Essex Investment Management Co. LLC Makes New $2.48 Million Investment in AVITA Medical, Inc. (NASDAQ:RCEL)

Essex Investment Management Co. LLC bought a new stake in AVITA Medical, Inc. (NASDAQ:RCEL) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 231,094 shares of the company’s stock, valued at approximately $2,477,000. Essex Investment Management Co. LLC owned about 0.90% of AVITA Medical as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of RCEL. The Manufacturers Life Insurance Company acquired a new position in shares of AVITA Medical during the second quarter valued at $86,000. EntryPoint Capital LLC bought a new stake in shares of AVITA Medical during the 1st quarter worth about $224,000. Rhumbline Advisers raised its position in shares of AVITA Medical by 13.9% during the 2nd quarter. Rhumbline Advisers now owns 36,530 shares of the company’s stock worth $289,000 after buying an additional 4,463 shares in the last quarter. Hussman Strategic Advisors Inc. acquired a new stake in shares of AVITA Medical in the 1st quarter worth approximately $673,000. Finally, Silvercrest Asset Management Group LLC bought a new position in shares of AVITA Medical in the first quarter valued at approximately $3,874,000. Institutional investors and hedge funds own 27.66% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Cantor Fitzgerald restated an “overweight” rating and issued a $21.00 target price on shares of AVITA Medical in a research report on Friday, August 9th.

AVITA Medical Price Performance

AVITA Medical stock traded up $0.42 during midday trading on Friday, hitting $10.31. The company’s stock had a trading volume of 79,959 shares, compared to its average volume of 194,208. AVITA Medical, Inc. has a 12 month low of $7.51 and a 12 month high of $18.93. The company has a quick ratio of 4.81, a current ratio of 5.29 and a debt-to-equity ratio of 1.71. The stock’s 50-day moving average price is $9.65 and its 200-day moving average price is $9.62. The company has a market capitalization of $267.96 million, a PE ratio of -5.29 and a beta of 1.54.

AVITA Medical (NASDAQ:RCEL) last announced its earnings results on Thursday, August 8th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.01). AVITA Medical had a negative return on equity of 118.27% and a negative net margin of 92.04%. The company had revenue of $15.20 million for the quarter, compared to analyst estimates of $15.04 million. During the same period last year, the firm earned ($0.41) earnings per share. Analysts anticipate that AVITA Medical, Inc. will post -2.16 earnings per share for the current fiscal year.

AVITA Medical Company Profile

AVITA Medical, Inc, together with its subsidiaries, operates as a regenerative medicine company in the United States and internationally. The company's lead product is the RECELL System, a cell harvesting device used for the treatment of thermal burn wounds, full-thickness skin defects, and repigmentation of stable depigmented vitiligo lesions.