Prenetics Global (NASDAQ:PRE) Trading 1.9% Higher – Time to Buy?

Prenetics Global Limited (NASDAQ:PRE) traded up 1.9% during trading on Friday . The company traded as high as $17.33 and last traded at $17.02. 151,101 shares were traded during mid-day trading, a decline of 1% from the average session volume of 152,043 shares. The stock had previously closed at $16.71.

Analyst Ratings Changes

Several analysts have recently issued reports on PRE shares. Lake Street Capital started coverage on Prenetics Global in a report on Monday, March 16th. They set a “buy” rating and a $29.00 target price on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Prenetics Global in a report on Tuesday, April 21st. Wall Street Zen downgraded Prenetics Global from a “buy” rating to a “hold” rating in a research report on Monday, February 16th. Finally, Roth Mkm initiated coverage on Prenetics Global in a research report on Wednesday, February 11th. They set a “buy” rating and a $36.00 price objective for the company. Three analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $32.33.

Prenetics Global Stock Up 1.9%

The stock has a 50 day simple moving average of $18.74 and a 200 day simple moving average of $16.98. The stock has a market cap of $286.45 million, a price-to-earnings ratio of -4.23 and a beta of 0.16.

Prenetics Global (NASDAQ:PRE) last announced its earnings results on Wednesday, February 18th. The company reported ($0.27) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.49) by $0.22. The company had revenue of $36.60 million for the quarter, compared to analysts’ expectations of $36.15 million. Prenetics Global had a negative return on equity of 19.07% and a negative net margin of 61.33%. Equities analysts expect that Prenetics Global Limited will post -2.57 earnings per share for the current year.

Prenetics Global announced that its Board of Directors has initiated a stock buyback plan on Friday, March 6th that permits the company to repurchase $40.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 15.8% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Prenetics Global

Several hedge funds have recently made changes to their positions in PRE. Jane Street Group LLC purchased a new position in Prenetics Global during the fourth quarter worth about $1,302,000. 683 Capital Management LLC bought a new stake in shares of Prenetics Global in the 4th quarter valued at about $1,181,000. Aberdeen Group plc bought a new stake in shares of Prenetics Global in the 3rd quarter valued at about $979,000. Millennium Management LLC bought a new stake in shares of Prenetics Global in the 4th quarter valued at about $810,000. Finally, Marshall Wace LLP bought a new position in Prenetics Global during the 4th quarter valued at approximately $788,000. 25.01% of the stock is currently owned by hedge funds and other institutional investors.

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.