Lake Street Capital Issues Positive Forecast for Avita Medical (NASDAQ:RCEL) Stock Price

Key Points

• Lake Street Capital raised Avita Medical’s price target to $20 from $12 and reiterated a Buy rating, implying 20.55% upside from the prior close. BTIG also raised its target, to $21; analysts’ consensus rating is Moderate Buy with a $15 average target.
• Avita reported quarterly EPS of a loss of $0.20, better than the expected loss of $0.24, and revenue of $26.11 million, above the $22.35 million consensus estimate.
• Shares opened at $16.59, near the stock’s 12-month high of $18.07. Institutional investors own 27.66% of the company’s shares.

Avita Medical (NASDAQ:RCEL - Get Free Report) had its price objective boosted by analysts at Lake Street Capital from $12.00 to $20.00 in a research report issued on Friday, Benzinga reports. The firm presently has a "buy" rating on the stock. Lake Street Capital's price target suggests a potential upside of 20.55% from the company's previous close.

Other equities analysts have also recently issued research reports about the company. Weiss Ratings restated a "sell (e+)" rating on shares of Avita Medical in a report on Monday, September 21st. TD Cowen reiterated a "buy" rating on shares of Avita Medical in a research note on Tuesday, November 3rd. BTIG Research lifted their target price on Avita Medical from $15.00 to $21.00 and gave the stock a "buy" rating in a research report on Friday. Finally, Wall Street Zen raised shares of Avita Medical from a "sell" rating to a "hold" rating in a research note on Sunday, August 2nd. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $15.00.

Avita Medical Stock Performance

Shares of NASDAQ:RCEL opened at $16.59 on Friday. The company has a market capitalization of $521.26 million, a price-to-earnings ratio of -14.06 and a beta of 2.03. Avita Medical has a 12 month low of $3.22 and a 12 month high of $18.07. The firm's 50-day moving average is $12.77 and its 200 day moving average is $6.85.

Avita Medical (NASDAQ:RCEL - Get Free Report) last announced its quarterly earnings data on Thursday, November 5th. The company reported ($0.20) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.24) by $0.04. The firm had revenue of $26.11 million during the quarter, compared to the consensus estimate of $22.35 million. As a group, equities analysts forecast that Avita Medical will post -0.98 EPS for the current fiscal year.

Institutional Trading of Avita Medical

Several institutional investors and hedge funds have recently modified their holdings of RCEL. Russell Investments Group Ltd. increased its holdings in Avita Medical by 47.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 41,449 shares of the company's stock worth $486,000 after purchasing an additional 13,395 shares during the period. Jefferies Financial Group Inc. purchased a new stake in shares of Avita Medical in the 3rd quarter worth $440,000. China Universal Asset Management Co. Ltd. lifted its holdings in shares of Avita Medical by 28.0% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 16,000 shares of the company's stock worth $191,000 after buying an additional 3,500 shares during the period. Harpswell Capital Advisors LLC purchased a new position in Avita Medical during the 3rd quarter worth approximately $150,000. Finally, NewEdge Advisors LLC raised its position in Avita Medical by 71.4% during the 2nd quarter. NewEdge Advisors LLC now owns 148,931 shares of the company's stock worth $615,000 after buying an additional 62,046 shares during the last quarter. Institutional investors own 27.66% of the company's stock.

Avita Medical Company Profile

Avita Medical, Inc NASDAQ: RCEL is a regenerative medicine company focused on developing and commercializing therapies that use a patient's own cells to help restore damaged skin and tissue. Its lead product is the RECELL System, an autologous cell-harvesting device designed to prepare a suspension of a patient's skin cells at the point of care for application to wounds.

RECELL is used in the treatment of certain thermal burn wounds and other skin injuries. The system is intended to support wound healing and may reduce the amount of donor skin required for grafting by enabling clinicians to create a cell suspension from a small sample of the patient's healthy skin.

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