Inari Medical (NASDAQ:NARI) Stock Price Down 4.2% – Here’s What Happened

Inari Medical, Inc. (NASDAQ:NARI) dropped 4.2% during trading on Friday . The stock traded as low as $49.40 and last traded at $49.60. Approximately 412,108 shares changed hands during mid-day trading, a decline of 33% from the average daily volume of 614,661 shares. The stock had previously closed at $51.80.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on NARI. Needham & Company LLC reaffirmed a “hold” rating on shares of Inari Medical in a research note on Tuesday, October 29th. Piper Sandler lifted their price objective on Inari Medical from $50.00 to $52.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 29th. Oppenheimer began coverage on Inari Medical in a research note on Tuesday, December 17th. They set an “outperform” rating and a $75.00 price objective for the company. Canaccord Genuity Group lifted their price objective on Inari Medical from $71.00 to $74.00 and gave the stock a “buy” rating in a research note on Tuesday, October 29th. Finally, Robert W. Baird lifted their price objective on Inari Medical from $66.00 to $67.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Six analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $61.80.

Inari Medical Stock Down 3.8 %

The firm has a market cap of $2.92 billion, a P/E ratio of -36.91 and a beta of 0.97. The firm has a fifty day moving average of $51.67 and a 200-day moving average of $48.47.

Insider Buying and Selling

In related news, CEO Andrew Hykes sold 3,000 shares of the firm’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $55.29, for a total value 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 approximately $24,289,449.90. This trade represents a 0.68 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director William Hoffman sold 40,000 shares of Inari Medical stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $45.02, for a total value of $1,800,800.00. Following the transaction, the director now owns 601,233 shares of the company’s stock, valued at $27,067,509.66. The trade was a 6.24 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 206,000 shares of company stock worth $10,527,870. Corporate insiders own 10.60% of the company’s stock.

Hedge Funds Weigh In On Inari Medical

Large investors have recently modified their holdings of the stock. GAMMA Investing LLC lifted its holdings in Inari Medical by 67.2% during 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 last quarter. KBC Group NV grew its position in shares of Inari Medical by 39.0% during 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 in the last quarter. Benjamin F. Edwards & Company Inc. raised its position in shares of Inari Medical by 39.4% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 1,847 shares of the company’s stock valued at $89,000 after buying an additional 522 shares in the last quarter. Covestor Ltd increased its stake in Inari Medical by 63.5% during the 3rd quarter. Covestor Ltd now owns 2,384 shares of the company’s stock worth $99,000 after acquiring an additional 926 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in Inari Medical in the 2nd quarter valued at $104,000. 90.98% of the stock is owned by institutional investors.

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.