AVITA Medical, Inc. (NASDAQ:RCEL) Short Interest Update

AVITA Medical, Inc. (NASDAQ:RCEL) saw a large increase in short interest during the month of March. As of March 15th, there was short interest totalling 2,350,000 shares, an increase of 35.8% from the February 28th total of 1,730,000 shares. Currently, 9.5% of the shares of the company are short sold. Based on an average daily trading volume, of 215,900 shares, the days-to-cover ratio is currently 10.9 days.

Analysts Set New Price Targets

RCEL has been the subject of a number of analyst reports. Cantor Fitzgerald reissued an “overweight” rating and set a $21.00 target price on shares of AVITA Medical in a research note on Tuesday, December 24th. Lake Street Capital reduced their target price on AVITA Medical from $20.00 to $14.00 and set a “buy” rating for the company in a report on Wednesday, January 8th. Finally, D. Boral Capital reaffirmed a “buy” rating and set a $22.00 price target on shares of AVITA Medical in a research note on Tuesday, March 18th. 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 an average price target of $17.25.

Insiders Place Their Bets

In other news, Director Robert Mcnamara purchased 10,000 shares of the company’s stock in a transaction dated Thursday, February 20th. The shares were acquired at an average cost of $10.09 per share, for a total transaction of $100,900.00. Following the completion of the purchase, the director now directly owns 45,749 shares in the company, valued at $461,607.41. The trade was a 27.97 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.82% of the stock is owned by insiders.

Institutional Trading of AVITA Medical

Several institutional investors and hedge funds have recently modified their holdings of the business. 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 buying an additional 2,376 shares in the last quarter. IHT Wealth Management LLC raised its holdings in shares of AVITA Medical by 24.3% in the third quarter. IHT Wealth Management LLC now owns 28,100 shares of the company’s stock worth $301,000 after acquiring an additional 5,500 shares during the last quarter. State Street Corp lifted its position in shares of AVITA Medical by 2.4% in the third quarter. State Street Corp now owns 519,997 shares of the company’s stock valued at $5,574,000 after acquiring an additional 11,997 shares in the last quarter. Jane Street Group LLC boosted its stake in shares of AVITA Medical by 32.7% during the third quarter. Jane Street Group LLC now owns 89,395 shares of the company’s stock valued at $958,000 after acquiring an additional 22,032 shares during the last quarter. Finally, Barclays PLC increased its position in AVITA Medical by 340.0% during the 3rd quarter. Barclays PLC now owns 37,503 shares of the company’s stock worth $402,000 after purchasing an additional 28,979 shares in the last quarter. Hedge funds and other institutional investors own 27.66% of the company’s stock.

AVITA Medical Price Performance

NASDAQ RCEL traded up $0.03 during mid-day trading on Tuesday, hitting $8.17. The stock had a trading volume of 164,131 shares, compared to its average volume of 187,308. The company has a 50 day simple moving average of $9.11 and a 200 day simple moving average of $10.63. The company has a market cap of $214.20 million, a price-to-earnings ratio of -3.42 and a beta of 1.57. AVITA Medical has a 52-week low of $6.98 and a 52-week high of $15.98. The company has a quick ratio of 2.47, a current ratio of 2.83 and a debt-to-equity ratio of 9.39.

AVITA Medical (NASDAQ:RCEL) last announced its quarterly earnings results on Thursday, February 13th. The company reported ($0.44) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.14). The firm had revenue of $18.41 million during the quarter, compared to analysts’ expectations of $18.40 million. AVITA Medical had a negative net margin of 96.26% and a negative return on equity of 337.91%. Equities analysts forecast that AVITA Medical will post -0.95 EPS for the current fiscal year.

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.