Wall Street Zen Upgrades Avita Medical (NASDAQ:RCEL) to "Hold"

Key Points

• Wall Street Zen upgraded Avita Medical from “sell” to “hold,” while analysts overall maintain a consensus “hold” rating with an average price target of $7.25.
• Avita Medical shares opened at $4.40, within a 52-week range of $3.22 to $7.12. The company reported quarterly revenue of $19.25 million, above the $18.30 million analyst estimate, while EPS of -$0.35 matched expectations.
• Insiders purchased 37,200 shares worth approximately $155,080 over the past 90 days, and institutional investors own 27.66% of the company.

Avita Medical (NASDAQ:RCEL - Get Free Report) was upgraded by Wall Street Zen from a "sell" rating to a "hold" rating in a research report issued on Sunday.

A number of other research analysts have also recently issued reports on the company. TD Cowen reiterated a "buy" rating on shares of Avita Medical in a research note on Tuesday, June 30th. Lake Street Capital raised Avita Medical from a "hold" rating to a "buy" rating and increased their target price for the stock from $3.50 to $6.00 in a research note on Friday, May 15th. Weiss Ratings restated a "sell (e+)" rating on shares of Avita Medical in a report on Wednesday, June 24th. Finally, D. Boral Capital restated a "buy" rating and set a $10.00 price target on shares of Avita Medical in a report on Wednesday, April 8th. Four investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Avita Medical presently has a consensus rating of "Hold" and an average price target of $7.25.

Avita Medical Stock Performance

Shares of NASDAQ RCEL opened at $4.40 on Friday. Avita Medical has a fifty-two week low of $3.22 and a fifty-two week high of $7.12. The company has a 50 day simple moving average of $4.38 and a two-hundred day simple moving average of $4.36. The company has a market capitalization of $135.43 million, a price-to-earnings ratio of -2.80 and a beta of 1.86.

Avita Medical (NASDAQ:RCEL - Get Free Report) last released its earnings results on Thursday, May 14th. The company reported ($0.35) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.35). The business had revenue of $19.25 million for the quarter, compared to analysts' expectations of $18.30 million. On average, analysts forecast that Avita Medical will post -1.09 earnings per share for the current fiscal year.

Insider Activity at Avita Medical

In other news, Director Joseph Fralin Woody purchased 10,000 shares of Avita Medical stock in a transaction that occurred on Tuesday, June 9th. The stock was bought at an average price of $4.19 per share, with a total value of $41,900.00. Following the completion of the transaction, the director directly owned 102,761 shares of the company's stock, valued at approximately $430,568.59. The trade was a 10.78% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have purchased a total of 37,200 shares of company stock worth $155,080 in the last 90 days. Corporate insiders own 2.24% of the company's stock.

Hedge Funds Weigh In On Avita Medical

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC increased its holdings in shares of Avita Medical by 44.6% in the 4th quarter. Geode Capital Management LLC now owns 479,185 shares of the company's stock worth $1,654,000 after purchasing an additional 147,722 shares in the last quarter. Bridgeway Capital Management LLC raised its stake in shares of Avita Medical by 213.8% in the third quarter. Bridgeway Capital Management LLC now owns 118,004 shares of the company's stock worth $603,000 after purchasing an additional 80,404 shares during the last quarter. AQR Capital Management LLC bought a new position in shares of Avita Medical during the first quarter valued at $799,000. NewEdge Advisors LLC lifted its holdings in shares of Avita Medical by 8,588.5% during the first quarter. NewEdge Advisors LLC now owns 86,885 shares of the company's stock valued at $321,000 after purchasing an additional 85,885 shares in the last quarter. Finally, Jane Street Group LLC boosted its position in shares of Avita Medical by 36.1% during the second quarter. Jane Street Group LLC now owns 86,730 shares of the company's stock valued at $459,000 after buying an additional 22,986 shares during the last quarter. 27.66% of the stock is owned by institutional investors.

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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