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Strength Seen in Inari Medical, Inc. (NARI): Can Its 5.6% Jump Turn into More Strength?

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Inari Medical, Inc. (NARI - Free Report) shares rallied 5.6% in the last trading session to close at $67.56. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 8.1% loss over the past four weeks.

Share price rise was driven by better-than-expected sales during the fourth quarter, per preliminary results. The company also provided revenue guidance of $470 million to $480 million for full-year 2023, which was also higher than market expectations.

This company is expected to post quarterly loss of $0.17 per share in its upcoming report, which represents a year-over-year change of -950%. Revenues are expected to be $98.93 million, up 18.9% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

For Inari Medical, Inc., the consensus EPS estimate for the quarter has been revised 8.1% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on NARI going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Inari Medical, Inc. is part of the Zacks Medical - Instruments industry. Thermo Fisher Scientific (TMO - Free Report) , another stock in the same industry, closed the last trading session 4% higher at $568.03. TMO has returned -3.8% in the past month.

For Thermo Fisher, the consensus EPS estimate for the upcoming report has changed +0.5% over the past month to $5.19. This represents a change of -20.6% from what the company reported a year ago. Thermo Fisher currently has a Zacks Rank of #3 (Hold).

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