Cantor Fitzgerald Expects Weaker Earnings for AVITA Medical

AVITA Medical, Inc. (NASDAQ:RCEL - Free Report) - Analysts at Cantor Fitzgerald lowered their FY2024 earnings per share estimates for AVITA Medical in a note issued to investors on Tuesday, January 21st. Cantor Fitzgerald analyst R. Osborn now forecasts that the company will post earnings per share of ($2.51) for the year, down from their previous forecast of ($2.38). Cantor Fitzgerald currently has a "Overweight" rating and a $21.00 price target on the stock. The consensus estimate for AVITA Medical's current full-year earnings is ($2.35) per share.

Other research analysts also recently issued reports about the company. Piper Sandler restated 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. Lake Street Capital reduced their price objective on AVITA Medical from $20.00 to $14.00 and set a "buy" rating on the stock in a research report on Wednesday, January 8th. Finally, D. Boral Capital reaffirmed a "buy" rating and set a $25.00 price objective on shares of AVITA Medical in a research note on Wednesday, January 8th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $18.00.

AVITA Medical Price Performance

Shares of NASDAQ RCEL traded up $0.51 during midday trading on Thursday, hitting $8.99. The company had a trading volume of 166,108 shares, compared to its average volume of 300,849. The firm has a market capitalization of $235.82 million, a price-to-earnings ratio of -4.03 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. The business has a 50-day simple moving average of $11.94 and a two-hundred day simple moving average of $10.65. AVITA Medical has a twelve month low of $7.51 and a twelve month high of $18.93.

AVITA Medical (NASDAQ:RCEL - Get Free Report) last issued its earnings results 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 business had revenue of $19.55 million for the quarter, compared to analysts' expectations 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 last year, the company posted ($0.34) earnings per share.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of RCEL. Huntington National Bank acquired a new stake in shares of AVITA Medical in the third quarter worth approximately $32,000. FMR LLC boosted its holdings 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 grew its stake in shares of AVITA Medical by 269.4% during 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 during the period. The Manufacturers Life Insurance Company acquired a new stake in AVITA Medical during the second quarter worth about $86,000. Finally, SG Americas Securities LLC purchased a new position in AVITA Medical in the fourth quarter valued at approximately $190,000. Institutional investors and hedge funds 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.