NewEdge Advisors LLC Has $321,000 Stake in Avita Medical Inc. $RCEL

NewEdge Advisors LLC increased its stake in Avita Medical Inc. (NASDAQ:RCEL) by 8,588.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 86,885 shares of the company’s stock after purchasing an additional 85,885 shares during the period. NewEdge Advisors LLC’s holdings in Avita Medical were worth $321,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in RCEL. Deutsche Bank AG raised its stake in shares of Avita Medical by 1,351.5% in the 4th quarter. Deutsche Bank AG now owns 7,896 shares of the company’s stock valued at $27,000 after purchasing an additional 7,352 shares during the period. Russell Investments Group Ltd. grew its holdings in shares of Avita Medical by 122.2% during the fourth quarter. Russell Investments Group Ltd. now owns 8,047 shares of the company’s stock worth $28,000 after buying an additional 4,425 shares in the last quarter. Aristides Capital LLC acquired a new stake in Avita Medical in the 4th quarter valued at approximately $48,000. R Squared Ltd bought a new stake in Avita Medical in the 1st quarter valued at approximately $57,000. Finally, The Manufacturers Life Insurance Company bought a new stake in Avita Medical in the 2nd quarter valued at approximately $58,000. Institutional investors own 27.66% of the company’s stock.

Insider Buying and Selling at Avita Medical

In related news, Director Joseph Fralin Woody acquired 10,000 shares of the company’s stock in a transaction dated Tuesday, June 9th. The shares were bought at an average cost of $4.19 per share, with a total value of $41,900.00. Following the completion of the transaction, the director directly owned 102,761 shares of the company’s stock, valued at $430,568.59. This trade represents a 10.78% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders have bought 35,200 shares of company stock valued at $146,600 over the last 90 days. 2.24% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

RCEL has been the topic of a number of recent research reports. Wall Street Zen upgraded shares of Avita Medical from a “sell” rating to a “hold” rating in a report on Sunday, August 2nd. Weiss Ratings reiterated a “sell (e+)” rating on shares of Avita Medical in a research note on Wednesday, June 24th. TD Cowen boosted their price target on shares of Avita Medical from $12.00 to $14.00 and gave the stock a “buy” rating in a research report on Wednesday. BTIG Research raised their price objective on Avita Medical from $7.00 to $11.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Lake Street Capital raised Avita Medical from a “hold” rating to a “buy” rating and lifted their target price for the company from $3.50 to $6.00 in a research report on Friday, May 15th. Five investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $10.20.

Avita Medical Stock Performance

RCEL stock opened at $10.06 on Monday. The firm has a market capitalization of $309.62 million, a PE ratio of -6.99 and a beta of 1.86. Avita Medical Inc. has a 1-year low of $3.22 and a 1-year high of $10.41. The business’s 50 day simple moving average is $5.40 and its 200 day simple moving average is $4.74.

Avita Medical (NASDAQ:RCEL) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.25) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.29) by $0.04. The business had revenue of $21.70 million for the quarter, compared to analyst estimates of $20.25 million. As a group, sell-side analysts predict that Avita Medical Inc. will post -0.98 EPS for the current fiscal year.

Avita Medical Company Profile

Avita Medical, Inc (NASDAQ: RCEL) is a regenerative medicine company focused on the development and commercialization of cell‐based therapies for acute and chronic wounds. Its flagship technology, the ReCell® Autologous Cell Harvesting Device, enables clinicians to create a suspension of a patient’s own skin cells at the point of care. The system is designed to accelerate wound healing, minimize donor‐site requirements and reduce scarring for patients suffering from burns, traumatic wounds and a variety of surgical and reconstructive procedures.

Founded in 2009 and headquartered in Carlsbad, California, Avita Medical has secured regulatory clearances in key markets, including CE mark approval in the European Union and 510(k) clearance from the U.S.