Inari Medical (NASDAQ:NARI) Cut to “Strong Sell” at Zacks Investment Research

Zacks Investment Research downgraded shares of Inari Medical (NASDAQ:NARI) from a hold rating to a strong sell rating in a report issued on Tuesday, Zacks.com reports. Zacks Investment Research currently has $76.00 price objective on the stock.

According to Zacks, “Inari Medical’s heavy dependency on the broad adoption of its products and probability of incurring operating losses in the near term are concerning. Gross margin contraction is worrying. Limited commercial sales expertise is another headwind. Inari Medical underperformed its industry over the past six months. Yet, the company’s product launches and sustained U.S. commercial expansion in third-quarter 2021 are encouraging. The company made substantial progress on all of its five growth drivers. Raised revenue outlook for 2021 instills optimism. Inari Medical’s significant expansion in its commercial footprint is impressive. The company’s focus on venous system and commitment toward patient care raise optimism. A strong balance sheet is an added plus. The company’s third quarter results were better than expected.”

A number of other research firms have also recently issued reports on NARI. BTIG Research reissued a buy rating and set a $139.00 price objective on shares of Inari Medical in a research report on Monday, November 29th. SVB Leerink increased their price objective on shares of Inari Medical from $110.00 to $120.00 and gave the stock an outperform rating in a research report on Wednesday, November 10th. One investment analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of Buy and an average target price of $120.17.

NARI opened at $77.89 on Tuesday. The business’s 50-day moving average price is $85.89 and its two-hundred day moving average price is $85.17. Inari Medical has a 1 year low of $68.44 and a 1 year high of $127.42. The company has a market capitalization of $3.91 billion, a price-to-earnings ratio of 288.49 and a beta of 1.94.

Inari Medical (NASDAQ:NARI) last announced its quarterly earnings data on Tuesday, November 9th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.11) by $0.05. The business had revenue of $72.92 million during the quarter, compared to the consensus estimate of $62.16 million. Inari Medical had a net margin of 6.49% and a return on equity of 7.23%. During the same period in the previous year, the business earned $0.12 earnings per share. Research analysts expect that Inari Medical will post 0.19 EPS for the current year.

In other Inari Medical news, CEO William Hoffman sold 60,000 shares of the firm’s stock in a transaction on Monday, December 6th. The shares were sold at an average price of $78.63, for a total value of $4,717,800.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Donald B. Milder sold 7,000 shares of Inari Medical stock in a transaction on Friday, December 10th. The stock was sold at an average price of $79.00, for a total transaction of $553,000.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 196,000 shares of company stock valued at $16,758,176. Company insiders own 23.20% of the company’s stock.

A number of large investors have recently bought and sold shares of NARI. Macquarie Group Ltd. increased its holdings in Inari Medical by 4.8% during the third quarter. Macquarie Group Ltd. now owns 2,706,695 shares of the company’s stock valued at $219,513,000 after buying an additional 124,730 shares during the last quarter. Vanguard Group Inc. lifted its position in Inari Medical by 20.8% during the second quarter. Vanguard Group Inc. now owns 2,513,883 shares of the company’s stock valued at $234,496,000 after purchasing an additional 433,521 shares during the last quarter. Alliancebernstein L.P. lifted its position in Inari Medical by 5.4% during the third quarter. Alliancebernstein L.P. now owns 2,369,874 shares of the company’s stock valued at $192,197,000 after purchasing an additional 122,075 shares during the last quarter. BlackRock Inc. lifted its position in Inari Medical by 23.6% during the third quarter. BlackRock Inc. now owns 2,225,664 shares of the company’s stock valued at $180,500,000 after purchasing an additional 424,329 shares during the last quarter. Finally, Wellington Management Group LLP lifted its position in Inari Medical by 118.8% during the third quarter. Wellington Management Group LLP now owns 2,039,273 shares of the company’s stock valued at $165,385,000 after purchasing an additional 1,107,155 shares during the last quarter. 69.77% of the stock is currently owned by institutional investors and hedge funds.

Inari Medical Company Profile

Inari Medical, Inc, a commercial-stage medical device company, focuses on developing products to treat and transform the lives of patients suffering from venous diseases in the United States. It offers ClotTriever for treatment of deep vein thrombosis; and FlowTriever, a thrombectomy system for treatment of pulmonary embolism.

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