AVITA Medical, Inc. (NASDAQ:RCEL) Sees Large Increase in Short Interest

AVITA Medical, Inc. (NASDAQ:RCEL) was the recipient of a large increase in short interest in 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. Based on an average trading volume of 215,900 shares, the days-to-cover ratio is currently 10.9 days. Approximately 9.5% of the company’s stock are short sold.

AVITA Medical Trading Up 0.4 %

Shares of NASDAQ:RCEL opened at $8.17 on Wednesday. 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 has a 52-week low of $7.51 and a 52-week high of $15.70. The stock has a market cap of $214.20 million, a price-to-earnings ratio of -3.42 and a beta of 1.57. The business has a 50-day moving average price of $9.10 and a 200-day moving average price of $10.61.

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

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. D. Boral Capital reaffirmed a “buy” rating and set a $22.00 target price on shares of AVITA Medical in a research report on Tuesday, March 18th. Cantor Fitzgerald restated an “overweight” rating and set a $21.00 price objective on shares of AVITA Medical in a report on Tuesday, December 24th. Finally, Lake Street Capital decreased their price objective on shares of AVITA Medical from $20.00 to $14.00 and set a “buy” rating for the company in a research report on Wednesday, January 8th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $17.25.

Insider Buying and Selling

In other news, Director Robert Mcnamara purchased 10,000 shares of the business’s stock in a transaction on Thursday, February 20th. The shares were acquired at an average cost of $10.09 per share, with a total value of $100,900.00. Following the completion of the acquisition, the director now owns 45,749 shares of the company’s stock, valued at $461,607.41. This trade represents a 27.97 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.82% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On AVITA Medical

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Delta Investment Management LLC lifted its holdings in shares of AVITA Medical by 263.7% in the 4th quarter. Delta Investment Management LLC now owns 52,470 shares of the company’s stock valued at $672,000 after buying an additional 38,042 shares during the period. Millennium Management LLC acquired a new position in AVITA Medical in the fourth quarter valued at approximately $426,000. Deutsche Bank AG lifted its holdings in AVITA Medical by 78.9% in the fourth quarter. Deutsche Bank AG now owns 22,821 shares of the company’s stock valued at $292,000 after acquiring an additional 10,063 shares during the period. Bank of America Corp DE grew its stake in shares of AVITA Medical by 16.2% during the 4th quarter. Bank of America Corp DE now owns 38,121 shares of the company’s stock worth $488,000 after purchasing an additional 5,324 shares during the period. Finally, BNP Paribas Financial Markets acquired a new stake in shares of AVITA Medical during the 4th quarter worth approximately $38,000. 27.66% of the stock is owned by institutional investors and hedge funds.

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.