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

AVITA Medical, Inc. (NASDAQ:RCEL) saw a significant growth in short interest during the month of 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. Currently, 5.0% of the company’s stock are short sold. Based on an average daily volume of 228,300 shares, the short-interest ratio is presently 5.2 days.

AVITA Medical Stock Up 2.7 %

Shares of NASDAQ:RCEL traded up $0.22 during midday trading on Friday, hitting $8.52. The stock had a trading volume of 285,980 shares, compared to its average volume of 339,236. AVITA Medical has a 12 month low of $8.01 and a 12 month high of $21.70. The company has a quick ratio of 7.46, a current ratio of 7.88 and a debt-to-equity ratio of 0.81. The business’s 50-day simple moving average is $14.71 and its 200-day simple moving average is $13.63. The company has a market cap of $219.82 million, a P/E ratio of -6.09 and a beta of 1.33.

AVITA Medical (NASDAQ:RCEL) last released its earnings results on Thursday, February 22nd. The company reported ($0.28) earnings per share 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 business had revenue of $14.20 million during the quarter, compared to analysts’ expectations of $14.10 million. On average, sell-side analysts forecast that AVITA Medical will post -1.18 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

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

Hedge Funds Weigh In On AVITA Medical

Several hedge funds and other institutional investors have recently made changes to their positions in the company. CenterBook Partners LP bought a new position in shares of AVITA Medical in the fourth quarter valued at $234,000. Tower Research Capital LLC TRC grew its stake in shares of AVITA Medical by 1,240.3% in the fourth quarter. Tower Research Capital LLC TRC now owns 7,345 shares of the company’s stock valued at $101,000 after buying an additional 6,797 shares in the last quarter. 1492 Capital Management LLC boosted its position in AVITA Medical by 16.4% during the fourth quarter. 1492 Capital Management LLC now owns 71,929 shares of the company’s stock worth $987,000 after purchasing an additional 10,147 shares during the period. Aigen Investment Management LP bought a new position in AVITA Medical during the fourth quarter worth $220,000. Finally, Strs Ohio boosted its position in AVITA Medical by 11.4% during the fourth quarter. Strs Ohio now owns 41,100 shares of the company’s stock worth $563,000 after purchasing an additional 4,200 shares during the period. 27.66% of the stock is owned by institutional investors.

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.