JPMorgan Chase & Co. Acquires 8,985 Shares of AVITA Medical, Inc. (NASDAQ:RCEL)

JPMorgan Chase & Co. boosted its holdings in shares of AVITA Medical, Inc. (NASDAQ:RCEL) by 38.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 32,344 shares of the company’s stock after purchasing an additional 8,985 shares during the period. JPMorgan Chase & Co. owned about 0.12% of AVITA Medical worth $347,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Huntington National Bank bought a new stake in AVITA Medical during the 3rd quarter worth approximately $32,000. FMR LLC increased its holdings in shares of 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 purchasing 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 worth $81,000 after purchasing an additional 5,484 shares during the last quarter. The Manufacturers Life Insurance Company bought a new position in AVITA Medical in the 2nd quarter valued at $86,000. Finally, IHT Wealth Management LLC increased its stake in shares of AVITA Medical by 24.3% in the 3rd quarter. IHT Wealth Management LLC now owns 28,100 shares of the company’s stock valued at $301,000 after buying an additional 5,500 shares during the period. Institutional investors own 27.66% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on RCEL. Lake Street Capital reduced their price target on AVITA Medical from $20.00 to $14.00 and set a “buy” rating on the stock in a research report on Wednesday, January 8th. D. Boral Capital reiterated a “buy” rating and set a $25.00 target price on shares of AVITA Medical in a report on Wednesday, January 8th. Piper Sandler restated 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 reissued an “overweight” rating and set a $21.00 target price on shares of AVITA Medical in a research note on Tuesday, December 24th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $18.00.

AVITA Medical Stock Down 1.4 %

Shares of AVITA Medical stock opened at $9.40 on Thursday. The firm has a market cap of $246.45 million, a PE ratio of -4.22 and a beta of 1.58. AVITA Medical, Inc. has a 52-week low of $7.51 and a 52-week high of $18.93. The business’s 50 day simple moving average is $11.61 and its 200 day simple moving average is $10.67. The company has a debt-to-equity ratio of 3.48, a quick ratio of 3.37 and a current ratio of 3.73.

AVITA Medical (NASDAQ:RCEL) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.62) EPS for the quarter, missing the consensus estimate of ($0.41) by ($0.21). The business had revenue of $19.55 million for 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 firm earned ($0.34) earnings per share. On average, analysts predict that AVITA Medical, Inc. will post -2.38 earnings per share for the current fiscal year.

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.