Avita Medical (NASDAQ:RCEL) Raised to “Hold” at Wall Street Zen

Avita Medical (NASDAQ:RCEL) was upgraded by equities research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued to investors on Sunday.

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

Avita Medical Stock Up 5.0%

NASDAQ:RCEL opened at $4.62 on Friday. The firm has a market capitalization of $142.20 million, a P/E ratio of -2.94 and a beta of 1.86. The company has a fifty day moving average of $4.39 and a 200 day moving average of $4.37. Avita Medical has a 52 week low of $3.22 and a 52 week high of $7.12.

Avita Medical (NASDAQ:RCEL) last announced its quarterly earnings results on Thursday, May 14th. The company reported ($0.35) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.35). The firm had revenue of $19.25 million during the quarter, compared to the consensus estimate of $18.30 million. As a group, analysts anticipate that Avita Medical will post -1.09 EPS for the current year.

Insider Buying and Selling at Avita Medical

In related news, Director Joseph Fralin Woody bought 10,000 shares of the business’s stock in a transaction dated Tuesday, June 9th. The shares were purchased at an average price of $4.19 per share, with a total value of $41,900.00. Following the purchase, the director owned 102,761 shares of the company’s stock, valued at approximately $430,568.59. This trade represents a 10.78% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Over the last 90 days, insiders have bought 37,200 shares of company stock worth $155,080. Insiders own 2.24% of the company’s stock.

Institutional Trading of Avita Medical

Several institutional investors and hedge funds have recently bought and sold shares of RCEL. Jain Global LLC bought a new position in shares of Avita Medical in the 4th quarter worth approximately $83,000. Russell Investments Group Ltd. boosted its position in shares of Avita Medical by 122.2% during the fourth quarter. Russell Investments Group Ltd. now owns 8,047 shares of the company’s stock valued at $28,000 after purchasing an additional 4,425 shares in the last quarter. Wells Fargo & Company MN boosted its position in shares of Avita Medical by 98.5% during the fourth quarter. Wells Fargo & Company MN now owns 18,832 shares of the company’s stock valued at $65,000 after purchasing an additional 9,345 shares in the last quarter. Aristides Capital LLC purchased a new stake in Avita Medical in the fourth quarter worth $48,000. Finally, Deutsche Bank AG grew its stake in Avita Medical by 1,351.5% in the fourth quarter. Deutsche Bank AG now owns 7,896 shares of the company’s stock worth $27,000 after purchasing an additional 7,352 shares during the period. 27.66% of the stock is currently owned by hedge funds and other institutional investors.

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.