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

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

A number of other research analysts also recently commented on RCEL. TD Cowen reissued a “buy” rating on shares of Avita Medical in a research report on Tuesday, June 30th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Avita Medical in a research report on Wednesday, June 24th. Lake Street Capital raised shares of Avita Medical from a “hold” rating to a “buy” rating and upped their price target for the stock from $3.50 to $6.00 in a research report on Friday, May 15th. Finally, D. Boral Capital reiterated a “buy” rating and set a $10.00 price objective on shares of Avita Medical in a research note on Wednesday, April 8th. 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 data from MarketBeat.com, Avita Medical has a consensus rating of “Hold” and a consensus target price of $7.25.

Avita Medical Stock Performance

Shares of NASDAQ:RCEL opened at $4.40 on Friday. The firm’s 50 day simple moving average is $4.38 and its 200-day simple moving average is $4.36. Avita Medical has a one year low of $3.22 and a one year high of $7.12. The firm has a market cap of $135.42 million, a PE ratio of -2.80 and a beta of 1.86.

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, meeting analysts’ consensus estimates of ($0.35). The firm had revenue of $19.25 million during the quarter, compared to analysts’ expectations of $18.30 million. Equities research analysts predict that Avita Medical will post -1.09 EPS for the current fiscal year.

Insider Buying and Selling at Avita Medical

In other Avita Medical news, Director Joseph Fralin Woody acquired 10,000 shares of the stock in a transaction dated Tuesday, June 9th. The stock was purchased at an average price of $4.19 per share, with a total value of $41,900.00. Following the transaction, the director directly owned 102,761 shares of the company’s stock, valued at $430,568.59. This trade represents a 10.78% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Over the last ninety days, insiders acquired 37,200 shares of company stock valued at $155,080. 2.24% of the stock is owned by company insiders.

Institutional Investors Weigh In On Avita Medical

Several institutional investors have recently added to or reduced their stakes in the business. NewEdge Advisors LLC grew its stake in shares of Avita Medical by 8,588.5% during the first quarter. NewEdge Advisors LLC now owns 86,885 shares of the company’s stock worth $321,000 after acquiring an additional 85,885 shares during the last quarter. Bank of America Corp DE raised its position in shares of Avita Medical by 145.3% in the 1st quarter. Bank of America Corp DE now owns 62,128 shares of the company’s stock valued at $230,000 after purchasing an additional 36,799 shares during the last quarter. Quantinno Capital Management LP purchased a new position in shares of Avita Medical in the 1st quarter valued at approximately $83,000. R Squared Ltd acquired a new stake in Avita Medical in the 1st quarter worth approximately $57,000. Finally, Abel Hall LLC acquired a new stake in Avita Medical in the 1st quarter worth approximately $62,000. Institutional investors and hedge funds 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.