BlackRock Fund Advisors recently announced the acquisition of new stake in Inari Medical Inc. (NASDAQ:NARI). The institutional investor has increased its shareholding in the Healthcare company by 25.79% to 5.21 million shares with purchase of 1.07 million shares. This fresh investment now brings its stake to 9.70% valued currently at $292.93 million. In addition, The Vanguard Group, Inc. raised its holdings by 83760.0 to 4.21 million shares. And Point72 Asset Management LP has lifted its position by 325,319.32% or 2.79 million shares – to 2.8 million shares.
With over 1.21 million Inari Medical Inc. (NARI) shares trading Tuesday and a closing price of $65.00 on the day, the dollar volume was approximately $78.62 million. The shares have shown a negative half year performance of -4.94% and its price on 03/21/23 gained nearly 1.69%. Currently, there are 53.69M common shares owned by the public and among those 45.93M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 8 analysts who have offered their price forecasts for NARI have a consensus price objective of $91.13. The analysts have set the share’s price value over the next 12 months at a high of $105.00 and a low of $65.00. But an upside of 38.1% will see the stock hit the forecast high price target while median target price for the stock is $95.50.
Insiders at the company have transacted a total of 290 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 37 of these insider trades were purchases, accounting for 642,182 shares. Insider sales of the common stock occurred on 253 occasions, with total insider shares sold totaling 1,593,631 shares.
The top 3 mutual fund holders in Inari Medical Inc. are Hartford Mid Cap Fund, iShares Core S&P Mid Cap ETF, and Vanguard Total Stock Market Index. Hartford Mid Cap Fund owns 1.68 million shares of the company’s stock, all valued at over $94.33 million. The company sold 29256.0 shares recently to bring their total holdings to about 3.13% of the shares outstanding. iShares Core S&P Mid Cap ETF bought 3408.0 shares to see its total holdings expand to 1.51 million shares valued at over $84.75 million and representing 2.81% of the shares outstanding. Vanguard Total Stock Market Index bought 1544.0 shares to bring its total holdings to over 1.31 million shares at a value of $73.89 million. Vanguard Total Stock Market Index now owns shares totaling to 2.45% of the shares outstanding.
Shares of Inari Medical Inc. (NASDAQ: NARI) opened at $64.33, up $0.41 from a prior closing price of $63.92. However, the script later moved the day high at 66.39, up 1.69%. The company’s stock has a 5-day price change of 2.90% and -1.74% over the past three months. NARI shares are trading 2.27% year to date (YTD), with the 12-month market performance down to -24.40% lower. It has a 12-month low price of $50.50 and touched a high of $95.39 over the same period. NARI has an average intraday trading volume of 839.57K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 11.85%, 9.25%, and -5.85% respectively.
Institutional ownership of Inari Medical Inc. (NASDAQ: NARI) shares accounts for 92.70% of the company’s 53.69M shares outstanding. Mutual fund holders own 35.58%, while other institutional holders and individual stakeholders account for 54.93% and 33.01% respectively.
It has a market capitalization of $3.62B. The earnings-per-share (ttm) stands at -$0.55. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.18% over the week and 4.99% over the month.
Analysts forecast that Inari Medical Inc. (NARI) will achieve an EPS of -$0.17 for the current quarter, -$0.16 for the next quarter and -$0.29 for 2023. The lowest estimate earnings-per-share for the quarter is -$0.18 while analysts give the company a high EPS estimate of -$0.16. Comparatively, EPS for the current quarter was $0.02 a year ago. Earnings per share for the fiscal year are expected to decrease by -412.90%, and 134.00% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 8 brokerage firm advisors rate Inari Medical Inc. (NARI) as a “Strong Buy” at a consensus score of 1.60. Specifically, 7 Wall Street analysts polled rate the stock as a buy, while 1 of the 8 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the NARI, a number of firms have released research notes about the stock. Jefferies stated their Buy rating for the stock in a research note on October 12, 2022, with the firm’s price target at $88. Berenberg coverage for the Inari Medical Inc. (NARI) stock in a research note released on September 29, 2022 offered a Buy rating with a price target of $85. Truist was of a view on September 13, 2022 that the stock is Hold, while Piper Sandler gave the stock Overweight rating on June 21, 2022, issuing a price target of $100. BofA Securities on their part issued Buy rating on March 23, 2022.
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