Lake Street Capital Cuts AVITA Medical (NASDAQ:RCEL) Price Target to $14.00

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

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

AVITA Medical Stock Up 2.2 %

RCEL opened at $9.14 on Wednesday. The stock has a market cap of $239.63 million, a price-to-earnings ratio of -4.10 and a beta of 1.58. The company has a debt-to-equity ratio of 3.48, a quick ratio of 3.37 and a current ratio of 3.73. The firm’s fifty day moving average is $12.51 and its 200 day moving average is $10.58. AVITA Medical has a fifty-two week low of $7.51 and a fifty-two week high of $18.93.

AVITA Medical (NASDAQ:RCEL) last released its quarterly earnings data 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). The business had revenue of $19.55 million during the quarter, compared to the consensus estimate 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 last year, the company earned ($0.34) EPS. On average, sell-side analysts forecast that AVITA Medical will post -2.35 earnings per share for the current fiscal year.

Institutional Trading of AVITA Medical

Several hedge funds have recently made changes to their positions in the business. JPMorgan Chase & Co. increased its stake in AVITA Medical by 38.5% during the third quarter. JPMorgan Chase & Co. now owns 32,344 shares of the company’s stock worth $347,000 after acquiring an additional 8,985 shares during the last quarter. Barclays PLC increased its position in shares of AVITA Medical by 340.0% during the 3rd quarter. Barclays PLC now owns 37,503 shares of the company’s stock valued at $402,000 after purchasing an additional 28,979 shares during the last quarter. Geode Capital Management LLC raised its holdings in AVITA Medical by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 594,436 shares of the company’s stock valued at $6,373,000 after buying an additional 8,361 shares during the period. Jane Street Group LLC lifted its position in AVITA Medical by 32.7% in the third quarter. Jane Street Group LLC now owns 89,395 shares of the company’s stock worth $958,000 after buying an additional 22,032 shares during the last quarter. Finally, State Street Corp boosted its stake in AVITA Medical by 2.4% during the third quarter. State Street Corp now owns 519,997 shares of the company’s stock worth $5,574,000 after buying an additional 11,997 shares during the period. 27.66% of the stock is currently owned by hedge funds and other institutional investors.

AVITA Medical Company 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.