NewEdge Advisors LLC Purchases 85,885 Shares of Avita Medical Inc. $RCEL

NewEdge Advisors LLC raised its holdings in shares of Avita Medical Inc. (NASDAQ:RCEL) by 8,588.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 86,885 shares of the company’s stock after purchasing an additional 85,885 shares during the period. NewEdge Advisors LLC owned 0.28% of Avita Medical worth $321,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the business. Deutsche Bank AG grew its position in shares of Avita Medical by 1,351.5% during the 4th quarter. Deutsche Bank AG now owns 7,896 shares of the company’s stock worth $27,000 after buying an additional 7,352 shares during the period. Russell Investments Group Ltd. lifted its holdings in Avita Medical by 122.2% in 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 period. Aristides Capital LLC acquired a new position in Avita Medical in the fourth quarter valued at approximately $48,000. R Squared Ltd bought a new position in Avita Medical in the first quarter valued at approximately $57,000. Finally, The Manufacturers Life Insurance Company bought a new position in Avita Medical in the second quarter valued at approximately $58,000. Institutional investors own 27.66% of the company’s stock.

Avita Medical Price Performance

Shares of RCEL stock opened at $10.06 on Monday. Avita Medical Inc. has a 12-month low of $3.22 and a 12-month high of $10.41. The firm has a fifty day moving average of $5.40 and a 200-day moving average of $4.74. The firm has a market capitalization of $309.62 million, a price-to-earnings ratio of -6.99 and a beta of 1.86.

Avita Medical (NASDAQ:RCEL) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.25) EPS for the quarter, topping the consensus estimate of ($0.29) by $0.04. The business had revenue of $21.70 million for the quarter, compared to analyst estimates of $20.25 million. Research analysts expect that Avita Medical Inc. will post -0.98 earnings per share for the current year.

Insider Activity at Avita Medical

In other Avita Medical news, Director Joseph Fralin Woody purchased 10,000 shares of the company’s stock in a transaction dated Tuesday, June 9th. The shares were 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 in the company, valued at $430,568.59. This trade represents a 10.78% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders bought a total of 35,200 shares of company stock worth $146,600 over the last quarter. Company insiders own 2.24% of the company’s stock.

Wall Street Analyst Weigh In

RCEL has been the subject of several recent research reports. Wall Street Zen upgraded shares of Avita Medical from a “sell” rating to a “hold” rating in a research report on Sunday, August 2nd. Weiss Ratings restated a “sell (e+)” rating on shares of Avita Medical in a research report on Wednesday, June 24th. TD Cowen raised their price target on Avita Medical from $12.00 to $14.00 and gave the stock a “buy” rating in a research report on Wednesday. Lake Street Capital raised Avita Medical from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $3.50 to $6.00 in a research note on Friday, May 15th. Finally, BTIG Research upped their price objective on Avita Medical from $7.00 to $11.00 and gave the company a “buy” rating in a report on Wednesday. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $10.20.

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.