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

Key Points

• Avita Medical has a “Moderate Buy” consensus rating from seven analysts: five buys, one hold and one sell. The average 12-month price target is $11.40, below the stock’s reported $13.05 opening price.
• Recent analysts raised their targets, including TD Cowen to $14, BTIG Research to $11 and Lake Street Capital to $12, while maintaining buy ratings.
• Avita reported quarterly revenue of $21.70 million and an adjusted loss of $0.25 per share, beating consensus expectations for $20.25 million in revenue and a $0.29-per-share loss.

Shares of Avita Medical Inc. (NASDAQ:RCEL - Get Free Report) have been given an average rating of "Moderate Buy" by the seven research firms that are covering the company, MarketBeat reports. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $11.40.

RCEL has been the subject of a number of research analyst reports. TD Cowen increased their price target on shares of Avita Medical from $12.00 to $14.00 and gave the stock a "buy" rating in a research report on Wednesday, August 19th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Avita Medical in a research report on Monday, September 21st. Wall Street Zen upgraded shares of Avita Medical from a "sell" rating to a "hold" rating in a research note on Sunday, August 2nd. BTIG Research increased their target price on shares of Avita Medical from $7.00 to $11.00 and gave the stock a "buy" rating in a research report on Wednesday, August 19th. Finally, Lake Street Capital lifted their target price on shares of Avita Medical from $8.00 to $12.00 and gave the company a "buy" rating in a research note on Friday, August 28th.

Avita Medical Trading Up 0.5%

Shares of RCEL stock opened at $13.05 on Thursday. The company has a market capitalization of $401.68 million, a price-to-earnings ratio of -9.06 and a beta of 1.99. Avita Medical has a 1-year low of $3.22 and a 1-year high of $13.49. The stock's fifty day simple moving average is $9.77 and its 200-day simple moving average is $6.26.

Avita Medical (NASDAQ:RCEL - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.25) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.29) by $0.04. The business had revenue of $21.70 million during the quarter, compared to analysts' expectations of $20.25 million. On average, sell-side analysts predict that Avita Medical will post -0.98 EPS for the current year.

Institutional Trading of Avita Medical

Several hedge funds and other institutional investors have recently modified their holdings of RCEL. BlackRock Inc. acquired a new stake in Avita Medical during the second quarter valued at $2,333,000. NewEdge Advisors LLC increased its position in Avita Medical by 71.4% in the 2nd quarter. NewEdge Advisors LLC now owns 148,931 shares of the company's stock worth $615,000 after purchasing an additional 62,046 shares during the last quarter. Bank of America Corp DE increased its position in Avita Medical by 145.3% in the 1st quarter. Bank of America Corp DE now owns 62,128 shares of the company's stock worth $230,000 after purchasing an additional 36,799 shares during the last quarter. Thompson Davis & CO. Inc. purchased a new stake in shares of Avita Medical during the 1st quarter worth about $144,000. Finally, Ieq Capital LLC purchased a new stake in shares of Avita Medical during the 2nd quarter worth about $134,000. 27.66% of the stock is currently owned by hedge funds and other institutional investors.

About Avita Medical

Avita Medical is a regenerative medicine company focused on developing and commercializing technologies that use a patient's own cells to support skin repair and healing. The company's platform is designed to create a suspension of regenerative cells from a small sample of healthy skin, which can then be applied to damaged areas.

Its primary product is the RECELL Autologous Cell Harvesting Device, a point-of-care system that prepares a patient's skin cells for use in treating thermal burn wounds.

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