Avita Medical Inc. (NASDAQ:RCEL) Receives Consensus Recommendation of “Hold” from Analysts

Shares of Avita Medical Inc. (NASDAQ:RCEL) have been assigned an average recommendation of “Hold” from the seven brokerages that are currently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, two have given a hold recommendation and four have issued a buy recommendation on the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $7.25.

A number of research firms recently issued reports on RCEL. D. Boral Capital reiterated a “buy” rating and issued a $10.00 target price on shares of Avita Medical in a research note on Wednesday, April 8th. TD Cowen reissued a “buy” rating on shares of Avita Medical in a research report on Tuesday, June 30th. Lake Street Capital upgraded shares of Avita Medical from a “hold” rating to a “buy” rating and upped their price target for the company from $3.50 to $6.00 in a report on Friday, May 15th. Wall Street Zen downgraded Avita Medical from a “hold” rating to a “sell” rating in a research report on Saturday. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Avita Medical in a research note on Wednesday, June 24th.

Insider Transactions at Avita Medical

In other Avita Medical news, Director Joseph Fralin Woody bought 10,000 shares of the stock in a transaction on Tuesday, June 9th. The shares were purchased at an average price of $4.19 per share, with a total value of $41,900.00. Following the acquisition, the director directly owned 102,761 shares of the company’s stock, valued at $430,568.59. This represents a 10.78% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Over the last quarter, insiders purchased 37,200 shares of company stock valued at $155,080. Company insiders own 2.24% of the company’s stock.

Hedge Funds Weigh In On Avita Medical

Several large investors have recently bought and sold shares of RCEL. Geode Capital Management LLC boosted its holdings in Avita Medical by 44.6% in the 4th quarter. Geode Capital Management LLC now owns 479,185 shares of the company’s stock valued at $1,654,000 after purchasing an additional 147,722 shares during the period. Bridgeway Capital Management LLC grew its position in Avita Medical by 213.8% in the 3rd quarter. Bridgeway Capital Management LLC now owns 118,004 shares of the company’s stock worth $603,000 after purchasing an additional 80,404 shares during the last quarter. AQR Capital Management LLC bought a new position in shares of Avita Medical during the 1st quarter worth about $799,000. NewEdge Advisors LLC increased its holdings in shares of Avita Medical by 8,588.5% during the 1st quarter. NewEdge Advisors LLC now owns 86,885 shares of the company’s stock worth $321,000 after purchasing an additional 85,885 shares during the period. Finally, Jane Street Group LLC raised its position in shares of Avita Medical by 36.1% during the second quarter. Jane Street Group LLC now owns 86,730 shares of the company’s stock valued at $459,000 after buying an additional 22,986 shares during the last quarter. 27.66% of the stock is currently owned by institutional investors and hedge funds.

Avita Medical Price Performance

Shares of Avita Medical stock opened at $4.61 on Friday. Avita Medical has a 12-month low of $3.22 and a 12-month high of $7.12. The stock has a 50 day moving average price of $4.37 and a two-hundred day moving average price of $4.31. The stock has a market capitalization of $141.88 million, a P/E ratio of -2.94 and a beta of 1.86.

Avita Medical (NASDAQ:RCEL) last released its quarterly earnings results on Thursday, May 14th. The company reported ($0.35) EPS for the quarter, meeting analysts’ consensus estimates of ($0.35). The firm had revenue of $19.25 million during the quarter, compared to the consensus estimate of $18.30 million. Sell-side analysts anticipate that Avita Medical will post -1.09 earnings per share for the current year.

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.