Avita Medical (NASDAQ:RCEL) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Avita Medical (NASDAQ:RCEL) from a sell rating to a hold rating in a research report released on Sunday morning.

Several other brokerages have also recently issued reports on RCEL. Lake Street Capital raised Avita Medical from a “hold” rating to a “buy” rating and boosted their price objective for the company from $3.50 to $6.00 in a report on Friday, May 15th. D. Boral Capital reaffirmed a “buy” rating and set a $10.00 target price on shares of Avita Medical in a report on Wednesday, April 8th. TD Cowen reiterated a “buy” rating on shares of Avita Medical in a research report on Tuesday, June 30th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Avita Medical in a report on Wednesday, June 24th. Four investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $7.25.

Avita Medical Price Performance

Shares of Avita Medical stock opened at $4.63 on Friday. The firm has a fifty day moving average price of $4.39 and a 200 day moving average price of $4.38. Avita Medical has a 1 year low of $3.22 and a 1 year high of $7.12. The stock has a market cap of $142.51 million, a PE ratio of -2.95 and a beta of 1.86.

Avita Medical (NASDAQ:RCEL) last posted its earnings results on Thursday, May 14th. The company reported ($0.35) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.35). The business had revenue of $19.25 million for the quarter, compared to analyst estimates of $18.30 million. As a group, equities analysts expect that Avita Medical will post -1.09 EPS for the current year.

Insider Buying and Selling

In other Avita Medical news, Director Joseph Fralin Woody acquired 10,000 shares of the business’s stock in a transaction dated Tuesday, June 9th. The stock was acquired at an average cost of $4.19 per share, for a total transaction of $41,900.00. Following the completion of the transaction, the director directly owned 102,761 shares of the company’s stock, valued at $430,568.59. This represents a 10.78% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders purchased 37,200 shares of company stock valued at $155,080 over the last quarter. 2.24% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Deutsche Bank AG grew its stake in Avita Medical by 1,351.5% in the 4th quarter. Deutsche Bank AG now owns 7,896 shares of the company’s stock valued at $27,000 after acquiring an additional 7,352 shares during the period. Russell Investments Group Ltd. raised its position in Avita Medical by 122.2% during the fourth quarter. Russell Investments Group Ltd. now owns 8,047 shares of the company’s stock worth $28,000 after acquiring an additional 4,425 shares during the period. Aristides Capital LLC acquired a new position in Avita Medical during the fourth quarter worth $48,000. R Squared Ltd purchased a new position in Avita Medical during the first quarter valued at $57,000. Finally, The Manufacturers Life Insurance Company purchased a new position in Avita Medical during the second quarter valued at $58,000. Hedge funds and other institutional investors own 27.66% of the company’s stock.

Avita Medical Company Profile

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.