Cantor Fitzgerald Cuts Earnings Estimates for AVITA Medical

AVITA Medical, Inc. (NASDAQ:RCEL) – Analysts at Cantor Fitzgerald lowered their FY2024 EPS estimates for AVITA Medical in a report released on Tuesday, January 21st. Cantor Fitzgerald analyst R. Osborn now expects that the company will post earnings of ($2.51) per share for the year, down from their previous estimate of ($2.38). Cantor Fitzgerald has a “Overweight” rating and a $21.00 price objective on the stock. The consensus estimate for AVITA Medical’s current full-year earnings is ($2.38) per share.

Several other research analysts also recently weighed in on the stock. Piper Sandler reissued a “neutral” rating and issued a $12.00 target price (up from $9.00) on shares of AVITA Medical in a research report on Friday, November 8th. Lake Street Capital cut their target price on shares of AVITA Medical from $20.00 to $14.00 and set a “buy” rating on the stock in a research note on Wednesday, January 8th. Finally, D. Boral Capital reaffirmed a “buy” rating and issued a $25.00 target price on shares of AVITA Medical in a research report on Wednesday, January 8th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $18.00.

AVITA Medical Trading Up 4.1 %

Shares of RCEL opened at $9.32 on Thursday. The business’s 50-day moving average price is $11.81 and its 200 day moving average price is $10.65. The company has a current ratio of 3.73, a quick ratio of 3.37 and a debt-to-equity ratio of 3.48. The stock has a market capitalization of $244.37 million, a P/E ratio of -4.18 and a beta of 1.58. AVITA Medical has a 1-year low of $7.51 and a 1-year high of $18.93.

AVITA Medical (NASDAQ:RCEL) last issued its earnings results on Thursday, November 7th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.21). The company had revenue of $19.55 million during 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 quarter in the previous year, the firm earned ($0.34) earnings per share.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC grew its holdings in shares of AVITA Medical by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 594,436 shares of the company’s stock valued at $6,373,000 after acquiring an additional 8,361 shares in the last quarter. State Street Corp boosted its position in AVITA Medical by 2.4% during the third quarter. State Street Corp now owns 519,997 shares of the company’s stock valued at $5,574,000 after purchasing an additional 11,997 shares during the last quarter. Essex Investment Management Co. LLC purchased a new position in AVITA Medical in the third quarter valued at about $2,477,000. Jane Street Group LLC increased its position in AVITA Medical by 32.7% in the 3rd quarter. Jane Street Group LLC now owns 89,395 shares of the company’s stock worth $958,000 after purchasing an additional 22,032 shares during the last quarter. Finally, Barclays PLC raised its stake in shares of AVITA Medical by 340.0% during the 3rd quarter. Barclays PLC now owns 37,503 shares of the company’s stock worth $402,000 after purchasing an additional 28,979 shares in the last quarter. Institutional investors and hedge funds own 27.66% of the company’s stock.

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.