Lake Street Capital Has Lowered Expectations for AVITA Medical (NASDAQ:RCEL) Stock Price

AVITA Medical (NASDAQ:RCEL) had its price objective trimmed by Lake Street Capital from $20.00 to $14.00 in a research note issued to investors on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Several other equities research analysts have also recently weighed in on the stock. D. Boral Capital reaffirmed a “buy” rating and issued a $25.00 price target on shares of AVITA Medical in a research report on Wednesday. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $21.00 target price on shares of AVITA Medical in a research report on Tuesday, December 24th. Finally, Piper Sandler reissued a “neutral” rating and issued a $12.00 price target (up from $9.00) on shares of AVITA Medical in a research report on Friday, November 8th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $18.00.

AVITA Medical Stock Performance

AVITA Medical stock opened at $9.14 on Wednesday. The company has a debt-to-equity ratio of 3.48, a quick ratio of 3.37 and a current ratio of 3.73. The company has a market capitalization of $239.63 million, a PE ratio of -4.10 and a beta of 1.58. The company has a 50 day moving average price of $12.51 and a 200-day moving average price of $10.58. 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 earnings results 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). The firm had revenue of $19.55 million during 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 quarter in the prior year, the company posted ($0.34) earnings per share. As a group, equities analysts forecast that AVITA Medical will post -2.35 earnings per share for the current year.

Institutional Investors Weigh In On AVITA Medical

Large investors have recently modified their holdings of the business. JPMorgan Chase & Co. raised its position in shares of AVITA Medical by 38.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 32,344 shares of the company’s stock valued at $347,000 after purchasing an additional 8,985 shares during the last quarter. Barclays PLC lifted its stake in shares of AVITA Medical by 340.0% during the third quarter. Barclays PLC now owns 37,503 shares of the company’s stock worth $402,000 after buying an additional 28,979 shares during the period. Geode Capital Management LLC grew its holdings in shares of AVITA Medical by 1.4% during the third quarter. Geode Capital Management LLC now owns 594,436 shares of the company’s stock valued at $6,373,000 after buying an additional 8,361 shares during the last quarter. Jane Street Group LLC increased its position in shares of AVITA Medical by 32.7% in the 3rd 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 period. Finally, State Street Corp raised its stake in AVITA Medical by 2.4% in the 3rd 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. Hedge funds and other institutional investors 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.