Short Interest in AVITA Medical, Inc. (NASDAQ:RCEL) Declines By 21.2%

AVITA Medical, Inc. (NASDAQ:RCEL) was the target of a significant decline in short interest in June. As of June 30th, there was short interest totalling 1,600,000 shares, a decline of 21.2% from the June 15th total of 2,030,000 shares. Approximately 6.5% of the company’s stock are sold short. Based on an average daily trading volume, of 284,700 shares, the days-to-cover ratio is currently 5.6 days.

Analyst Ratings Changes

RCEL has been the subject of several research analyst reports. Cantor Fitzgerald lowered their target price on shares of AVITA Medical from $22.00 to $21.00 and set an “overweight” rating for the company in a report on Tuesday, May 14th. BTIG Research downgraded AVITA Medical from a “buy” rating to a “neutral” rating in a research report on Thursday, April 11th. Finally, Piper Sandler reiterated a “neutral” rating and set a $9.00 price target (down from $21.00) on shares of AVITA Medical in a report on Tuesday, May 14th.

Institutional Trading of AVITA Medical

Several hedge funds have recently added to or reduced their stakes in the business. HighMark Wealth Management LLC acquired a new position in shares of AVITA Medical during the fourth quarter worth approximately $27,000. Tower Research Capital LLC TRC grew its position in AVITA Medical by 1,240.3% in the 4th quarter. Tower Research Capital LLC TRC now owns 7,345 shares of the company’s stock worth $101,000 after purchasing an additional 6,797 shares during the last quarter. Aigen Investment Management LP bought a new position in shares of AVITA Medical during the 4th quarter worth about $220,000. EntryPoint Capital LLC acquired a new position in shares of AVITA Medical during the first quarter valued at about $224,000. Finally, CenterBook Partners LP bought a new stake in shares of AVITA Medical in the fourth quarter valued at about $234,000. Institutional investors own 27.66% of the company’s stock.

AVITA Medical Stock Up 4.8 %

RCEL traded up $0.45 during trading on Monday, hitting $9.81. The company had a trading volume of 122,853 shares, compared to its average volume of 222,495. AVITA Medical has a 1-year low of $7.51 and a 1-year high of $21.70. The company has a debt-to-equity ratio of 1.27, a current ratio of 7.25 and a quick ratio of 6.64. The company has a market cap of $253.10 million, a PE ratio of -5.32 and a beta of 1.54. The business has a 50-day moving average of $8.49 and a 200-day moving average of $12.50.

AVITA Medical (NASDAQ:RCEL) last posted its quarterly earnings data on Monday, May 13th. The company reported ($0.73) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.26) by ($0.47). The company had revenue of $11.10 million for the quarter, compared to analyst estimates of $11.08 million. AVITA Medical had a negative return on equity of 84.07% and a negative net margin of 88.41%. During the same quarter in the previous year, the firm posted ($0.37) EPS. As a group, analysts forecast that AVITA Medical will post -1.78 earnings per share 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.