Brokerages Set Avita Medical Inc. (NASDAQ:RCEL) Target Price at $7.25

Avita Medical Inc. (NASDAQ:RCEL) has been given an average rating of “Hold” by the six analysts that are currently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating on the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $7.25.

A number of equities research analysts recently weighed in on the stock. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Avita Medical in a research note on Friday, March 27th. D. Boral Capital restated a “buy” rating and issued a $10.00 target price on shares of Avita Medical in a report on Wednesday, April 8th. Northland Securities started coverage on shares of Avita Medical in a report on Thursday, March 5th. They issued an “outperform” rating and a $10.00 price target on the stock. Lake Street Capital upgraded shares of Avita Medical from a “hold” rating to a “buy” rating and lifted their price target for the company from $3.50 to $6.00 in a report on Friday, May 15th. Finally, Wall Street Zen lowered Avita Medical from a “hold” rating to a “sell” rating in a research report on Sunday, May 24th.

Insider Activity

In other Avita Medical news, Director Joseph Fralin Woody acquired 10,000 shares of Avita Medical stock in a transaction that occurred on Tuesday, June 9th. The stock was bought at an average cost of $4.19 per share, for a total transaction of $41,900.00. Following the acquisition, the director owned 102,761 shares of the company’s stock, valued at $430,568.59. This represents a 10.78% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Over the last ninety days, insiders bought 37,200 shares of company stock valued at $155,080. 2.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Avita Medical

A number of large investors have recently made changes to their positions in RCEL. Deutsche Bank AG grew its stake in shares of Avita Medical by 1,351.5% during the 4th quarter. Deutsche Bank AG now owns 7,896 shares of the company’s stock valued at $27,000 after acquiring an additional 7,352 shares during the period. Russell Investments Group Ltd. raised its holdings 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 buying an additional 4,425 shares during the period. Aristides Capital LLC purchased a new stake in Avita Medical during the 4th quarter valued at $48,000. R Squared Ltd purchased a new stake in Avita Medical during the 1st quarter valued at $57,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in Avita Medical in the second quarter worth $58,000. 27.66% of the stock is currently owned by institutional investors.

Avita Medical Stock Performance

RCEL opened at $3.97 on Friday. The firm has a market cap of $122.20 million, a P/E ratio of -2.53 and a beta of 1.87. The firm has a 50-day moving average of $4.38 and a 200 day moving average of $4.13. Avita Medical has a fifty-two week low of $3.22 and a fifty-two week high of $7.12.

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