Avita Medical (NASDAQ:RCEL) Downgraded by Wall Street Zen to Sell

Wall Street Zen lowered shares of Avita Medical (NASDAQ:RCEL) from a hold rating to a sell rating in a research report sent to investors on Saturday morning.

Several other equities research analysts also recently weighed in on the stock. Weiss Ratings reissued a “sell (e+)” rating on shares of Avita Medical in a research report on Wednesday, June 24th. 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 set a $10.00 target price on shares of Avita Medical in a research note on Wednesday, April 8th. Finally, Lake Street Capital upgraded Avita Medical from a “hold” rating to a “buy” rating and increased their target price for the company from $3.50 to $6.00 in a research note on Friday, May 15th. Four analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $7.25.

Avita Medical Price Performance

Avita Medical stock opened at $4.61 on Friday. Avita Medical has a twelve month low of $3.22 and a twelve month high of $7.12. The company has a market capitalization of $141.90 million, a P/E ratio of -2.94 and a beta of 1.86. The stock’s 50 day moving average is $4.37 and its 200 day moving average is $4.31.

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

Insiders Place Their Bets

In related news, Director Joseph Fralin Woody bought 10,000 shares of the firm’s stock in a transaction on Tuesday, June 9th. The stock was acquired at an average cost of $4.19 per share, for a total transaction of $41,900.00. Following the purchase, the director owned 102,761 shares in the company, valued at approximately $430,568.59. This represents a 10.78% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In the last ninety days, insiders have acquired 37,200 shares of company stock worth $155,080. 2.24% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Avita Medical

A number of institutional investors and hedge funds have recently modified their holdings of RCEL. Deutsche Bank AG boosted its position 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 last quarter. Russell Investments Group Ltd. increased its position in shares of Avita Medical by 122.2% during the 4th 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 during the last quarter. Aristides Capital LLC purchased a new stake in shares of Avita Medical during the 4th quarter valued at about $48,000. R Squared Ltd bought a new position in shares of Avita Medical in the 1st quarter worth approximately $57,000. Finally, The Manufacturers Life Insurance Company bought a new position in shares of Avita Medical in the 2nd quarter worth approximately $58,000. 27.66% of the stock is currently owned by hedge funds and other institutional investors.

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.