Geode Capital Management LLC Purchases 8,361 Shares of AVITA Medical, Inc. (NASDAQ:RCEL)

Geode Capital Management LLC grew its position in AVITA Medical, Inc. (NASDAQ:RCEL) by 1.4% during the third quarter, Holdings Channel reports. The institutional investor owned 594,436 shares of the company’s stock after acquiring an additional 8,361 shares during the quarter. Geode Capital Management LLC’s holdings in AVITA Medical were worth $6,373,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Huntington National Bank purchased a new stake in AVITA Medical during the third quarter valued at approximately $32,000. FMR LLC lifted its holdings in shares of AVITA Medical by 126.9% during the 3rd quarter. FMR LLC now owns 4,248 shares of the company’s stock valued at $46,000 after purchasing an additional 2,376 shares during the last quarter. Quest Partners LLC boosted its position in shares of AVITA Medical by 269.4% in the 3rd quarter. Quest Partners LLC now owns 7,520 shares of the company’s stock worth $81,000 after purchasing an additional 5,484 shares in the last quarter. The Manufacturers Life Insurance Company purchased a new position in AVITA Medical during the 2nd quarter worth $86,000. Finally, Rhumbline Advisers increased its position in AVITA Medical by 13.9% during the 2nd quarter. Rhumbline Advisers now owns 36,530 shares of the company’s stock valued at $289,000 after buying an additional 4,463 shares in the last quarter. Hedge funds and other institutional investors own 27.66% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on RCEL shares. Cantor Fitzgerald reissued an “overweight” rating and issued a $21.00 price target on shares of AVITA Medical in a report on Tuesday, December 24th. D. Boral Capital assumed coverage on shares of AVITA Medical in a research report on Tuesday, December 24th. They set a “buy” rating and a $25.00 target price on the stock. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $12.00 price target (up previously from $9.00) on shares of AVITA Medical in a report on Friday, November 8th.

AVITA Medical Stock Up 3.5 %

Shares of RCEL opened at $13.24 on Friday. The stock’s 50-day moving average price is $12.42 and its 200-day moving average price is $10.49. The company has a quick ratio of 3.37, a current ratio of 3.73 and a debt-to-equity ratio of 3.48. The company has a market capitalization of $347.13 million, a price-to-earnings ratio of -5.94 and a beta of 1.60. AVITA Medical, Inc. has a 52 week low of $7.51 and a 52 week high of $18.93.

AVITA Medical (NASDAQ:RCEL) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.62) EPS for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.21). The firm had revenue of $19.55 million for the quarter, compared to analyst estimates of $19.65 million. AVITA Medical had a negative return on equity of 194.69% and a negative net margin of 95.47%. During the same period in the previous year, the business earned ($0.34) EPS. On average, sell-side analysts predict that AVITA Medical, Inc. will post -2.35 EPS for the current year.

About AVITA Medical

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.