Lake Street Capital Issues Pessimistic Forecast for AVITA Medical (NASDAQ:RCEL) Stock Price

AVITA Medical (NASDAQ:RCEL) had its price target reduced by equities research analysts at Lake Street Capital from $20.00 to $14.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Lake Street Capital’s price target indicates a potential upside of 56.60% from the stock’s previous close.

Several other research analysts also recently commented on the company. D. Boral Capital reaffirmed a “buy” rating and set a $25.00 target price on shares of AVITA Medical in a report on Wednesday. Piper Sandler reaffirmed a “neutral” rating and issued a $12.00 price objective (up from $9.00) on shares of AVITA Medical in a research note on Friday, November 8th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $21.00 target price on shares of AVITA Medical in a report on Tuesday, December 24th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $18.00.

AVITA Medical Price Performance

Shares of RCEL opened at $8.94 on Wednesday. The business has a 50-day simple moving average of $12.51 and a two-hundred day simple moving average of $10.58. AVITA Medical has a 12-month low of $7.51 and a 12-month high of $18.93. The stock has a market cap of $234.39 million, a PE ratio of -4.01 and a beta of 1.58. 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 issued its quarterly earnings data 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 net margin of 95.47% and a negative return on equity of 194.69%. The business had revenue of $19.55 million during the quarter, compared to the consensus estimate of $19.65 million. During the same quarter last year, the business earned ($0.34) EPS. Analysts anticipate that AVITA Medical will post -2.35 earnings per share for the current fiscal year.

Institutional Investors Weigh In On AVITA Medical

Several institutional investors and hedge funds have recently made changes to their positions in RCEL. Huntington National Bank bought a new stake in AVITA Medical in the third quarter valued at $32,000. FMR LLC grew its stake in shares of AVITA Medical by 126.9% in the 3rd quarter. FMR LLC now owns 4,248 shares of the company’s stock valued at $46,000 after buying an additional 2,376 shares during the period. Quest Partners LLC increased 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 buying an additional 5,484 shares in the last quarter. The Manufacturers Life Insurance Company acquired a new position in AVITA Medical during the 2nd quarter worth approximately $86,000. Finally, Rhumbline Advisers boosted its holdings in AVITA Medical by 13.9% in the second quarter. Rhumbline Advisers now owns 36,530 shares of the company’s stock worth $289,000 after acquiring an additional 4,463 shares in the last quarter. Institutional investors own 27.66% of the company’s stock.

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.