Prenetics Global (NASDAQ:PRE) to Repurchase $40.00 million in Shares

Prenetics Global (NASDAQ:PRE) declared that its board has approved a stock buyback plan on Friday, March 6th, RTT News reports. The company plans 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 typically an indication that the company’s board of directors believes its shares are undervalued.

Prenetics Global Price Performance

Prenetics Global stock traded up $2.73 during midday trading on Friday, hitting $17.80. The company’s stock had a trading volume of 411,203 shares, compared to its average volume of 315,768. The company has a market cap of $299.57 million, a price-to-earnings ratio of -4.43 and a beta of 0.36. Prenetics Global has a 1-year low of $3.09 and a 1-year high of $22.86. The company has a 50-day moving average price of $17.69 and a two-hundred day moving average price of $14.57.

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, topping analysts’ consensus estimates of ($0.49) by $0.22. Prenetics Global had a negative net margin of 61.33% and a negative return on equity of 19.07%. The firm had revenue of $36.60 million for the quarter, compared to analyst estimates of $36.15 million. Sell-side analysts forecast that Prenetics Global will post -3.3 EPS for the current year.

Analyst Upgrades and Downgrades

PRE has been the subject of a number of research reports. Wall Street Zen cut shares of Prenetics Global from a “buy” rating to a “hold” rating in a research note on Monday, February 16th. Weiss Ratings reissued a “sell (d-)” rating on shares of Prenetics Global in a report on Thursday, January 22nd. Finally, 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 objective for the company. Two research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $34.00.

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.