Cantor Fitzgerald Reiterates Overweight Rating for AVITA Medical (NASDAQ:RCEL)

AVITA Medical (NASDAQ:RCEL)‘s stock had its “overweight” rating reiterated by equities research analysts at Cantor Fitzgerald in a research note issued on Friday, Benzinga reports. They currently have a $21.00 target price on the stock. Cantor Fitzgerald’s target price would suggest a potential upside of 137.02% from the stock’s current price.

Other equities research analysts also recently issued reports about the company. BTIG Research downgraded AVITA Medical from a “buy” rating to a “neutral” rating in a report on Thursday, April 11th. Piper Sandler reaffirmed a “neutral” rating and set a $9.00 price objective (down from $21.00) on shares of AVITA Medical in a report on Tuesday, May 14th.

AVITA Medical Stock Performance

RCEL traded up $0.93 on Friday, hitting $8.86. 86,548 shares of the stock traded hands, compared to its average volume of 214,672. AVITA Medical has a 52 week low of $7.51 and a 52 week high of $20.01. The company has a current ratio of 7.25, a quick ratio of 6.64 and a debt-to-equity ratio of 1.27. The firm has a market capitalization of $228.59 million, a PE ratio of -5.03 and a beta of 1.54. The business has a fifty day moving average price of $8.84 and a two-hundred day moving average price of $11.95.

AVITA Medical (NASDAQ:RCEL) last issued its quarterly earnings results on Monday, May 13th. The company reported ($0.73) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.26) by ($0.47). AVITA Medical had a negative net margin of 88.41% and a negative return on equity of 84.07%. The firm had revenue of $11.10 million for the quarter, compared to the consensus estimate of $11.08 million. During the same quarter in the prior year, the firm earned ($0.37) earnings per share. On average, research analysts predict that AVITA Medical will post -1.78 EPS for the current fiscal year.

Hedge Funds Weigh In On AVITA Medical

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RCEL. Vanguard Group Inc. boosted its stake in AVITA Medical by 0.8% in the 3rd quarter. Vanguard Group Inc. now owns 1,360,696 shares of the company’s stock worth $19,880,000 after purchasing an additional 11,062 shares during the period. Strs Ohio boosted its stake in shares of AVITA Medical by 11.4% during the 4th quarter. Strs Ohio now owns 41,100 shares of the company’s stock worth $563,000 after buying an additional 4,200 shares during the last quarter. Aigen Investment Management LP acquired a new position in shares of AVITA Medical during the 4th quarter worth about $220,000. 1492 Capital Management LLC lifted its stake in AVITA Medical by 16.4% in the 4th quarter. 1492 Capital Management LLC now owns 71,929 shares of the company’s stock valued at $987,000 after purchasing an additional 10,147 shares during the last quarter. Finally, CenterBook Partners LP acquired a new stake in AVITA Medical in the 4th quarter valued at about $234,000. 27.66% of the stock is owned by institutional investors and hedge funds.

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.