Avita Medical (NASDAQ:RCEL) Given New $8.00 Price Target at Lake Street Capital

Avita Medical (NASDAQ:RCEL) had its target price cut by Lake Street Capital from $14.00 to $8.00 in a research note issued to investors on Monday morning,Benzinga reports. They currently have a buy rating on the stock.

RCEL has been the subject of a number of other reports. D. Boral Capital lowered their price objective on shares of Avita Medical from $19.00 to $18.00 and set a “buy” rating for the company in a research note on Friday. BTIG Research lowered shares of Avita Medical from a “neutral” rating to a “sell” rating and set a $3.00 price objective for the company. in a research note on Friday. Finally, Wall Street Zen lowered shares of Avita Medical from a “hold” rating to a “sell” rating in a research note on Saturday. Two research analysts have rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $12.40.

Avita Medical Stock Up 13.2%

Shares of RCEL opened at $4.81 on Monday. The firm has a market capitalization of $127.13 million, a P/E ratio of -2.44 and a beta of 1.63. Avita Medical has a 12-month low of $3.60 and a 12-month high of $14.16. The company has a current ratio of 2.09, a quick ratio of 1.72 and a debt-to-equity ratio of 9.39. The firm has a fifty day moving average price of $5.47 and a 200-day moving average price of $7.49.

Avita Medical (NASDAQ:RCEL) last released its quarterly earnings data on Thursday, August 7th. The company reported ($0.38) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.12). Avita Medical had a negative return on equity of 1,272.91% and a negative net margin of 68.87%. The business had revenue of $18.42 million during the quarter, compared to analysts’ expectations of $34.27 million. Equities research analysts expect that Avita Medical will post -0.95 earnings per share for the current year.

Hedge Funds Weigh In On Avita Medical

Large investors have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets bought a new position in Avita Medical in the fourth quarter worth about $38,000. CWM LLC raised its holdings in Avita Medical by 1,099.5% in the first quarter. CWM LLC now owns 4,918 shares of the company’s stock worth $40,000 after purchasing an additional 4,508 shares in the last quarter. GAMMA Investing LLC raised its holdings in Avita Medical by 688.9% in the first quarter. GAMMA Investing LLC now owns 6,374 shares of the company’s stock worth $52,000 after purchasing an additional 5,566 shares in the last quarter. Meeder Asset Management Inc. bought a new position in Avita Medical in the first quarter worth about $53,000. Finally, Russell Investments Group Ltd. raised its holdings in Avita Medical by 48.0% in the fourth quarter. Russell Investments Group Ltd. now owns 7,164 shares of the company’s stock worth $92,000 after purchasing an additional 2,324 shares in the last quarter. 27.66% of the stock is currently owned by institutional investors.

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.