Short Interest in AVITA Medical, Inc. (NASDAQ:RCEL) Rises By 25.9%

AVITA Medical, Inc. (NASDAQ:RCEL) saw a significant growth in short interest in the month of December. As of December 31st, there was short interest totalling 1,460,000 shares, a growth of 25.9% from the December 15th total of 1,160,000 shares. Currently, 5.9% of the shares of the company are short sold. Based on an average daily trading volume, of 132,500 shares, the days-to-cover ratio is presently 11.0 days.

AVITA Medical Price Performance

Shares of AVITA Medical stock traded up $0.11 during trading on Friday, reaching $8.65. 178,976 shares of the stock traded hands, compared to its average volume of 181,736. AVITA Medical has a 52-week low of $7.51 and a 52-week high of $18.93. The company has a debt-to-equity ratio of 3.48, a current ratio of 3.73 and a quick ratio of 3.37. The business has a fifty day simple moving average of $12.18 and a two-hundred day simple moving average of $10.62. The company has a market capitalization of $226.80 million, a price-to-earnings ratio of -3.88 and a beta of 1.58.

AVITA Medical (NASDAQ:RCEL) last released 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). The firm had revenue of $19.55 million during 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 in the previous year, the firm earned ($0.34) EPS. Sell-side analysts expect that AVITA Medical will post -2.35 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. D. Boral Capital reaffirmed a “buy” rating and issued a $25.00 target price on shares of AVITA Medical in a report on Wednesday, January 8th. Piper Sandler reaffirmed a “neutral” rating and set a $12.00 price objective (up from $9.00) on shares of AVITA Medical in a research report on Friday, November 8th. Cantor Fitzgerald reissued an “overweight” rating and issued a $21.00 target price on shares of AVITA Medical in a report on Tuesday, December 24th. Finally, Lake Street Capital lowered their price target on shares of AVITA Medical from $20.00 to $14.00 and set a “buy” rating on the stock in a report on Wednesday, January 8th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $18.00.

Institutional Investors Weigh In On AVITA Medical

Hedge funds have recently bought and sold shares of the business. Huntington National Bank bought a new stake in AVITA Medical in the third quarter worth $32,000. FMR LLC raised its position in AVITA Medical by 126.9% in the 3rd quarter. FMR LLC now owns 4,248 shares of the company’s stock worth $46,000 after purchasing an additional 2,376 shares during the period. Quest Partners LLC lifted its stake in AVITA Medical by 269.4% in the third 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 purchased a new position in shares of AVITA Medical during the second quarter valued at approximately $86,000. Finally, SG Americas Securities LLC bought a new position in shares of AVITA Medical during the fourth quarter valued at approximately $190,000. Hedge funds and other institutional investors own 27.66% of the company’s stock.

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.