Prenetics Global (NASDAQ:PRE) Issues Earnings Results, Misses Expectations By $0.07 EPS

Prenetics Global (NASDAQ:PRE) announced its quarterly earnings data on Wednesday. The company reported ($0.56) earnings per share for the quarter, missing the consensus estimate 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 Price Performance

Shares of NASDAQ:PRE opened at $18.94 on Wednesday. The company has a market capitalization of $319.55 million, a price-to-earnings ratio of -4.73 and a beta of 0.24. The business’s 50-day moving average is $18.18 and its 200-day moving average is $17.73. Prenetics Global has a 1 year low of $6.88 and a 1 year high of $23.63.

Wall Street Analysts Forecast Growth

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

Institutional Investors Weigh In On Prenetics Global

A number of large investors have recently bought and sold shares of PRE. Wells Fargo & Company MN bought a new position in Prenetics Global in the fourth quarter worth approximately $47,000. JPMorgan Chase & Co. acquired a new position in shares of Prenetics Global during the third quarter valued at about $65,000. Boothbay Fund Management LLC bought a new stake in Prenetics Global during the 4th quarter worth approximately $241,000. Jump Financial LLC purchased a new stake in shares of Prenetics Global in the fourth quarter worth approximately $268,000. Finally, Hudson Bay Capital Management LP purchased a new stake in shares of Prenetics Global in the fourth quarter worth approximately $296,000. 25.01% of the stock is currently owned by institutional investors and hedge funds.

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

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.