Fmr LLC Acquires 2,376 Shares of AVITA Medical, Inc. (NASDAQ:RCEL)

Fmr LLC grew its stake in AVITA Medical, Inc. (NASDAQ:RCEL) by 126.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,248 shares of the company’s stock after acquiring an additional 2,376 shares during the period. Fmr LLC’s holdings in AVITA Medical were worth $46,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Huntington National Bank acquired a new stake in AVITA Medical in the third quarter valued at $32,000. Quest Partners LLC increased its stake in shares of AVITA Medical by 269.4% during the 3rd quarter. Quest Partners LLC now owns 7,520 shares of the company’s stock worth $81,000 after purchasing an additional 5,484 shares during the last quarter. The Manufacturers Life Insurance Company bought a new stake in shares of AVITA Medical in the 2nd quarter valued at about $86,000. Rhumbline Advisers lifted its stake in AVITA Medical by 13.9% in the 2nd quarter. Rhumbline Advisers now owns 36,530 shares of the company’s stock valued at $289,000 after purchasing an additional 4,463 shares during the last quarter. Finally, Essex Investment Management Co. LLC bought a new position in AVITA Medical during the third quarter worth about $2,477,000. Institutional investors and hedge funds own 27.66% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on RCEL shares. D. Boral Capital started coverage on shares of AVITA Medical in a report on Tuesday. They issued a “buy” rating and a $25.00 price objective on the stock. Piper Sandler reissued a “neutral” rating and issued a $12.00 price target (up from $9.00) on shares of AVITA Medical in a report on Friday, November 8th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $21.00 price objective on shares of AVITA Medical in a research report on Tuesday.

AVITA Medical Stock Up 9.9 %

Shares of NASDAQ:RCEL opened at $12.91 on Thursday. The business’s 50 day moving average is $12.05 and its 200 day moving average is $10.29. AVITA Medical, Inc. has a 12-month low of $7.51 and a 12-month high of $18.93. The stock has a market cap of $338.47 million, a price-to-earnings ratio of -5.79 and a beta of 1.60. The company has a quick ratio of 3.37, a current ratio of 3.73 and a debt-to-equity ratio of 3.48.

AVITA Medical (NASDAQ:RCEL) last released its earnings results on Thursday, November 7th. The company reported ($0.62) earnings per share (EPS) 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 during the quarter, compared to analysts’ expectations of $19.65 million. During the same period in the prior year, the business earned ($0.34) earnings per share. On average, sell-side analysts forecast that AVITA Medical, Inc. will post -2.35 earnings per share for the current fiscal year.

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.