Geode Capital Management LLC Grows Position in AVITA Medical, Inc. (NASDAQ:RCEL)

Geode Capital Management LLC grew its stake in AVITA Medical, Inc. (NASDAQ:RCEL) by 1.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 594,436 shares of the company’s stock after buying an additional 8,361 shares during the quarter. Geode Capital Management LLC owned approximately 2.27% of AVITA Medical worth $6,373,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. FMR LLC raised its stake in AVITA Medical by 126.9% during the 3rd quarter. FMR LLC now owns 4,248 shares of the company’s stock worth $46,000 after acquiring an additional 2,376 shares during the period. Huntington National Bank purchased a new stake in shares of AVITA Medical in the third quarter worth $32,000. Rhumbline Advisers raised its position in shares of AVITA Medical by 13.9% during 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 period. Quest Partners LLC lifted 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 valued at $81,000 after buying an additional 5,484 shares in the last quarter. Finally, IHT Wealth Management LLC boosted its holdings in AVITA Medical by 24.3% in the 3rd quarter. IHT Wealth Management LLC now owns 28,100 shares of the company’s stock worth $301,000 after buying an additional 5,500 shares during the period. Institutional investors own 27.66% of the company’s stock.

AVITA Medical Stock Up 3.5 %

Shares of RCEL opened at $13.24 on Friday. The company has a quick ratio of 3.37, a current ratio of 3.73 and a debt-to-equity ratio of 3.48. The business has a fifty day moving average of $12.42 and a 200 day moving average of $10.49. The company has a market cap of $347.13 million, a PE ratio of -5.94 and a beta of 1.60. AVITA Medical, Inc. has a 52-week low of $7.51 and a 52-week high of $18.93.

AVITA Medical (NASDAQ:RCEL) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.62) earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $19.55 million during the quarter, compared to analysts’ expectations of $19.65 million. During the same quarter in the previous year, the company posted ($0.34) earnings per share. On average, sell-side analysts expect that AVITA Medical, Inc. will post -2.35 EPS for the current year.

Analyst Upgrades and Downgrades

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

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.