Prenetics Global Limited (NASDAQ:PRE) Short Interest Up 41.6% in February

Prenetics Global Limited (NASDAQ:PRE) was the recipient of a significant growth in short interest in February. As of February 27th, there was short interest totaling 476,231 shares, a growth of 41.6% from the February 12th total of 336,207 shares. Based on an average daily trading volume, of 333,879 shares, the days-to-cover ratio is presently 1.4 days. Currently, 2.8% of the company’s stock are sold short. Currently, 2.8% of the company’s stock are sold short. Based on an average daily trading volume, of 333,879 shares, the days-to-cover ratio is presently 1.4 days.

Wall Street Analyst Weigh In

Several brokerages have recently commented on PRE. Roth Mkm initiated coverage on Prenetics Global in a research report on Wednesday, February 11th. They issued a “buy” rating and a $36.00 target price for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Prenetics Global in a research report on Thursday, January 22nd. Finally, Wall Street Zen downgraded shares of Prenetics Global from a “buy” rating to a “hold” rating in a report on Monday, February 16th. Two equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Prenetics Global currently has an average rating of “Hold” and a consensus price target of $34.00.

Prenetics Global Trading Down 0.3%

PRE traded down $0.06 during trading on Friday, reaching $20.72. 326,464 shares of the company were exchanged, compared to its average volume of 300,090. The stock has a market cap of $348.72 million, a P/E ratio of -5.15 and a beta of 0.36. The firm has a 50 day moving average of $18.16 and a 200 day moving average of $15.03. Prenetics Global has a 52 week low of $3.09 and a 52 week high of $22.86.

Prenetics Global (NASDAQ:PRE) last posted its earnings results on Wednesday, February 18th. The company reported ($0.27) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.49) by $0.22. Prenetics Global had a negative return on equity of 19.07% and a negative net margin of 61.33%.The company had revenue of $36.60 million for the quarter, compared to analysts’ expectations of $36.15 million. As a group, analysts forecast that Prenetics Global will post -3.3 earnings per share for the current fiscal year.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Wells Fargo & Company MN bought a new position in Prenetics Global in the 4th quarter worth about $47,000. JPMorgan Chase & Co. bought a new stake in shares of Prenetics Global during the third quarter valued at approximately $65,000. Manatuck Hill Partners LLC acquired a new position in shares of Prenetics Global during the fourth quarter worth approximately $170,000. T3 Companies LLC acquired a new position in shares of Prenetics Global during the fourth quarter worth approximately $170,000. Finally, Kingsview Wealth Management LLC bought a new position in Prenetics Global in the 4th quarter worth approximately $172,000. 25.01% of the stock is owned by institutional investors and hedge funds.

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.