Benchmark initiated coverage on shares of Prenetics Global (NASDAQ:PRE – Get Free Report) in a report released on Tuesday, Marketbeat Ratings reports. The brokerage set a “buy” rating and a $30.00 price target on the stock. Benchmark’s target price would indicate a potential upside of 44.58% from the company’s current price.
Several other brokerages also recently weighed in on PRE. Weiss Ratings reiterated a “sell (d-)” rating on shares of Prenetics Global in a report on Tuesday, April 21st. Lake Street Capital initiated coverage on shares of Prenetics Global in a research note on Monday, March 16th. They issued a “buy” rating and a $29.00 price target on the stock. Finally, Wall Street Zen cut shares of Prenetics Global from a “buy” rating to a “hold” rating in a research note on Monday, February 16th. Four analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $31.75.
Get Our Latest Stock Report on PRE
Prenetics Global Trading Down 4.1%
Prenetics Global (NASDAQ:PRE – Get Free Report) last issued its quarterly earnings results on Wednesday, June 10th. The company reported ($0.56) earnings per share for the quarter, missing the consensus estimate of ($0.49) by ($0.07). Prenetics Global had a negative return on equity of 20.33% and a negative net margin of 62.45%.The business had revenue of $35.95 million during the quarter, compared to analyst estimates of $36.00 million. Equities research analysts predict that Prenetics Global will post -1.77 earnings per share for the current fiscal year.
Prenetics Global announced that its Board of Directors has initiated a stock repurchase plan on Friday, March 6th that authorizes the company to repurchase $40.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 15.8% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.
Institutional Trading of Prenetics Global
Institutional investors and hedge funds have recently bought and sold shares of the stock. Jane Street Group LLC purchased a new stake in Prenetics Global during the fourth quarter worth about $1,302,000. 683 Capital Management LLC purchased a new stake in Prenetics Global during the fourth quarter worth about $1,181,000. Aberdeen Group plc purchased a new stake in Prenetics Global during the third quarter worth about $979,000. Millennium Management LLC purchased a new stake in Prenetics Global during the fourth quarter worth about $810,000. Finally, Marshall Wace LLP purchased a new stake in Prenetics Global during the fourth quarter worth about $788,000. 25.01% of the stock is currently owned by hedge funds and other institutional investors.
Prenetics Global Company Profile
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.
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