Evernest Financial Advisors LLC Buys New Position in Avita Medical Inc. (NASDAQ:RCEL)

Key Points

• Evernest Financial Advisors LLC has acquired 50,502 shares of Avita Medical Inc. during the first quarter, valued at approximately $411,000, resulting in a 0.19% ownership stake in the company.
• Avita Medical reported a loss of $0.53 per share in its latest quarterly earnings, falling short of analyst expectations of a $0.39 loss, with significant negative margins.
• Despite recent losses, D. Boral Capital has reiterated a "buy" rating for Avita Medical, setting a target price of $19.00 per share for future growth.

Evernest Financial Advisors LLC acquired a new stake in shares of Avita Medical Inc. (NASDAQ:RCEL - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 50,502 shares of the company's stock, valued at approximately $411,000. Evernest Financial Advisors LLC owned approximately 0.19% of Avita Medical as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. lifted its position in shares of Avita Medical by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 1,423,439 shares of the company's stock valued at $18,220,000 after acquiring an additional 5,767 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Avita Medical by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 597,595 shares of the company's stock worth $7,650,000 after acquiring an additional 3,159 shares during the last quarter. Northern Trust Corp boosted its position in Avita Medical by 5.7% during the fourth quarter. Northern Trust Corp now owns 228,720 shares of the company's stock valued at $2,928,000 after purchasing an additional 12,253 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Avita Medical by 3.6% in the 1st quarter. Bank of New York Mellon Corp now owns 55,141 shares of the company's stock valued at $449,000 after acquiring an additional 1,924 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Avita Medical by 63.0% during the fourth quarter. JPMorgan Chase & Co. now owns 52,706 shares of the company's stock worth $675,000 after buying an additional 20,362 shares during the last quarter. Hedge funds and other institutional investors own 27.66% of the company's stock.

Avita Medical Price Performance

RCEL traded up $0.59 during trading on Monday, hitting $4.84. 559,228 shares of the company traded hands, compared to its average volume of 267,904. Avita Medical Inc. has a 1 year low of $3.60 and a 1 year high of $14.16. The company has a current ratio of 2.09, a quick ratio of 1.72 and a debt-to-equity ratio of 9.39. The stock's 50-day simple moving average is $5.50 and its two-hundred day simple moving average is $7.53. The company has a market cap of $127.79 million, a PE ratio of -2.44 and a beta of 1.63.

Avita Medical (NASDAQ:RCEL - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported ($0.38) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.26) by ($0.12). Avita Medical had a negative net margin of 68.87% and a negative return on equity of 1,272.91%. The firm had revenue of $18.42 million during the quarter, compared to analyst estimates of $34.27 million. As a group, sell-side analysts anticipate that Avita Medical Inc. will post -0.95 earnings per share for the current fiscal year.

Analyst Ratings Changes

RCEL has been the topic of a number of recent research reports. BTIG Research lowered Avita Medical from a "neutral" rating to a "sell" rating and set a $3.00 price objective on the stock. in a research report on Friday. D. Boral Capital decreased their price objective on Avita Medical from $19.00 to $18.00 and set a "buy" rating for the company in a report on Friday. Lake Street Capital reduced their price objective on Avita Medical from $14.00 to $8.00 and set a "buy" rating for the company in a report on Monday. Finally, Wall Street Zen downgraded shares of Avita Medical from a "hold" rating to a "sell" rating in a research report on Saturday. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $12.40.

Avita Medical Company Profile

AVITA Medical, Inc, together with its subsidiaries, operates as a regenerative medicine company in the United States and internationally. The company's lead product is the RECELL System, a cell harvesting device used for the treatment of thermal burn wounds, full-thickness skin defects, and repigmentation of stable depigmented vitiligo lesions.