Inari Medical (NASDAQ:NARI) Sets New 1-Year High – Should You Buy?

Inari Medical, Inc. (NASDAQ:NARI) shares reached a new 52-week high on Thursday . The company traded as high as $79.76 and last traded at $79.70, with a volume of 989517 shares. The stock had previously closed at $79.60.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on NARI shares. Wells Fargo & Company restated an “equal weight” rating and issued a $80.00 price objective (up previously from $65.00) on shares of Inari Medical in a research note on Tuesday, January 7th. BTIG Research reissued a “neutral” rating on shares of Inari Medical in a research report on Wednesday, January 8th. Canaccord Genuity Group reaffirmed a “hold” rating and set a $80.00 price objective (up from $74.00) on shares of Inari Medical in a report on Tuesday, January 7th. Oppenheimer initiated coverage on Inari Medical in a report on Tuesday, December 17th. They issued an “outperform” rating and a $75.00 target price for the company. Finally, Piper Sandler boosted their price target on Inari Medical from $52.00 to $80.00 and gave the company a “neutral” rating in a research note on Tuesday, January 7th. Twelve investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $68.00.

Inari Medical Trading Up 0.1 %

The stock has a market cap of $4.67 billion, a P/E ratio of -59.04 and a beta of 0.97. The business’s fifty day simple moving average is $62.15 and its 200 day simple moving average is $52.25.

Insider Activity at Inari Medical

In related news, CEO Andrew Hykes sold 3,000 shares of the firm’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $55.29, for a total value of $165,870.00. Following the transaction, the chief executive officer now owns 439,310 shares in the company, valued at $24,289,449.90. This trade represents a 0.68 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William Hoffman sold 200,000 shares of the company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $60.47, for a total transaction of $12,094,000.00. Following the transaction, the director now owns 238,987 shares in the company, valued at approximately $14,451,543.89. The trade was a 45.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 323,000 shares of company stock valued at $18,669,070 over the last quarter. Corporate insiders own 10.60% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in NARI. Jennison Associates LLC boosted its holdings in Inari Medical by 11.8% during the fourth quarter. Jennison Associates LLC now owns 1,763,258 shares of the company’s stock worth $90,014,000 after buying an additional 186,617 shares during the last quarter. Vestal Point Capital LP boosted its stake 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 last quarter. Bamco Inc. NY grew its holdings in Inari Medical by 29.5% during the third quarter. Bamco Inc. NY now owns 1,006,129 shares of the company’s stock valued at $41,493,000 after purchasing an additional 228,977 shares during the period. The Manufacturers Life Insurance Company increased its stake in Inari Medical by 101.3% in the third quarter. The Manufacturers Life Insurance Company now owns 795,099 shares of the company’s stock valued at $32,790,000 after purchasing an additional 400,198 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Inari Medical by 0.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 453,972 shares of the company’s stock worth $18,722,000 after purchasing an additional 1,783 shares during the period. Institutional investors and hedge funds own 90.98% of the company’s stock.

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.