AVITA Medical (NASDAQ:RCEL) Price Target Cut to $14.00 by Analysts at Lake Street Capital

AVITA Medical (NASDAQ:RCEL) had its price objective lowered by equities researchers at Lake Street Capital from $20.00 to $14.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Lake Street Capital’s price objective indicates a potential upside of 60.37% from the stock’s current price.

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

AVITA Medical Stock Performance

Shares of NASDAQ:RCEL traded down $5.33 on Wednesday, hitting $8.73. 885,485 shares of the company were exchanged, compared to its average volume of 279,591. The company’s 50 day moving average price is $12.56 and its two-hundred day moving average price is $10.60. The firm has a market capitalization of $228.88 million, a price-to-earnings ratio of -3.91 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. AVITA Medical has a one year low of $7.51 and a one year high of $18.93.

AVITA Medical (NASDAQ:RCEL) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.62) EPS for the quarter, missing analysts’ consensus estimates 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 quarter in the prior year, the business earned ($0.34) EPS. Research analysts expect that AVITA Medical will post -2.35 earnings per share for the current year.

Institutional Investors Weigh In On AVITA Medical

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

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.