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

Inari Medical (NASDAQ:NARI) had its target price hoisted by stock analysts at Piper Sandler from $52.00 to $80.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Piper Sandler’s target price points to a potential upside of 23.08% from the company’s current price.

A number of other equities research analysts have also recently commented on the stock. Truist Financial increased their price target on shares of Inari Medical from $50.00 to $63.00 and gave the company a “hold” rating in a report on Wednesday, December 18th. Canaccord Genuity Group reiterated a “hold” rating and issued a $80.00 price target (up from $74.00) on shares of Inari Medical in a research report on Tuesday. Needham & Company LLC reiterated a “hold” rating on shares of Inari Medical in a research report on Tuesday, October 29th. Oppenheimer began coverage on shares of Inari Medical in a research report on Tuesday, December 17th. They set an “outperform” rating and a $75.00 price objective on the stock. Finally, Stifel Nicolaus began coverage on shares of Inari Medical in a research report on Tuesday, September 17th. They set a “hold” rating and a $50.00 price objective on the stock. Eight analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $66.50.

Inari Medical Stock Performance

Shares of NARI opened at $65.00 on Tuesday. The stock has a market cap of $3.81 billion, a PE ratio of -48.15 and a beta of 0.97. Inari Medical has a fifty-two week low of $36.73 and a fifty-two week high of $65.94. The firm’s 50-day simple moving average is $52.24 and its two-hundred day simple moving average is $48.69.

Insiders Place Their Bets

In other Inari Medical news, 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 value of $1,800,800.00. Following the transaction, the director now directly owns 601,233 shares in the company, valued at $27,067,509.66. This represents a 6.24 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Andrew Hykes sold 3,000 shares of the company’s stock in a transaction dated Friday, December 20th. The stock was 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 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 206,000 shares of company stock worth $10,527,870 in the last three months. Corporate insiders own 10.60% of the company’s stock.

Institutional Investors Weigh In On Inari Medical

Several hedge funds have recently modified their holdings of NARI. GAMMA Investing LLC lifted its position in shares of Inari Medical by 67.2% in the 3rd 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 period. KBC Group NV lifted its position in shares of Inari Medical by 39.0% in the 3rd 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. Benjamin F. Edwards & Company Inc. lifted its position in shares of Inari Medical by 39.4% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 1,847 shares of the company’s stock worth $89,000 after purchasing an additional 522 shares during the period. Covestor Ltd lifted its position in shares of Inari Medical by 63.5% in the 3rd quarter. Covestor Ltd now owns 2,384 shares of the company’s stock worth $99,000 after purchasing an additional 926 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Inari Medical in the 2nd quarter worth approximately $104,000. Hedge funds and other institutional investors own 90.98% of the company’s stock.

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.