Avita Medical (NASDAQ:RCEL) Stock Rating Lowered by Wall Street Zen

Key Points

• Wall Street Zen downgraded Avita Medical (NASDAQ:RCEL) from a "sell" to a "strong sell", though analyst coverage is mixed and the MarketBeat consensus remains a Hold with an average price target of $6.63.
• Shares traded around $4.44 (1‑year range $3.22–$9.85), implying a market cap of about $136.7 million and a negative PE ratio of -2.54.
• Institutional activity is significant: roughly 27.66% of the stock is institutionally owned and several funds (Geode, Bridgeway, AQR, Jane Street) recently added to or initiated positions.

Avita Medical (NASDAQ:RCEL - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "sell" rating to a "strong sell" rating in a report released on Saturday.

Other equities analysts have also recently issued reports about the company. Lake Street Capital increased their target price on Avita Medical from $3.00 to $3.50 and gave the stock a "hold" rating in a report on Friday, January 16th. Northland Securities initiated coverage on Avita Medical in a report on Thursday, March 5th. They issued an "outperform" rating and a $10.00 target price for the company. D. Boral Capital reissued a "buy" rating and issued a $10.00 target price on shares of Avita Medical in a report on Wednesday, April 8th. Finally, Weiss Ratings reissued a "sell (e+)" rating on shares of Avita Medical in a report on Friday, March 27th. Two research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Avita Medical presently has a consensus rating of "Hold" and an average price target of $6.63.

Avita Medical Trading Up 2.8%

Shares of RCEL opened at $4.44 on Friday. Avita Medical has a 1 year low of $3.22 and a 1 year high of $9.85. The stock has a 50 day simple moving average of $4.51 and a 200-day simple moving average of $4.07. The stock has a market cap of $136.66 million, a PE ratio of -2.54 and a beta of 1.90.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC lifted its holdings in Avita Medical by 44.6% during the fourth quarter. Geode Capital Management LLC now owns 479,185 shares of the company's stock worth $1,654,000 after acquiring an additional 147,722 shares in the last quarter. Bridgeway Capital Management LLC lifted its holdings 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 acquiring an additional 80,404 shares in the last quarter. Divisadero Street Capital Management LP bought a new position in Avita Medical during the third quarter worth about $511,000. AQR Capital Management LLC bought a new position in Avita Medical during the first quarter worth about $799,000. Finally, Jane Street Group LLC lifted its holdings in Avita Medical by 36.1% during the second quarter. Jane Street Group LLC now owns 86,730 shares of the company's stock worth $459,000 after acquiring an additional 22,986 shares in the last quarter. 27.66% of the stock is currently owned by institutional investors.

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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