari Medical by 29.5% during the 3rd quarter. Bamco Inc. NY now owns 1,006,129 shares of the company’s stock worth $41,493,000 after acquiring an additional 228,977 shares during the last quarter. 90.98% of the stock is currently owned by institutional investors and hedge funds.

Inari Medical Company Profile

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.