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

AVITA Medical (NASDAQ:RCEL - Get Free Report) had its target price reduced by equities researchers at Lake Street Capital from $20.00 to $14.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the stock. Lake Street Capital's target price suggests a potential upside of 56.60% from the company's current price.

A number of other brokerages also recently issued reports on RCEL. Cantor Fitzgerald reiterated an "overweight" rating and issued a $21.00 price target on shares of AVITA Medical in a report on Tuesday, December 24th. Piper Sandler reiterated a "neutral" rating and issued a $12.00 target price (up previously from $9.00) on shares of AVITA Medical in a research note on Friday, November 8th. Finally, D. Boral Capital reissued a "buy" rating and set a $25.00 price target on shares of AVITA Medical in a research report on Wednesday. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $18.00.

AVITA Medical Stock Down 36.4 %

Shares of RCEL traded down $5.12 during midday trading on Wednesday, reaching $8.94. 1,372,330 shares of the stock were exchanged, compared to its average volume of 383,039. The company has a current ratio of 3.73, a quick ratio of 3.37 and a debt-to-equity ratio of 3.48. The company's 50 day moving average is $12.56 and its two-hundred day moving average is $10.60. The company has a market capitalization of $234.39 million, a P/E ratio of -4.01 and a beta of 1.58. AVITA Medical has a 52 week low of $7.51 and a 52 week high of $18.93.

AVITA Medical (NASDAQ:RCEL - Get Free Report) last posted its 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). 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 for the quarter, compared to analysts' expectations of $19.65 million. During the same period last year, the business posted ($0.34) EPS. On average, sell-side analysts anticipate that AVITA Medical will post -2.35 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Huntington National Bank purchased a new stake in AVITA Medical in the third quarter valued at about $32,000. FMR LLC raised its position 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 purchasing an additional 2,376 shares during the last quarter. Quest Partners LLC raised its position in shares of 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 purchasing an additional 5,484 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new stake in AVITA Medical in the 2nd quarter worth approximately $86,000. Finally, IHT Wealth Management LLC grew its position in AVITA Medical by 24.3% during the 3rd quarter. IHT Wealth Management LLC now owns 28,100 shares of the company's stock worth $301,000 after purchasing an additional 5,500 shares during the last quarter. 27.66% of the stock is currently owned by hedge funds and other institutional investors.

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.