Inari Medical (NASDAQ:NARI) Reaches New 1-Year High – Time to Buy?

Inari Medical, Inc. (NASDAQ:NARI) shares hit a new 52-week high on Wednesday . The stock traded as high as $79.89 and last traded at $79.85, with a volume of 1593290 shares. The stock had previously closed at $79.62.

Wall Street Analysts Forecast Growth

NARI has been the topic of a number of research analyst reports. Piper Sandler lifted their target price on Inari Medical from $52.00 to $80.00 and gave the company a “neutral” rating in a report on Tuesday, January 7th. Truist Financial boosted their target price on Inari Medical from $50.00 to $63.00 and gave the stock a “hold” rating in a report on Wednesday, December 18th. Oppenheimer initiated coverage on shares of Inari Medical in a report on Tuesday, December 17th. They issued an “outperform” rating and a $75.00 price target on the stock. William Blair reiterated a “market perform” rating on shares of Inari Medical in a research note on Tuesday, January 7th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Inari Medical in a research note on Tuesday, October 29th. 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 stock has a consensus rating of “Hold” and a consensus price target of $68.00.

Inari Medical Price Performance

The stock has a 50-day moving average price of $64.54 and a 200-day moving average price of $52.88. The firm has a market capitalization of $4.67 billion, a PE ratio of -59.15 and a beta of 1.02.

Insiders Place Their Bets

In other news, Director William Hoffman sold 200,000 shares of the firm’s stock in a transaction that occurred on 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 completion of the sale, the director now owns 238,987 shares of the company’s stock, valued at approximately $14,451,543.89. This trade represents a 45.56 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Andrew Hykes sold 3,000 shares of the company’s stock in a transaction on 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 sale, the chief executive officer now directly owns 439,310 shares in the company, valued at $24,289,449.90. This represents a 0.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 323,000 shares of company stock worth $18,669,070 in the last three months. 10.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Inari Medical

Hedge funds have recently bought and sold shares of the company. R Squared Ltd bought a new position in Inari Medical during the 4th quarter worth approximately $45,000. GAMMA Investing LLC lifted its stake in Inari Medical by 67.2% during the third quarter. GAMMA Investing LLC now owns 1,177 shares of the company’s stock worth $49,000 after purchasing an additional 473 shares during the last quarter. KBC Group NV boosted its holdings in Inari Medical by 39.0% in the third quarter. KBC Group NV now owns 1,774 shares of the company’s stock worth $73,000 after purchasing an additional 498 shares during the period. Covestor Ltd increased its stake in Inari Medical by 63.5% during the third quarter. Covestor Ltd now owns 2,384 shares of the company’s stock valued at $99,000 after purchasing an additional 926 shares during the last quarter. Finally, Values First Advisors Inc. bought a new position in shares of Inari Medical in the 3rd quarter worth about $128,000. 90.98% of the stock is currently owned by institutional investors and hedge funds.

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.