Insider Buying: AVITA Medical, Inc. (NASDAQ:RCEL) Director Acquires 10,000 Shares of Stock

AVITA Medical, Inc. (NASDAQ:RCEL) Director Robert Mcnamara bought 10,000 shares of AVITA Medical stock in a transaction that occurred on Thursday, February 20th. The stock was purchased at an average price of $10.09 per share, for a total transaction of $100,900.00. Following the acquisition, the director now directly owns 45,749 shares of the company’s stock, valued at $461,607.41. The trade was a 27.97 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

AVITA Medical Stock Down 2.6 %

Shares of RCEL traded down $0.27 during midday trading on Thursday, reaching $9.95. 245,444 shares of the company were exchanged, compared to its average volume of 237,083. The stock has a 50-day moving average price of $10.51 and a 200-day moving average price of $10.62. The company has a market cap of $260.87 million, a price-to-earnings ratio of -4.16 and a beta of 1.55. AVITA Medical, Inc. has a 1-year low of $7.51 and a 1-year high of $18.93. The company has a current ratio of 2.83, a quick ratio of 2.47 and a debt-to-equity ratio of 9.39.

AVITA Medical (NASDAQ:RCEL) last issued its quarterly earnings data on Thursday, February 13th. The company reported ($0.44) EPS for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.14). The company had revenue of $18.41 million for the quarter, compared to analyst estimates of $18.40 million. AVITA Medical had a negative return on equity of 337.91% and a negative net margin of 96.26%. Research analysts expect that AVITA Medical, Inc. will post -1.01 earnings per share for the current year.

Institutional Trading of AVITA Medical

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased its position in shares of AVITA Medical by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 1,423,439 shares of the company’s stock worth $18,220,000 after acquiring an additional 5,767 shares during the last quarter. Geode Capital Management LLC increased its position in shares of AVITA Medical by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 597,595 shares of the company’s stock worth $7,650,000 after acquiring an additional 3,159 shares during the last quarter. State Street Corp increased its position in shares of AVITA Medical by 2.4% during the third quarter. State Street Corp now owns 519,997 shares of the company’s stock worth $5,574,000 after acquiring an additional 11,997 shares during the last quarter. Essex Investment Management Co. LLC increased its position in shares of AVITA Medical by 13.0% during the fourth quarter. Essex Investment Management Co. LLC now owns 261,171 shares of the company’s stock worth $3,343,000 after acquiring an additional 30,077 shares during the last quarter. Finally, Northern Trust Corp increased its position in shares of AVITA Medical by 5.7% during the fourth quarter. Northern Trust Corp now owns 228,720 shares of the company’s stock worth $2,928,000 after acquiring an additional 12,253 shares during the last quarter. 27.66% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

RCEL has been the topic of a number of research analyst reports. D. Boral Capital reduced their target price on AVITA Medical from $25.00 to $22.00 and set a “buy” rating on the stock in a report on Thursday. Lake Street Capital reduced their target price on AVITA Medical from $20.00 to $14.00 and set a “buy” rating on the stock in a report on Wednesday, January 8th. 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 report on Friday, November 8th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $21.00 target price on shares of AVITA Medical in a report on Tuesday, December 24th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $17.25.

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.