AVITA Medical (NASDAQ:RCEL) Given New $14.00 Price Target at Lake Street Capital

AVITA Medical (NASDAQ:RCEL) had its price objective trimmed by Lake Street Capital from $20.00 to $14.00 in a research report report published on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Several other equities analysts have also recently commented on RCEL. Cantor Fitzgerald reiterated an “overweight” rating and set a $21.00 target price on shares of AVITA Medical in a research note on Tuesday, December 24th. D. Boral Capital reiterated a “buy” rating and set a $25.00 price objective on shares of AVITA Medical in a research note on Wednesday. Finally, Piper Sandler reissued a “neutral” rating and set a $12.00 price objective (up from $9.00) on shares of AVITA Medical in a report on Friday, November 8th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $18.00.

AVITA Medical Stock Performance

AVITA Medical stock opened at $8.94 on Wednesday. AVITA Medical has a 12-month low of $7.51 and a 12-month high of $18.93. The company has a debt-to-equity ratio of 3.48, a current ratio of 3.73 and a quick ratio of 3.37. The company has a market capitalization of $234.39 million, a price-to-earnings ratio of -4.01 and a beta of 1.58. The firm’s fifty day moving average price is $12.53 and its 200 day moving average price is $10.59.

AVITA Medical (NASDAQ:RCEL) last announced its earnings results on Thursday, November 7th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.21). The business had revenue of $19.55 million for the quarter, compared to analysts’ expectations of $19.65 million. AVITA Medical had a negative return on equity of 194.69% and a negative net margin of 95.47%. During the same period in the previous year, the firm posted ($0.34) earnings per share. On average, research analysts forecast that AVITA Medical will post -2.35 EPS for the current fiscal year.

Hedge Funds Weigh In On AVITA Medical

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Huntington National Bank bought a new stake in shares of AVITA Medical in the 3rd quarter worth approximately $32,000. FMR LLC increased its position in AVITA Medical by 126.9% in the third quarter. FMR LLC now owns 4,248 shares of the company’s stock worth $46,000 after buying an additional 2,376 shares during the period. Quest Partners LLC lifted its stake in AVITA Medical by 269.4% in the third quarter. Quest Partners LLC now owns 7,520 shares of the company’s stock valued at $81,000 after buying an additional 5,484 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new position in shares of AVITA Medical during the second quarter valued at $86,000. Finally, IHT Wealth Management LLC grew its position in shares of AVITA Medical by 24.3% during the third quarter. IHT Wealth Management LLC now owns 28,100 shares of the company’s stock worth $301,000 after acquiring an additional 5,500 shares during the last quarter. 27.66% of the stock is currently owned by institutional investors and hedge funds.

About AVITA Medical

AVITA Medical, Inc, together with its subsidiaries, operates as a regenerative medicine company in the United States and internationally. The company's lead product is the RECELL System, a cell harvesting device used for the treatment of thermal burn wounds, full-thickness skin defects, and repigmentation of stable depigmented vitiligo lesions.