Prenetics Global (NASDAQ:PRE) Issues Quarterly Earnings Results

Prenetics Global (NASDAQ:PRE) posted its earnings results on Wednesday. The company reported ($0.56) EPS for the quarter, missing analysts’ consensus estimates of ($0.49) by ($0.07), Zacks reports. Prenetics Global had a negative net margin of 61.33% and a negative return on equity of 19.61%.

Prenetics Global Trading Down 9.9%

Shares of NASDAQ:PRE traded down $2.08 on Wednesday, reaching $18.85. 40,424 shares of the company were exchanged, compared to its average volume of 241,981. The company has a 50-day moving average of $18.18 and a 200-day moving average of $17.73. Prenetics Global has a 1-year low of $6.88 and a 1-year high of $23.63. The firm has a market cap of $318.03 million, a price-to-earnings ratio of -4.78 and a beta of 0.24.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Roth Mkm assumed coverage on shares of Prenetics Global in a research report on Wednesday, February 11th. They set a “buy” rating and a $36.00 price target for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Prenetics Global in a research report on Tuesday, April 21st. Lake Street Capital began coverage on shares of Prenetics Global in a research note on Monday, March 16th. They set a “buy” rating and a $29.00 price target on the stock. Finally, Wall Street Zen lowered shares of Prenetics Global from a “buy” rating to a “hold” rating in a research note on Monday, February 16th. Three research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Prenetics Global has a consensus rating of “Moderate Buy” and an average target price of $32.33.

Prenetics Global declared that its board has authorized a share buyback program on Friday, March 6th that authorizes the company to buyback $40.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 15.8% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Institutional Investors Weigh In On Prenetics Global

Several institutional investors have recently modified their holdings of PRE. Quadrature Capital Ltd purchased a new position in Prenetics Global in the 4th quarter valued at approximately $468,000. Millennium Management LLC acquired a new stake in Prenetics Global in the fourth quarter valued at $810,000. Boothbay Fund Management LLC purchased a new position in shares of Prenetics Global in the fourth quarter valued at $241,000. Jump Financial LLC purchased a new position in shares of Prenetics Global in the fourth quarter valued at $268,000. Finally, OMERS ADMINISTRATION Corp acquired a new position in shares of Prenetics Global during the 4th quarter worth $307,000. Hedge funds and other institutional investors own 25.01% of the company’s stock.

About Prenetics Global

Prenetics Global (NASDAQ: PRE) is a molecular diagnostics and genetic testing company that delivers a broad range of laboratory and at-home testing solutions. The company’s core offerings include next-generation sequencing (NGS) panels for hereditary health risks, pharmacogenomic reports to guide medication choices, and comprehensive consumer DNA testing services. In addition to genetic insights, Prenetics provides infectious disease diagnostics—most notably real-time PCR testing for pathogens such as SARS-CoV-2—through an integrated platform that combines sample collection, laboratory processing and digital reporting.

Serving both business-to-consumer and business-to-business markets, Prenetics operates a network of laboratories and service centers across Asia Pacific, Europe, the Middle East and North America.