Avita Medical Inc. (NASDAQ:RCEL) Receives $7.25 Consensus PT from Analysts

Shares of Avita Medical Inc. (NASDAQ:RCEL) have received an average rating of “Hold” from the six research firms that are covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, two have given a hold recommendation and three have issued a buy recommendation on the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $7.25.

Several brokerages have issued reports on RCEL. 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 raised their price objective for the stock from $3.50 to $6.00 in a report on Friday, May 15th. D. Boral Capital reaffirmed a “buy” rating and set a $10.00 price objective 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 initiated coverage on Avita Medical in a report on Thursday, March 5th. They set an “outperform” rating and a $10.00 price target on the stock.

Insider Activity

In related news, Director Joseph Fralin Woody purchased 10,000 shares of the 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 completion of the acquisition, the director directly owned 102,761 shares in the company, 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 this link. Insiders bought a total of 32,000 shares of company stock worth $134,280 over the last 90 days. Company insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On Avita Medical

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. NewEdge Advisors LLC grew its holdings in shares of Avita Medical by 8,588.5% during the first quarter. NewEdge Advisors LLC now owns 86,885 shares of the company’s stock worth $321,000 after buying an additional 85,885 shares during the last quarter. Bank of America Corp DE grew its holdings in shares of Avita Medical by 145.3% during the first quarter. Bank of America Corp DE now owns 62,128 shares of the company’s stock worth $230,000 after buying an additional 36,799 shares during the last quarter. Quantinno Capital Management LP purchased a new position in shares of Avita Medical during the first quarter worth about $83,000. R Squared Ltd purchased a new position in shares of Avita Medical during the first quarter worth about $57,000. Finally, Abel Hall LLC purchased a new position in shares of Avita Medical during the first quarter worth about $62,000. Hedge funds and other institutional investors own 27.66% of the company’s stock.

Avita Medical Stock Performance

Shares of RCEL stock opened at $4.12 on Friday. The stock’s 50-day moving average is $4.37 and its two-hundred day moving average is $4.12. The firm has a market cap of $126.81 million, a price-to-earnings ratio of -2.62 and a beta of 1.87. Avita Medical has a 1 year low of $3.22 and a 1 year high of $7.12.

Avita Medical (NASDAQ:RCEL) last issued its quarterly earnings data on Thursday, May 14th. The company reported ($0.35) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.35). The firm had revenue of $19.25 million for the quarter, compared to analysts’ expectations of $18.30 million. As a group, research analysts predict that Avita Medical will post -1.29 EPS 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.