AVITA Medical, Inc. (NASDAQ:RCEL) Short Interest Up 62.5% in April

AVITA Medical, Inc. (NASDAQ:RCEL - Get Free Report) was the target of a large increase in short interest in April. As of April 15th, there was short interest totalling 1,180,000 shares, an increase of 62.5% from the March 31st total of 726,200 shares. Currently, 5.0% of the company's stock are short sold. Based on an average trading volume of 228,300 shares, the days-to-cover ratio is presently 5.2 days.

Wall Street Analysts Forecast Growth

Several research firms have commented on RCEL. BTIG Research cut shares of AVITA Medical from a "buy" rating to a "neutral" rating in a research report on Thursday, April 11th. Piper Sandler reissued an "overweight" rating and set a $21.00 target price (up previously from $19.00) on shares of AVITA Medical in a research report on Friday, February 23rd. Finally, Cantor Fitzgerald lifted their target price on shares of AVITA Medical from $22.00 to $25.00 and gave the stock an "overweight" rating in a research report on Friday, February 23rd. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, AVITA Medical has an average rating of "Moderate Buy" and a consensus price target of $27.80.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. HighMark Wealth Management LLC purchased a new position in shares of AVITA Medical during the 4th quarter valued at $27,000. Allspring Global Investments Holdings LLC bought a new stake in AVITA Medical in the third quarter worth $98,000. Tower Research Capital LLC TRC increased its position in shares of AVITA Medical by 1,240.3% in the fourth quarter. Tower Research Capital LLC TRC now owns 7,345 shares of the company's stock valued at $101,000 after acquiring an additional 6,797 shares during the period. Aigen Investment Management LP purchased a new position in shares of AVITA Medical in the fourth quarter valued at about $220,000. Finally, CenterBook Partners LP purchased a new position in shares of AVITA Medical in the fourth quarter valued at about $234,000. 27.66% of the stock is currently owned by hedge funds and other institutional investors.

AVITA Medical Stock Performance

Shares of RCEL stock traded up $0.22 during trading hours on Friday, hitting $8.52. 285,980 shares of the company were exchanged, compared to its average volume of 339,236. The firm has a fifty day simple moving average of $14.71 and a 200 day simple moving average of $13.61. The company has a current ratio of 7.88, a quick ratio of 7.46 and a debt-to-equity ratio of 0.81. AVITA Medical has a 52-week low of $8.01 and a 52-week high of $21.70. The stock has a market capitalization of $219.82 million, a price-to-earnings ratio of -6.09 and a beta of 1.33.

AVITA Medical (NASDAQ:RCEL - Get Free Report) last released its quarterly earnings data on Thursday, February 22nd. The company reported ($0.28) earnings per share for the quarter, beating analysts' consensus estimates of ($0.34) by $0.06. AVITA Medical had a negative net margin of 70.56% and a negative return on equity of 54.80%. The business had revenue of $14.20 million during the quarter, compared to analyst estimates of $14.10 million. Research analysts predict that AVITA Medical will post -1.18 earnings per share for the current fiscal year.

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.