Avita Medical Inc. (NASDAQ:RCEL) Stock Has Consensus Target Price of $11.40

Shares of Avita Medical Inc. (NASDAQ:RCEL) have been given an average recommendation of “Moderate Buy” by the seven research firms that are currently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $12.20.

Several research firms recently issued reports on RCEL. TD Cowen increased their target price on shares of Avita Medical from $12.00 to $14.00 and gave the stock a “buy” rating in a report on Wednesday, August 19th. BTIG Research raised their price objective on shares of Avita Medical from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Monday. Lake Street Capital upped their target price on shares of Avita Medical from $8.00 to $12.00 and gave the stock a “buy” rating in a report on Friday, August 28th. Wall Street Zen upgraded Avita Medical from a “sell” rating to a “hold” rating in a research note on Sunday, August 2nd. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Avita Medical in a report on Monday, September 21st.

Institutional Trading of Avita Medical

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. bought a new stake in shares of Avita Medical during the second quarter valued at approximately $2,333,000. NewEdge Advisors LLC increased its holdings in Avita Medical by 71.4% in the 2nd quarter. NewEdge Advisors LLC now owns 148,931 shares of the company’s stock valued at $615,000 after acquiring an additional 62,046 shares during the last quarter. Bank of America Corp DE lifted its stake in Avita Medical by 145.3% in the 1st quarter. Bank of America Corp DE now owns 62,128 shares of the company’s stock worth $230,000 after purchasing an additional 36,799 shares in the last quarter. Harpswell Capital Advisors LLC bought a new position in shares of Avita Medical during the 3rd quarter valued at about $150,000. Finally, Thompson Davis & CO. Inc. bought a new position in shares of Avita Medical during the 1st quarter valued at about $144,000. Institutional investors own 27.66% of the company’s stock.

Avita Medical Price Performance

Shares of RCEL stock opened at $13.37 on Thursday. The company has a market cap of $411.53 million, a price-to-earnings ratio of -9.28 and a beta of 1.99. Avita Medical has a 1 year low of $3.22 and a 1 year high of $13.73. The firm has a fifty day moving average price of $10.30 and a 200-day moving average price of $6.46.

Avita Medical (NASDAQ:RCEL) last announced its earnings results on Thursday, August 6th. The company reported ($0.25) EPS for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.04. The company had revenue of $21.70 million during the quarter, compared to the consensus estimate of $20.25 million. Equities research analysts expect that Avita Medical will post -0.98 EPS for the current year.

About Avita Medical

Avita Medical is a regenerative medicine company focused on developing and commercializing technologies that use a patient’s own cells to support skin repair and healing. The company’s platform is designed to create a suspension of regenerative cells from a small sample of healthy skin, which can then be applied to damaged areas.

Its primary product is the RECELL Autologous Cell Harvesting Device, a point-of-care system that prepares a patient’s skin cells for use in treating thermal burn wounds.