Avita Medical (NASDAQ:RCEL) Rating Increased to Hold at Wall Street Zen

Avita Medical (NASDAQ:RCEL) was upgraded by analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a note issued to investors on Saturday.

Other analysts also recently issued research reports about the company. D. Boral Capital reaffirmed a “buy” rating and issued a $10.00 target price on shares of Avita Medical in a research report on Wednesday, April 8th. Lake Street Capital raised Avita Medical from a “hold” rating to a “buy” rating and increased their price target for the company from $3.50 to $6.00 in a research report on Friday, May 15th. Weiss Ratings restated a “sell (e+)” rating on shares of Avita Medical in a research note on Wednesday, June 24th. Finally, TD Cowen restated a “buy” rating on shares of Avita Medical in a research note on Tuesday. Four investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Avita Medical presently has a consensus rating of “Hold” and a consensus price target of $7.25.

Avita Medical Stock Performance

Avita Medical stock opened at $5.06 on Friday. Avita Medical has a 1-year low of $3.22 and a 1-year high of $7.12. The company has a fifty day simple moving average of $4.26 and a 200 day simple moving average of $4.18. The company has a market cap of $155.75 million, a P/E ratio of -3.22 and a beta of 1.86.

Avita Medical (NASDAQ:RCEL) last issued its quarterly earnings results on Thursday, May 14th. The company reported ($0.35) EPS for the quarter, hitting the consensus estimate of ($0.35). The business had revenue of $19.25 million for the quarter, compared to the consensus estimate of $18.30 million. On average, equities research analysts forecast that Avita Medical will post -1.09 EPS for the current year.

Insider Buying and Selling at Avita Medical

In other Avita Medical news, Director Joseph Fralin Woody bought 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 9th. The shares were acquired at an average cost of $4.19 per share, with a total value of $41,900.00. Following the acquisition, the director owned 102,761 shares of the company’s stock, valued at $430,568.59. The trade was a 10.78% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last quarter, insiders purchased 37,200 shares of company stock worth $155,080. 2.80% of the stock is currently owned by insiders.

Institutional Trading of Avita Medical

Several hedge funds and other institutional investors have recently modified their holdings of RCEL. Quantinno Capital Management LP acquired a new position in shares of Avita Medical in the first quarter valued at approximately $83,000. Jain Global LLC bought a new position in shares of Avita Medical during the fourth quarter worth approximately $83,000. Russell Investments Group Ltd. lifted its holdings in Avita Medical by 122.2% during the 4th quarter. Russell Investments Group Ltd. now owns 8,047 shares of the company’s stock worth $28,000 after purchasing an additional 4,425 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in Avita Medical by 98.5% during the 4th quarter. Wells Fargo & Company MN now owns 18,832 shares of the company’s stock worth $65,000 after purchasing an additional 9,345 shares during the last quarter. Finally, Aristides Capital LLC acquired a new stake in Avita Medical during the 4th quarter worth approximately $48,000. Institutional investors own 27.66% of the company’s stock.

Avita Medical Company Profile

Avita Medical, Inc (NASDAQ: RCEL) is a regenerative medicine company focused on the development and commercialization of cell‐based therapies for acute and chronic wounds. Its flagship technology, the ReCell® Autologous Cell Harvesting Device, enables clinicians to create a suspension of a patient’s own skin cells at the point of care. The system is designed to accelerate wound healing, minimize donor‐site requirements and reduce scarring for patients suffering from burns, traumatic wounds and a variety of surgical and reconstructive procedures.

Founded in 2009 and headquartered in Carlsbad, California, Avita Medical has secured regulatory clearances in key markets, including CE mark approval in the European Union and 510(k) clearance from the U.S.