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

Avita Medical Inc. (NASDAQ:RCEL) has been given a consensus rating of “Hold” by the six ratings firms that are presently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and three have issued a buy recommendation on the company. The average 12 month target price among brokerages that have covered the stock in the last year is $7.25.

A number of brokerages recently weighed in on RCEL. Northland Securities began coverage on Avita Medical in a research note on Thursday, March 5th. They issued an “outperform” rating and a $10.00 price target on the stock. D. Boral Capital reissued a “buy” rating and issued a $10.00 price target on shares of Avita Medical in a research note on Wednesday, April 8th. Lake Street Capital raised Avita Medical from a “hold” rating to a “buy” rating and lifted their price target for the stock from $3.50 to $6.00 in a research note on Friday, May 15th. Wall Street Zen cut Avita Medical from a “hold” rating to a “sell” rating in a research note on Sunday, May 24th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Avita Medical in a research note on Wednesday, June 24th.

Insiders Place Their Bets

In related news, Director Joseph Fralin Woody purchased 10,000 shares of the company’s stock in a transaction that occurred 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 purchase, the director owned 102,761 shares of the company’s stock, valued at $430,568.59. This trade represents a 10.78% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Over the last 90 days, insiders bought 37,200 shares of company stock valued at $155,080. Company insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On Avita Medical

A number of institutional investors have recently bought and sold shares of RCEL. Deutsche Bank AG increased its stake in Avita Medical by 1,351.5% in the 4th quarter. Deutsche Bank AG now owns 7,896 shares of the company’s stock worth $27,000 after purchasing an additional 7,352 shares in the last quarter. Russell Investments Group Ltd. grew its stake in Avita Medical by 122.2% during the 4th quarter. Russell Investments Group Ltd. now owns 8,047 shares of the company’s stock valued at $28,000 after acquiring an additional 4,425 shares in the last quarter. Aristides Capital LLC purchased a new position in Avita Medical during the 4th quarter valued at about $48,000. R Squared Ltd purchased a new position in Avita Medical during the 1st quarter valued at about $57,000. Finally, The Manufacturers Life Insurance Company purchased a new position in Avita Medical during the 2nd quarter valued at about $58,000. Hedge funds and other institutional investors own 27.66% of the company’s stock.

Avita Medical Trading Up 7.1%

Shares of Avita Medical stock opened at $4.25 on Tuesday. The company’s 50-day moving average price is $4.27 and its two-hundred day moving average price is $4.15. Avita Medical has a 52 week low of $3.22 and a 52 week high of $7.12. The stock has a market cap of $130.82 million, a PE ratio of -2.71 and a beta of 1.87.

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 during the quarter, compared to the consensus estimate of $18.30 million. On average, equities analysts predict that Avita Medical will post -1.29 EPS for the current fiscal 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.