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

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

Insider Buying and Selling

In other AVITA Medical news, Director Robert Mcnamara acquired 10,000 shares of the business’s stock in a transaction dated Thursday, February 20th. The stock was acquired at an average cost of $10.09 per share, for a total transaction of $100,900.00. Following the completion of the transaction, the director now directly owns 45,749 shares of the company’s stock, valued at $461,607.41. This represents a 27.97 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.82% of the stock is currently owned by insiders.

Institutional Trading of AVITA Medical

Hedge funds and other institutional investors have recently modified their holdings of the stock. Delta Investment Management LLC boosted its position in shares of AVITA Medical by 263.7% during the 4th quarter. Delta Investment Management LLC now owns 52,470 shares of the company’s stock valued at $672,000 after acquiring an additional 38,042 shares during the last quarter. Millennium Management LLC purchased a new position in AVITA Medical during the fourth quarter worth about $426,000. Deutsche Bank AG boosted its holdings in AVITA Medical by 78.9% in the 4th quarter. Deutsche Bank AG now owns 22,821 shares of the company’s stock valued at $292,000 after purchasing an additional 10,063 shares during the last quarter. Bank of America Corp DE grew its stake in shares of AVITA Medical by 16.2% in the 4th quarter. Bank of America Corp DE now owns 38,121 shares of the company’s stock valued at $488,000 after buying 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.

AVITA Medical Stock Performance

NASDAQ:RCEL opened at $8.17 on Wednesday. AVITA Medical has a twelve month low of $7.51 and a twelve month high of $15.70. The company has a market cap of $214.20 million, a P/E ratio of -3.42 and a beta of 1.57. The company has a current ratio of 2.83, a quick ratio of 2.47 and a debt-to-equity ratio of 9.39. The company’s 50-day moving average price is $9.10 and its 200-day moving average price is $10.61.

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

Wall Street Analysts Forecast Growth

RCEL has been the subject of several recent analyst reports. Lake Street Capital cut their price target on shares of AVITA Medical from $20.00 to $14.00 and set a “buy” rating for the company in a report on Wednesday, January 8th. D. Boral Capital restated a “buy” rating and set a $22.00 price target on shares of AVITA Medical in a research report on Tuesday, March 18th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $21.00 price objective on shares of AVITA Medical in a report on Tuesday, December 24th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target 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.