Avita Medical Inc. (NASDAQ:RCEL) Receives Average Rating of "Moderate Buy" from Analysts

Key Points

• Analyst consensus is “Moderate Buy”: Five of seven analysts rate Avita Medical a buy, while one recommends holding and one recommends selling. The average 12-month price target is $8.25.
• RCEL shares opened at $9.85, near the company’s 52-week high of $10.20 and well above its 50-day and 200-day moving averages.
• Avita Medical reported a quarterly loss of $0.25 per share, beating estimates for a $0.29 loss, while revenue of $21.7 million exceeded the $20.25 million consensus forecast. Insiders also bought 35,200 shares over the past three months.

Avita Medical Inc. (NASDAQ:RCEL - Get Free Report) has received an average rating of "Moderate Buy" from the seven brokerages that are covering the company, MarketBeat reports. One analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and five have assigned a buy recommendation to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $8.25.

Several brokerages recently commented on RCEL. TD Cowen reiterated a "buy" rating on shares of Avita Medical in a report on Tuesday, June 30th. Weiss Ratings reissued a "sell (e+)" rating on shares of Avita Medical in a research note on Wednesday, June 24th. Wall Street Zen upgraded Avita Medical from a "sell" rating to a "hold" rating in a research report on Sunday, August 2nd. BTIG Research raised Avita Medical from a "neutral" rating to a "buy" rating and set a $7.00 target price on the stock in a research note on Friday, August 7th. Finally, Lake Street Capital upgraded Avita Medical from a "hold" rating to a "buy" rating and increased their price target for the stock from $3.50 to $6.00 in a report on Friday, May 15th.

Avita Medical Price Performance

Shares of RCEL stock opened at $9.85 on Wednesday. The stock's 50 day simple moving average is $5.03 and its two-hundred day simple moving average is $4.61. Avita Medical has a 1 year low of $3.22 and a 1 year high of $10.20. The company has a market cap of $303.18 million, a PE ratio of -6.84 and a beta of 1.86.

Avita Medical (NASDAQ:RCEL - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.25) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.29) by $0.04. The company had revenue of $21.70 million during the quarter, compared to the consensus estimate of $20.25 million. Equities research analysts expect that Avita Medical will post -0.98 EPS for the current year.

Insider Transactions at Avita Medical

In other Avita Medical news, Director Joseph Fralin Woody acquired 10,000 shares of the business's stock in a transaction on Tuesday, June 9th. The shares were bought at an average price of $4.19 per share, with a total value of $41,900.00. Following the transaction, the director directly owned 102,761 shares of the company's stock, valued at $430,568.59. The trade was a 10.78% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. In the last three months, insiders acquired 35,200 shares of company stock worth $146,600. 2.24% of the stock is owned by insiders.

Institutional Trading of Avita Medical

Several institutional investors and hedge funds have recently made changes to their positions in the business. Deutsche Bank AG grew its holdings in shares of Avita Medical by 1,351.5% in the fourth 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. Russell Investments Group Ltd. lifted 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 in the last quarter. The Manufacturers Life Insurance Company bought a new stake in Avita Medical during the 2nd quarter valued at about $58,000. Aristides Capital LLC purchased a new stake in Avita Medical in the 4th quarter valued at about $48,000. Finally, Strs Ohio purchased a new stake in Avita Medical in the 1st quarter valued at about $116,000. 27.66% of the stock is currently owned by institutional investors.

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.

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