Insider Buying: Avita Medical (NASDAQ:RCEL) Director Purchases 5,200 Shares of Stock

Avita Medical Inc. (NASDAQ:RCEL) Director Joseph Fralin Woody acquired 5,200 shares of the company’s stock in a transaction on Tuesday, June 9th. The shares were bought at an average price of $4.00 per share, with a total value of $20,800.00. Following the completion of the purchase, the director directly owned 107,961 shares of the company’s stock, valued at approximately $431,844. This represents a 5.06% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Joseph Fralin Woody also recently made the following trade(s):

• On Tuesday, June 9th, Joseph Fralin Woody bought 10,000 shares of Avita Medical stock. The shares were acquired at an average price of $4.19 per share, for a total transaction of $41,900.00.
• On Wednesday, June 3rd, Joseph Fralin Woody bought 10,000 shares of Avita Medical stock. The shares were acquired at an average price of $4.09 per share, for a total transaction of $40,900.00.
• On Monday, June 1st, Joseph Fralin Woody bought 10,000 shares of Avita Medical stock. The shares were acquired at an average price of $4.30 per share, for a total transaction of $43,000.00.

Avita Medical Stock Performance

Shares of RCEL stock remained flat at $4.12 during trading hours on Wednesday. The stock had a trading volume of 225,436 shares, compared to its average volume of 273,224. The company has a 50 day moving average price of $4.38 and a 200-day moving average price of $4.12. The firm has a market cap of $126.81 million, a PE ratio of -2.62 and a beta of 1.87. Avita Medical Inc. has a 12 month low of $3.22 and a 12 month high of $7.12.

Avita Medical (NASDAQ:RCEL) last announced its earnings results on Thursday, May 14th. The company reported ($0.35) EPS for the quarter, hitting the consensus estimate of ($0.35). The business had revenue of $19.25 million for the quarter, compared to the consensus estimate of $18.30 million. As a group, research analysts expect that Avita Medical Inc. will post -1.29 earnings per share for the current year.

Hedge Funds Weigh In On Avita Medical

Hedge funds have recently added to or reduced their stakes in the stock. Jacobs Levy Equity Management Inc. acquired a new position in Avita Medical in the first quarter valued at about $374,000. Brooklyn Investment Group lifted its stake in Avita Medical by 48,965.5% in the third quarter. Brooklyn Investment Group now owns 58,388 shares of the company’s stock valued at $298,000 after buying an additional 58,269 shares during the period. Gabelli Funds LLC acquired a new position in Avita Medical in the second quarter valued at about $185,000. XTX Topco Ltd acquired a new position in Avita Medical in the second quarter valued at about $153,000. Finally, The Manufacturers Life Insurance Company acquired a new position in Avita Medical in the second quarter valued at about $58,000. Institutional investors and hedge funds own 27.66% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on RCEL. Wall Street Zen cut Avita Medical from a “hold” rating to a “sell” rating in a report on Sunday, May 24th. Lake Street Capital upgraded Avita Medical from a “hold” rating to a “buy” rating and raised their price target for the company from $3.50 to $6.00 in a report on Friday, May 15th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Avita Medical in a report on Friday, March 27th. D. Boral Capital reiterated a “buy” rating and issued a $10.00 price target on shares of Avita Medical in a report on Wednesday, April 8th. Finally, Northland Securities assumed coverage on Avita Medical in a report on Thursday, March 5th. They issued an “outperform” rating and a $10.00 price target on the stock. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $7.25.

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.