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 2.88% to 5.82 million shares with purchase of 0.16 million shares. This fresh investment now brings its stake to 10.10% valued currently at $347.28 million. In addition, AllianceBernstein LP raised its holdings by 93090.0 to 2.4 million shares. And Brown Advisory LLC has lifted its position by 3.09% or 43340.0 shares – to 1.44 million shares.
With over 0.46 million Inari Medical Inc (NARI) shares trading Friday and a closing price of $65.71 on the day, the dollar volume was approximately $30.49 million. The shares have shown a positive half year performance of 13.70% and its price on 12/22/23 gained nearly 0.44%. Currently, there are 54.02M common shares owned by the public and among those 49.20M shares have been available to trade.
Insiders at the company have transacted a total of 246 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 38 of these insider trades were purchases, accounting for 2,277,471 shares. Insider sales of the common stock occurred on 208 occasions, with total insider shares sold totaling 788,750 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 ETF. Hartford Mid Cap Fund owns 1.88 million shares of the company’s stock, all valued at over $111.96 million. The company bought an additional 11899.0 shares recently to bring their total holdings to about 3.26% of the shares outstanding. iShares Core S&P Mid Cap ETF bought 279.0 shares to see its total holdings expand to 1.57 million shares valued at over $93.98 million and representing 2.73% of the shares outstanding. Vanguard Total Stock Market ETF bought 2075.0 shares to bring its total holdings to over 1.45 million shares at a value of $86.4 million. Vanguard Total Stock Market ETF now owns shares totaling to 2.51% of the shares outstanding.
Shares of Inari Medical Inc (NASDAQ: NARI) opened at $65.63, up $0.21 from a prior closing price of $65.42. The company’s stock has a 5-day price change of 1.20% and 1.61% over the past three months. NARI shares are trading 3.38% year to date (YTD), with the 12-month market performance down to -3.93% lower. It has a 12-month low price of $47.81 and touched a high of $71.85 over the same period. NARI has an average intraday trading volume of 760.00K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 5.26%, 11.68%, and 6.02% respectively.
Institutional ownership of Inari Medical Inc (NASDAQ: NARI) shares accounts for 88.31% of the company’s 54.02M shares outstanding. Mutual fund holders own 34.48%, while other institutional holders and individual stakeholders account for 53.97% and 32.18% respectively.
It has a market capitalization of $3.78B and a beta (3y monthly) value of 0.93. The earnings-per-share (ttm) stands at -$0.06. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.64% over the week and 3.59% over the month.
Analysts forecast that Inari Medical Inc (NARI) will achieve an EPS of $0.02 for the current quarter, -$0.03 for the next quarter and $0 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.06 while analysts give the company a high EPS estimate of $0.08. Comparatively, EPS for the current quarter was -$0.11 a year ago. Earnings per share for the fiscal year are expected to increase by 113.54%, and -70.15% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 10 brokerage firm advisors rate Inari Medical Inc (NARI) as a “Strong Buy” at a consensus score of 1.30. Specifically, 8 Wall Street analysts polled rate the stock as a buy, while 1 of the 10 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. Robert W. Baird stated their Outperform rating for the stock in a research note on July 19, 2023, with the firm’s price target at $79.
