Avita Medical Inc. (NASDAQ:RCEL) Given Consensus Rating of “Hold” by Analysts

Shares of Avita Medical Inc. (NASDAQ:RCEL) have received an average recommendation of “Hold” from the six brokerages that are currently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $7.25.

Several equities analysts have recently issued reports on the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Avita Medical in a report on Friday, March 27th. Lake Street Capital raised Avita Medical from a “hold” rating to a “buy” rating and upped their target price for the company from $3.50 to $6.00 in a report on Friday, May 15th. D. Boral Capital reaffirmed a “buy” rating and issued a $10.00 target price on shares of Avita Medical in a report on Wednesday, April 8th. Wall Street Zen lowered Avita Medical from a “hold” rating to a “sell” rating in a report on Sunday, May 24th. Finally, Northland Securities assumed coverage on Avita Medical in a report on Thursday, March 5th. They issued an “outperform” rating and a $10.00 target price for the company.

Insiders Place Their Bets

In other news, Director Joseph Fralin Woody acquired 10,000 shares of Avita Medical stock in a transaction on Monday, June 1st. The stock was acquired at an average cost of $4.30 per share, with a total value of $43,000.00. Following the completion of the acquisition, the director owned 10,000 shares in the company, valued at approximately $43,000. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On Avita Medical

Several institutional investors and hedge funds have recently bought and sold shares of the company. Rhumbline Advisers grew its holdings in Avita Medical by 8.8% during the second quarter. Rhumbline Advisers now owns 42,168 shares of the company’s stock valued at $223,000 after purchasing an additional 3,393 shares during the period. Russell Investments Group Ltd. grew its holdings in Avita Medical by 122.2% during the fourth quarter. Russell Investments Group Ltd. now owns 8,047 shares of the company’s stock valued at $28,000 after purchasing an additional 4,425 shares during the period. Deutsche Bank AG grew its holdings in Avita Medical by 1,351.5% during the fourth quarter. Deutsche Bank AG now owns 7,896 shares of the company’s stock valued at $27,000 after purchasing an additional 7,352 shares during the period. Wells Fargo & Company MN grew its holdings in Avita Medical by 98.5% during the fourth quarter. Wells Fargo & Company MN now owns 18,832 shares of the company’s stock valued at $65,000 after purchasing an additional 9,345 shares during the period. Finally, Jane Street Group LLC grew its holdings in Avita Medical by 20.4% during the first quarter. Jane Street Group LLC now owns 63,744 shares of the company’s stock valued at $519,000 after purchasing an additional 10,789 shares during the period. 27.66% of the stock is owned by institutional investors.

Avita Medical Stock Up 4.8%

RCEL stock opened at $4.36 on Friday. The firm has a market cap of $134.20 million, a PE ratio of -2.78 and a beta of 1.87. The business has a 50 day moving average of $4.35 and a 200-day moving average of $4.12. Avita Medical has a 12-month low of $3.22 and a 12-month high of $7.12.

Avita Medical (NASDAQ:RCEL) last released its earnings results on Thursday, May 14th. The company reported ($0.35) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.35). The business had revenue of $19.25 million during the quarter, compared to the consensus estimate of $18.30 million. On average, research analysts expect that Avita Medical will post -1.29 earnings per share for the current year.

About Avita Medical

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.