Avita Medical Inc. (NASDAQ:RCEL) Receives Average Recommendation of “Hold” from Brokerages

Shares of Avita Medical Inc. (NASDAQ:RCEL) have been given an average rating of “Hold” by the five analysts that are covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and one has assigned a buy recommendation to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $7.00.

A number of brokerages recently commented on RCEL. Zacks Research upgraded shares of Avita Medical from a “strong sell” rating to a “hold” rating in a research report on Friday, December 19th. D. Boral Capital reissued a “buy” rating and issued a $14.00 price target on shares of Avita Medical in a report on Friday, November 7th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Avita Medical in a report on Monday, December 29th. Lake Street Capital cut Avita Medical from a “buy” rating to a “hold” rating and cut their price objective for the stock from $8.00 to $4.00 in a research report on Friday, October 17th. Finally, BTIG Research upgraded shares of Avita Medical from a “sell” rating to a “neutral” rating in a research report on Thursday, November 20th.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Divisadero Street Capital Management LP acquired a new stake in shares of Avita Medical in the 3rd quarter worth approximately $511,000. Brooklyn Investment Group boosted its position in Avita Medical by 48,965.5% during the third quarter. Brooklyn Investment Group now owns 58,388 shares of the company’s stock worth $298,000 after purchasing an additional 58,269 shares in the last quarter. Bridgeway Capital Management LLC boosted its position in Avita Medical by 213.8% during the third quarter. Bridgeway Capital Management LLC now owns 118,004 shares of the company’s stock worth $603,000 after purchasing an additional 80,404 shares in the last quarter. Strs Ohio grew its holdings in Avita Medical by 233.6% in the third quarter. Strs Ohio now owns 47,700 shares of the company’s stock valued at $244,000 after purchasing an additional 33,400 shares during the last quarter. Finally, Farther Finance Advisors LLC purchased a new position in shares of Avita Medical in the third quarter valued at $32,000. 27.66% of the stock is owned by hedge funds and other institutional investors.

Avita Medical Price Performance

Avita Medical stock opened at $3.40 on Tuesday. The business has a 50 day simple moving average of $3.59 and a 200-day simple moving average of $4.56. Avita Medical has a 12 month low of $3.22 and a 12 month high of $11.25. The stock has a market capitalization of $103.67 million, a PE ratio of -1.88 and a beta of 1.70.

Avita Medical (NASDAQ:RCEL) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($0.46) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.43) by ($0.03). The business had revenue of $17.06 million for the quarter, compared to the consensus estimate of $29.39 million. As a group, equities research analysts anticipate that Avita Medical will post -0.95 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.