Short Interest in AVITA Medical, Inc. (NASDAQ:RCEL) Increases By 62.5%

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

Institutional Investors Weigh In On AVITA Medical

Hedge funds and other institutional investors have recently made changes to their positions in the business. EAM Investors LLC increased its stake in AVITA Medical by 43.4% during the 3rd quarter. EAM Investors LLC now owns 249,192 shares of the company’s stock worth $3,641,000 after acquiring an additional 75,436 shares during the period. CenterBook Partners LP bought a new position in shares of AVITA Medical in the fourth quarter worth $234,000. Aigen Investment Management LP acquired a new position in AVITA Medical in the fourth quarter valued at about $220,000. Bank of New York Mellon Corp raised its stake in AVITA Medical by 10.0% in the third quarter. Bank of New York Mellon Corp now owns 127,772 shares of the company’s stock valued at $1,867,000 after purchasing an additional 11,571 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in AVITA Medical by 0.8% during the third quarter. Vanguard Group Inc. now owns 1,360,696 shares of the company’s stock worth $19,880,000 after purchasing an additional 11,062 shares during the period. 27.66% of the stock is currently owned by institutional investors and hedge funds.

AVITA Medical Trading Up 2.7 %

RCEL stock traded up $0.22 during trading hours on Friday, hitting $8.52. 285,980 shares of the stock were exchanged, 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 company has a 50-day simple moving average of $14.71 and a two-hundred day simple moving average of $13.60.

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

Analyst Upgrades and Downgrades

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

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.