Avita Medical Inc. (NASDAQ:RCEL) Receives Consensus Recommendation of "Hold" from Brokerages

Key Points

• Avita Medical has a consensus analyst rating of "Hold" from seven brokerages, with four buy ratings, two hold ratings, and one sell rating. The average 1-year price target is $7.25.
• The company recently reported quarterly earnings of -$0.35 EPS, matching expectations, while revenue of $19.25 million topped analyst estimates. Analysts currently expect Avita Medical to post -1.09 EPS for the full year.
• Insider and institutional activity has been notable, including a director buying 10,000 shares and several hedge funds increasing positions. Institutional investors now own 27.66% of the stock.

Avita Medical Inc. (NASDAQ:RCEL - Get Free Report) has received a consensus rating of "Hold" from the seven brokerages that are presently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and four have assigned a buy recommendation to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $7.25.

RCEL has been the topic of a number of recent research reports. TD Cowen restated a "buy" rating on shares of Avita Medical in a research note on Tuesday, June 30th. Lake Street Capital upgraded 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. D. Boral Capital restated a "buy" rating and issued a $10.00 price objective on shares of Avita Medical in a report on Wednesday, April 8th. Weiss Ratings restated a "sell (e+)" rating on shares of Avita Medical in a report on Wednesday, June 24th. Finally, Wall Street Zen lowered shares of Avita Medical from a "hold" rating to a "sell" rating in a research report on Saturday.

Avita Medical Price Performance

RCEL stock opened at $4.61 on Friday. The company has a 50 day moving average of $4.37 and a two-hundred day moving average of $4.31. The company has a market cap of $141.88 million, a price-to-earnings ratio of -2.94 and a beta of 1.86. Avita Medical has a 12-month low of $3.22 and a 12-month high of $7.12.

Avita Medical (NASDAQ:RCEL - Get Free Report) last posted its quarterly earnings results on Thursday, May 14th. The company reported ($0.35) EPS for the quarter, meeting the consensus estimate of ($0.35). The company had revenue of $19.25 million for the quarter, compared to analysts' expectations of $18.30 million. On average, research analysts anticipate that Avita Medical will post -1.09 EPS for the current year.

Insider Activity at Avita Medical

In other Avita Medical news, Director Joseph Fralin Woody purchased 10,000 shares of the company's stock in a transaction dated Tuesday, June 9th. The shares were bought at an average price of $4.19 per share, for a total transaction of $41,900.00. Following the purchase, the director directly owned 102,761 shares in the company, valued at $430,568.59. This trade represents a 10.78% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last quarter, insiders have acquired 37,200 shares of company stock worth $155,080. Corporate insiders own 2.24% of the company's stock.

Institutional Investors Weigh In On Avita Medical

Institutional investors and hedge funds have recently modified their holdings of the business. NewEdge Advisors LLC boosted its holdings in Avita Medical by 8,588.5% in the first quarter. NewEdge Advisors LLC now owns 86,885 shares of the company's stock worth $321,000 after purchasing an additional 85,885 shares in the last quarter. Bank of America Corp DE raised its holdings in Avita Medical by 145.3% during the first quarter. Bank of America Corp DE now owns 62,128 shares of the company's stock valued at $230,000 after buying an additional 36,799 shares in the last quarter. Quantinno Capital Management LP bought a new position in Avita Medical during the first quarter valued at about $83,000. R Squared Ltd acquired a new stake in shares of Avita Medical in the first quarter worth about $57,000. Finally, Abel Hall LLC acquired a new stake in shares of Avita Medical in the first quarter worth about $62,000. Institutional investors and hedge funds own 27.66% of the company's stock.

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.

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