Inari Medical (NASDAQ:NARI) Shares Down 4.6% After Insider Selling

Inari Medical, Inc. (NASDAQ:NARI)’s share price fell 4.6% during mid-day trading on Wednesday after an insider sold shares in the company. The stock traded as low as $48.62 and last traded at $48.62. 136,045 shares were traded during mid-day trading, a decline of 86% from the average session volume of 983,498 shares. The stock had previously closed at $50.97.

Specifically, Director William Hoffman sold 60,000 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $51.16, for a total value of $3,069,600.00. Following the transaction, the director now directly owns 501,233 shares in the company, valued at approximately $25,643,080.28. This represents a 10.69 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Analysts Set New Price Targets

A number of research firms have commented on NARI. Leerink Partners assumed coverage on Inari Medical in a research note on Tuesday, September 3rd. They set a “market perform” rating and a $47.00 price target on the stock. Needham & Company LLC reissued a “hold” rating on shares of Inari Medical in a research note on Tuesday, October 29th. Leerink Partnrs raised shares of Inari Medical to a “hold” rating in a research note on Tuesday, September 3rd. William Blair began coverage on shares of Inari Medical in a research report on Thursday, July 25th. They issued an “outperform” rating for the company. Finally, Canaccord Genuity Group boosted their price target on shares of Inari Medical from $71.00 to $74.00 and gave the stock a “buy” rating in a research note on Tuesday, October 29th. Six analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $58.89.

Inari Medical Stock Performance

The company’s 50-day simple moving average is $45.52 and its 200-day simple moving average is $47.19. The company has a market capitalization of $2.94 billion, a PE ratio of -36.89 and a beta of 0.96.

Institutional Investors Weigh In On Inari Medical

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in Inari Medical by 11.1% during the first quarter. Vanguard Group Inc. now owns 5,599,854 shares of the company’s stock worth $268,681,000 after acquiring an additional 561,562 shares during the last quarter. Covestor Ltd increased its stake in shares of Inari Medical by 30.2% during the 1st quarter. Covestor Ltd now owns 1,619 shares of the company’s stock valued at $78,000 after acquiring an additional 376 shares during the last quarter. Bessemer Group Inc. lifted its holdings in shares of Inari Medical by 16.4% during the 1st quarter. Bessemer Group Inc. now owns 2,439 shares of the company’s stock worth $117,000 after acquiring an additional 344 shares during the period. CANADA LIFE ASSURANCE Co boosted its position in shares of Inari Medical by 85.5% in the first quarter. CANADA LIFE ASSURANCE Co now owns 53,287 shares of the company’s stock worth $2,550,000 after acquiring an additional 24,562 shares during the last quarter. Finally, Brown Capital Management LLC grew its holdings in Inari Medical by 4.2% in the first quarter. Brown Capital Management LLC now owns 522,422 shares of the company’s stock valued at $25,066,000 after purchasing an additional 21,087 shares during the period. 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.