564,952 Shares in Avita Medical Inc. $RCEL Bought by BlackRock Inc.

Key Points

• BlackRock acquired 564,952 shares of Avita Medical during the second quarter, worth approximately $2.33 million and representing a 1.84% stake. Institutional investors collectively own 27.66% of the company.
• Analyst sentiment is broadly positive, with five Buy ratings, one Hold and one Sell. The consensus rating is Moderate Buy, with an average price target of $11.40.
• Avita Medical exceeded quarterly expectations, reporting an adjusted loss of $0.25 per share versus the expected $0.29 loss and revenue of $21.7 million versus the $20.25 million consensus estimate.

BlackRock Inc. acquired a new position in shares of Avita Medical Inc. (NASDAQ:RCEL - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 564,952 shares of the company's stock, valued at approximately $2,333,000. BlackRock Inc. owned 1.84% of Avita Medical as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Rhumbline Advisers raised its position in Avita Medical by 8.8% in the 2nd quarter. Rhumbline Advisers now owns 42,168 shares of the company's stock worth $223,000 after purchasing an additional 3,393 shares during the period. Russell Investments Group Ltd. grew its stake in shares of Avita Medical by 122.2% during the fourth quarter. Russell Investments Group Ltd. now owns 8,047 shares of the company's stock valued at $28,000 after buying an additional 4,425 shares during the last quarter. Deutsche Bank AG grew its stake in shares of Avita Medical by 1,351.5% during the fourth quarter. Deutsche Bank AG now owns 7,896 shares of the company's stock valued at $27,000 after buying an additional 7,352 shares during the last quarter. Wells Fargo & Company MN raised its holdings in shares of Avita Medical by 98.5% in the fourth quarter. Wells Fargo & Company MN now owns 18,832 shares of the company's stock worth $65,000 after buying an additional 9,345 shares during the period. Finally, Jane Street Group LLC raised its holdings in shares of Avita Medical by 20.4% in the first quarter. Jane Street Group LLC now owns 63,744 shares of the company's stock worth $519,000 after buying an additional 10,789 shares during the period. Institutional investors own 27.66% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Weiss Ratings restated a "sell (e+)" rating on shares of Avita Medical in a report on Wednesday, June 24th. Wall Street Zen upgraded Avita Medical from a "sell" rating to a "hold" rating in a research report on Sunday, August 2nd. Lake Street Capital boosted 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. TD Cowen raised their price target on shares of Avita Medical from $12.00 to $14.00 and gave the stock a "buy" rating in a research note on Wednesday, August 19th. Finally, BTIG Research lifted their price objective on shares of Avita Medical from $7.00 to $11.00 and gave the company a "buy" rating in a report on Wednesday, August 19th. Five analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $11.40.

Avita Medical Price Performance

Shares of Avita Medical stock opened at $11.20 on Friday. The stock has a market cap of $344.74 million, a price-to-earnings ratio of -7.78 and a beta of 2.02. The firm's 50-day moving average is $6.71 and its two-hundred day moving average is $5.19. Avita Medical Inc. has a 1 year low of $3.22 and a 1 year high of $11.39.

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

Insider Buying and Selling

In related news, Director Joseph Woody bought 10,000 shares of the stock in a transaction on Tuesday, June 9th. The stock was bought at an average price of $4.19 per share, for a total transaction of $41,900.00. Following the completion of the acquisition, the director directly owned 102,761 shares in the company, valued at approximately $430,568.59. This represents a 10.78% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 2.24% of the stock is owned by company insiders.

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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