Avita Medical (NASDAQ:RCEL) Rating Increased to Hold at Wall Street Zen

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

Other research analysts have also issued reports about the company. Northland Securities assumed coverage on Avita Medical in a report on Thursday, March 5th. They issued an “outperform” rating and a $10.00 price objective on the stock. D. Boral Capital reissued a “buy” rating and issued a $10.00 price objective on shares of Avita Medical in a report on Wednesday, April 8th. Weiss Ratings reissued a “sell (e+)” rating on shares of Avita Medical in a report on Friday, March 27th. Finally, Lake Street Capital raised Avita Medical from a “hold” rating to a “buy” rating and increased their price objective for the company from $3.50 to $6.00 in a report on Friday. Three 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’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $7.25.

Avita Medical Price Performance

Shares of NASDAQ:RCEL opened at $4.56 on Friday. The business’s 50-day moving average is $4.38 and its 200 day moving average is $4.06. Avita Medical has a 1 year low of $3.22 and a 1 year high of $7.12. The firm has a market capitalization of $140.36 million, a P/E ratio of -2.90 and a beta of 1.90.

Avita Medical (NASDAQ:RCEL) last announced its quarterly earnings data on Thursday, May 14th. The company reported ($0.35) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.35). The firm had revenue of $19.25 million during the quarter, compared to analyst estimates of $18.30 million. On average, analysts expect that Avita Medical will post -1.23 EPS for the current year.

Institutional Trading of Avita Medical

Hedge funds have recently modified their holdings of the stock. Deutsche Bank AG boosted its stake in shares of 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 buying an additional 7,352 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in shares of Avita Medical by 122.2% in the fourth quarter. Russell Investments Group Ltd. now owns 8,047 shares of the company’s stock worth $28,000 after buying an additional 4,425 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new stake in shares of Avita Medical in the second quarter worth about $58,000. Aristides Capital LLC purchased a new position in Avita Medical during the fourth quarter worth approximately $48,000. Finally, Strs Ohio purchased a new position in Avita Medical during the first quarter worth approximately $116,000. Hedge funds and other institutional investors own 27.66% of the company’s stock.

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.