AVITA Medical (NASDAQ:RCEL) Rating Reiterated by Cantor Fitzgerald

AVITA Medical (NASDAQ:RCEL)‘s stock had its “overweight” rating reaffirmed by equities researchers at Cantor Fitzgerald in a report released on Friday, Benzinga reports. They currently have a $21.00 price objective on the stock. Cantor Fitzgerald’s price target would indicate a potential upside of 137.02% from the company’s previous close.

Several other brokerages have also recently weighed in on RCEL. BTIG Research cut AVITA Medical from a “buy” rating to a “neutral” rating in a report on Thursday, April 11th. Piper Sandler restated a “neutral” rating and set a $9.00 price objective (down from $21.00) on shares of AVITA Medical in a research note on Tuesday, May 14th.

AVITA Medical Stock Performance

AVITA Medical stock traded up $0.93 during midday trading on Friday, hitting $8.86. The stock had a trading volume of 86,548 shares, compared to its average volume of 214,672. AVITA Medical has a 52-week low of $7.51 and a 52-week high of $20.01. The company has a current ratio of 7.25, a quick ratio of 6.64 and a debt-to-equity ratio of 1.27. The company has a market capitalization of $228.59 million, a PE ratio of -5.03 and a beta of 1.54. The firm’s fifty day moving average is $8.84 and its two-hundred day moving average is $11.95.

AVITA Medical (NASDAQ:RCEL) last posted its earnings results on Monday, May 13th. The company reported ($0.73) EPS for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.47). AVITA Medical had a negative net margin of 88.41% and a negative return on equity of 84.07%. The firm had revenue of $11.10 million for the quarter, compared to the consensus estimate of $11.08 million. During the same quarter in the prior year, the company posted ($0.37) earnings per share. On average, research analysts forecast that AVITA Medical will post -1.78 EPS for the current year.

Institutional Investors Weigh In On AVITA Medical

A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in AVITA Medical by 1.1% in the first quarter. Vanguard Group Inc. now owns 1,408,136 shares of the company’s stock valued at $22,572,000 after buying an additional 15,356 shares during the last quarter. Silvercrest Asset Management Group LLC purchased a new position in AVITA Medical during the first quarter worth approximately $3,874,000. 1492 Capital Management LLC boosted its position in AVITA Medical by 16.4% during the fourth quarter. 1492 Capital Management LLC now owns 71,929 shares of the company’s stock worth $987,000 after purchasing an additional 10,147 shares in the last quarter. Hussman Strategic Advisors Inc. purchased a new position in shares of AVITA Medical in the first quarter valued at approximately $673,000. Finally, Strs Ohio lifted its position in shares of AVITA Medical by 11.4% in the fourth quarter. Strs Ohio now owns 41,100 shares of the company’s stock valued at $563,000 after acquiring an additional 4,200 shares in the last quarter. 27.66% of the stock is currently owned by hedge funds and other 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.