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

AVITA Medical (NASDAQ:RCEL) had its target price lowered by analysts at Lake Street Capital from $20.00 to $14.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Lake Street Capital’s price target points to a potential upside of 60.37% from the stock’s current price.

RCEL has been the subject of several other reports. Piper Sandler restated a “neutral” rating and issued a $12.00 price target (up from $9.00) on shares of AVITA Medical in a research note on Friday, November 8th. D. Boral Capital restated a “buy” rating and issued a $25.00 price target on shares of AVITA Medical in a research note on Wednesday. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $21.00 price objective 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, the company presently has an average rating of “Moderate Buy” and a consensus price target of $18.00.

AVITA Medical Stock Performance

NASDAQ RCEL traded down $5.33 during trading on Wednesday, reaching $8.73. 885,485 shares of the company’s stock were exchanged, compared to its average volume of 279,591. 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 50 day moving average price of $12.56 and a 200-day moving average price of $10.60. The stock has a market capitalization of $228.88 million, a P/E ratio of -3.91 and a beta of 1.58. AVITA Medical has a fifty-two week low of $7.51 and a fifty-two week high of $18.93.

AVITA Medical (NASDAQ:RCEL) last issued its quarterly earnings data 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 net margin of 95.47% and a negative return on equity of 194.69%. The company had revenue of $19.55 million during the quarter, compared to the consensus estimate of $19.65 million. During the same period in the previous year, the company earned ($0.34) earnings per share. Sell-side analysts forecast that AVITA Medical will post -2.35 earnings per share for the current fiscal year.

Hedge Funds Weigh In On AVITA Medical

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Huntington National Bank acquired a new stake in shares of AVITA Medical in the 3rd quarter valued at approximately $32,000. FMR LLC lifted its stake in 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 purchasing an additional 2,376 shares during the last quarter. Quest Partners LLC grew its stake in shares of AVITA Medical by 269.4% during the third quarter. Quest Partners LLC now owns 7,520 shares of the company’s stock worth $81,000 after buying an additional 5,484 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new position in shares of AVITA Medical during the second quarter worth $86,000. Finally, IHT Wealth Management LLC lifted 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 acquiring an additional 5,500 shares during the last quarter. 27.66% of the stock is currently owned by institutional investors and hedge funds.

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.