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

Avita Medical Inc. (NASDAQ:RCEL) has earned an average rating of “Hold” from the seven brokerages that are presently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and four have given a buy recommendation to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $7.25.

A number of equities analysts have weighed in on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of Avita Medical in a research report on Wednesday, June 24th. TD Cowen reiterated a “buy” rating on shares of Avita Medical in a research report on Tuesday. Wall Street Zen raised shares of Avita Medical from a “sell” rating to a “hold” rating in a research note on Saturday. D. Boral Capital restated a “buy” rating and set a $10.00 price target on shares of Avita Medical in a research report on Wednesday, April 8th. Finally, Lake Street Capital raised shares of Avita Medical from a “hold” rating to a “buy” rating and raised their price target for the company from $3.50 to $6.00 in a research note on Friday, May 15th.

Insiders Place Their Bets

In other Avita Medical news, Director Joseph Fralin Woody acquired 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 9th. The stock was bought at an average price of $4.19 per share, with a total value of $41,900.00. Following the purchase, the director owned 102,761 shares in the company, valued at approximately $430,568.59. The trade was a 10.78% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have bought 37,200 shares of company stock worth $155,080 in the last quarter. Insiders own 2.80% of the company’s stock.

Institutional Trading of Avita Medical

Several institutional investors have recently made changes to their positions in the company. Rhumbline Advisers lifted its stake in shares of Avita Medical by 8.8% in the 2nd quarter. Rhumbline Advisers now owns 42,168 shares of the company’s stock valued at $223,000 after purchasing an additional 3,393 shares during the last quarter. Russell Investments Group Ltd. increased its position in shares of Avita Medical by 122.2% during the 4th quarter. Russell Investments Group Ltd. now owns 8,047 shares of the company’s stock worth $28,000 after purchasing an additional 4,425 shares during the last quarter. Deutsche Bank AG increased its position 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 worth $27,000 after purchasing an additional 7,352 shares during the last quarter. Wells Fargo & Company MN raised its holdings in Avita Medical by 98.5% in the 4th quarter. Wells Fargo & Company MN now owns 18,832 shares of the company’s stock valued at $65,000 after buying an additional 9,345 shares during the period. Finally, Jane Street Group LLC raised its holdings in Avita Medical by 20.4% in the 1st quarter. Jane Street Group LLC now owns 63,744 shares of the company’s stock valued at $519,000 after buying an additional 10,789 shares during the period. Hedge funds and other institutional investors own 27.66% of the company’s stock.

Avita Medical Stock Performance

Avita Medical stock opened at $5.06 on Tuesday. The stock has a market cap of $155.75 million, a PE ratio of -3.22 and a beta of 1.86. The stock has a 50-day moving average of $4.26 and a two-hundred day moving average of $4.18. Avita Medical has a one year low of $3.22 and a one year high of $7.12.

Avita Medical (NASDAQ:RCEL) last posted its quarterly earnings results on Thursday, May 14th. The company reported ($0.35) earnings per share for the quarter, meeting 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, sell-side analysts predict that Avita Medical will post -1.09 EPS for the current fiscal 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.