Franklin Resources Inc. Increases Stock Position in Inari Medical, Inc. (NASDAQ:NARI)

Franklin Resources Inc. raised its position in Inari Medical, Inc. (NASDAQ:NARI) by 2.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 223,810 shares of the company’s stock after acquiring an additional 4,899 shares during the quarter. Franklin Resources Inc. owned approximately 0.38% of Inari Medical worth $9,445,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Vestal Point Capital LP grew its stake in shares of Inari Medical by 342.9% in the third quarter. Vestal Point Capital LP now owns 1,550,000 shares of the company’s stock worth $63,922,000 after purchasing an additional 1,200,000 shares during the last quarter. Point72 Asset Management L.P. lifted its position in shares of Inari Medical by 113.3% in the 2nd quarter. Point72 Asset Management L.P. now owns 1,481,283 shares of the company’s stock worth $71,324,000 after purchasing an additional 786,691 shares during the period. Armistice Capital LLC boosted its position in Inari Medical by 353.1% during the 2nd quarter. Armistice Capital LLC now owns 1,009,252 shares of the company’s stock valued at $48,595,000 after acquiring an additional 786,501 shares in the last quarter. Jennison Associates LLC boosted its position in shares of Inari Medical by 63.2% during the third quarter. Jennison Associates LLC now owns 1,576,641 shares of the company’s stock valued at $65,021,000 after purchasing an additional 610,468 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in shares of Inari Medical by 101.3% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 795,099 shares of the company’s stock valued at $32,790,000 after buying an additional 400,198 shares in the last quarter. Hedge funds and other institutional investors own 90.98% of the company’s stock.

Insider Buying and Selling at Inari Medical

In related news, Director William Hoffman sold 40,000 shares of the business’s 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 sale, the director now directly owns 601,233 shares in the company, valued at approximately $27,067,509.66. The trade was a 6.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Andrew Hykes sold 3,000 shares of the stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $50.00, for a total value of $150,000.00. Following the transaction, the chief executive officer now directly owns 445,310 shares of the company’s stock, valued at approximately $22,265,500. The trade was a 0.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 206,000 shares of company stock valued at $10,527,870 in the last 90 days. Insiders own 10.60% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on NARI. Oppenheimer began coverage on Inari Medical in a research note on Tuesday, December 17th. They issued an “outperform” rating and a $75.00 price target on the stock. Piper Sandler boosted their price objective on shares of Inari Medical from $50.00 to $52.00 and gave the company a “neutral” rating in a report on Tuesday, October 29th. Truist Financial increased their target price on Inari Medical from $50.00 to $63.00 and gave the company a “hold” rating in a report on Wednesday. Canaccord Genuity Group lifted 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. Finally, Robert W. Baird increased their target price on shares of Inari Medical from $66.00 to $67.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Six analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $61.80.

Inari Medical Stock Performance

Shares of NASDAQ:NARI opened at $55.45 on Friday. The firm has a market cap of $3.25 billion, a price-to-earnings ratio of -41.07 and a beta of 0.97. The firm has a fifty day moving average price of $50.12 and a 200 day moving average price of $48.16. Inari Medical, Inc. has a fifty-two week low of $36.73 and a fifty-two week high of $66.61.

Inari Medical 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.