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

AVITA Medical, Inc. (NASDAQ:RCEL) was the target of a large growth in short interest in April. As of April 15th, there was short interest totalling 1,180,000 shares, a growth of 62.5% from the March 31st total of 726,200 shares. Based on an average daily volume of 228,300 shares, the days-to-cover ratio is presently 5.2 days. Currently, 5.0% of the shares of the stock are sold short.

AVITA Medical Price Performance

Shares of AVITA Medical stock traded up $0.20 on Monday, hitting $8.72. 189,868 shares of the company traded hands, compared to its average volume of 212,774. The firm’s 50-day simple moving average is $14.54 and its 200 day simple moving average is $13.62. The company has a current ratio of 7.88, a quick ratio of 7.46 and a debt-to-equity ratio of 0.81. The company has a market cap of $224.98 million, a P/E ratio of -6.23 and a beta of 1.33. AVITA Medical has a 12-month low of $8.01 and a 12-month high of $21.70.

AVITA Medical (NASDAQ:RCEL) last released its earnings results on Thursday, February 22nd. The company reported ($0.28) EPS for the quarter, beating the consensus estimate of ($0.34) by $0.06. AVITA Medical had a negative net margin of 70.56% and a negative return on equity of 54.80%. The company had revenue of $14.20 million for the quarter, compared to analyst estimates of $14.10 million. Analysts expect that AVITA Medical will post -1.18 earnings per share for the current fiscal year.

Analyst Ratings Changes

RCEL has been the topic of several research reports. BTIG Research cut shares of AVITA Medical from a “buy” rating to a “neutral” rating in a research report on Thursday, April 11th. Piper Sandler restated an “overweight” rating and set a $21.00 price objective (up previously from $19.00) on shares of AVITA Medical in a research report on Friday, February 23rd. Finally, Cantor Fitzgerald raised their price objective on shares of AVITA Medical from $22.00 to $25.00 and gave the company an “overweight” rating in a research report on Friday, February 23rd. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $27.80.

Hedge Funds Weigh In On AVITA Medical

Several institutional investors and hedge funds have recently made changes to their positions in the business. Financial Advisory Group grew its holdings in shares of AVITA Medical by 5.3% during the 3rd quarter. Financial Advisory Group now owns 18,021 shares of the company’s stock valued at $263,000 after purchasing an additional 910 shares during the last quarter. HighMark Wealth Management LLC bought a new position in shares of AVITA Medical during the 4th quarter valued at $27,000. Strs Ohio grew its holdings in shares of AVITA Medical by 11.4% during the 4th quarter. Strs Ohio now owns 41,100 shares of the company’s stock valued at $563,000 after purchasing an additional 4,200 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new position in shares of AVITA Medical during the 3rd quarter valued at $98,000. Finally, Tower Research Capital LLC TRC grew its holdings in shares of AVITA Medical by 1,240.3% during the 4th quarter. Tower Research Capital LLC TRC now owns 7,345 shares of the company’s stock valued at $101,000 after purchasing an additional 6,797 shares during the last quarter. Institutional investors own 27.66% of the company’s stock.

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.