State Street Corp Buys 11,997 Shares of AVITA Medical, Inc. (NASDAQ:RCEL)

State Street Corp grew its position in AVITA Medical, Inc. (NASDAQ:RCEL) by 2.4% during the third quarter, HoldingsChannel reports. The firm owned 519,997 shares of the company’s stock after buying an additional 11,997 shares during the quarter. State Street Corp’s holdings in AVITA Medical were worth $5,574,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Huntington National Bank acquired a new position in shares of AVITA Medical during the third quarter worth approximately $32,000. FMR LLC boosted its position in AVITA Medical by 126.9% in the third quarter. FMR LLC now owns 4,248 shares of the company’s stock valued at $46,000 after buying an additional 2,376 shares in the last quarter. Quest Partners LLC raised its position in AVITA Medical by 269.4% in the 3rd quarter. Quest Partners LLC now owns 7,520 shares of the company’s stock valued at $81,000 after purchasing an additional 5,484 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new stake in AVITA Medical in the 2nd quarter valued at about $86,000. Finally, IHT Wealth Management LLC raised its stake in shares of AVITA Medical by 24.3% in 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 owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on RCEL shares. Piper Sandler reaffirmed a “neutral” rating and set a $12.00 price target (up previously from $9.00) on shares of AVITA Medical in a research note on Friday, November 8th. Cantor Fitzgerald reissued an “overweight” rating and set a $21.00 price target on shares of AVITA Medical in a research report on Tuesday, December 24th. Finally, D. Boral Capital assumed coverage on shares of AVITA Medical in a research note on Tuesday, December 24th. They issued a “buy” rating and a $25.00 target price for the company.

AVITA Medical Stock Up 2.4 %

RCEL stock opened at $13.49 on Friday. The firm has a market capitalization of $353.68 million, a PE ratio of -6.05 and a beta of 1.60. The company has a current ratio of 3.73, a quick ratio of 3.37 and a debt-to-equity ratio of 3.48. AVITA Medical, Inc. has a 1-year low of $7.51 and a 1-year high of $18.93. The business’s 50 day simple moving average is $12.16 and its 200 day simple moving average is $10.35.

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

AVITA Medical Profile

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.