SG Americas Securities LLC has significantly increased its investment in Vericel Corporation, boosting its holdings by 290.3% during the third quarter of 2023. The firm acquired an additional 26,764 shares, bringing its total ownership to 35,983 shares, valued at approximately $1.132 million according to a recent filing with the Securities and Exchange Commission.
Several other institutional investors have also adjusted their positions in Vericel. For instance, Russell Investments Group Ltd. raised its stake by 38.4% during the second quarter, now holding 118,856 shares worth around $5.057 million following the acquisition of 32,976 shares. Similarly, Frontier Capital Management Co. LLC expanded its investment by 74.3%, now owning 398,960 shares valued at $16.976 million after purchasing an additional 170,006 shares.
In another notable move, Voya Investment Management LLC increased its stake by 68.7%, now holding 24,664 shares worth approximately $1.101 million, while Congress Asset Management Co. acquired 1,742,324 shares valued at $74.136 million, marking an increase of 18.0% in the second quarter.
Analysts have provided mixed reviews regarding Vericel’s stock. Wall Street Zen downgraded the shares from a “buy” rating to a “hold” rating, while Zacks Research similarly changed its rating from “strong-buy” to “hold.” Truist Financial adjusted its price target from $50.00 to $45.00, maintaining a “buy” rating. Currently, four analysts rate the stock as a buy, while three have issued hold ratings, resulting in a consensus rating of “Moderate Buy” with a price target of $57.50.
Vericel’s stock has seen a slight decline, with shares opening at $37.40 recently. The company’s fifty-day moving average stands at $38.09, while the two-hundred-day moving average is $36.49. With a market capitalization of $1.89 billion, Vericel has a price-to-earnings ratio of 155.84 and a beta of 1.17. Over the past year, the stock has fluctuated between a low of $29.24 and a high of $63.00.
On November 6, 2023, Vericel reported its quarterly earnings, revealing earnings per share (EPS) of $0.10, exceeding analysts’ expectations by $0.12. The company’s revenue for the quarter reached $67.5 million, surpassing the consensus estimate of $64.57 million. This represents a 16.6% increase in revenue compared to the same quarter last year, when the firm posted an EPS of ($0.02).
Vericel Corporation specializes in developing and commercializing cell-based therapies aimed at treating severe diseases. The company focuses on regenerative medicine, utilizing autologous cell processing to create products that promote healing and restore function in damaged tissues. Vericel currently markets two FDA-approved therapies, including MACI®, which is designed for repairing symptomatic cartilage defects of the knee in adults.
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