50,502 Shares in Avita Medical Inc. (NASDAQ:RCEL) Purchased by Evernest Financial Advisors LLC

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

Several other large investors have also recently made changes to their positions in the company. BNP Paribas Financial Markets acquired a new stake in Avita Medical during the 4th quarter worth $38,000. CWM LLC boosted its position in Avita Medical by 1,099.5% during the first quarter. CWM LLC now owns 4,918 shares of the company's stock worth $40,000 after acquiring an additional 4,508 shares during the last quarter. GAMMA Investing LLC boosted its position in Avita Medical by 688.9% during the first quarter. GAMMA Investing LLC now owns 6,374 shares of the company's stock worth $52,000 after acquiring an additional 5,566 shares during the last quarter. Meeder Asset Management Inc. purchased a new stake in Avita Medical during the 1st quarter valued at about $53,000. Finally, Russell Investments Group Ltd. raised its holdings in Avita Medical by 48.0% in the 4th quarter. Russell Investments Group Ltd. now owns 7,164 shares of the company's stock valued at $92,000 after acquiring an additional 2,324 shares during the last quarter. 27.66% of the stock is currently owned by hedge funds and other institutional investors.

Avita Medical Trading Up 1.5%

Shares of RCEL opened at $5.36 on Thursday. Avita Medical Inc. has a 12-month low of $4.71 and a 12-month high of $14.16. The firm has a market capitalization of $141.69 million, a P/E ratio of -2.45 and a beta of 1.63. The firm has a 50-day moving average price of $5.53 and a 200 day moving average price of $7.60. The company has a current ratio of 2.09, a quick ratio of 1.72 and a debt-to-equity ratio of 9.39.

Avita Medical (NASDAQ:RCEL - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.53) earnings per share for the quarter, missing the consensus estimate of ($0.39) by ($0.14). Avita Medical had a negative net margin of 79.61% and a negative return on equity of 632.62%. The firm had revenue of $18.51 million during the quarter, compared to analysts' expectations of $33.15 million. Sell-side analysts forecast that Avita Medical Inc. will post -0.95 EPS for the current year.

Wall Street Analysts Forecast Growth

Separately, D. Boral Capital restated a "buy" rating and set a $19.00 target price on shares of Avita Medical in a report on Friday, June 6th.

Avita Medical 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.

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