Lake Street Capital Initiates Coverage on Prenetics Global (NASDAQ:PRE)

Research analysts at Lake Street Capital started coverage on shares of Prenetics Global (NASDAQ:PRE) in a research note issued to investors on Monday. The firm set a “buy” rating and a $29.00 price target on the stock. Lake Street Capital’s price objective indicates a potential upside of 39.96% from the stock’s previous close.

Several other equities research analysts have also issued reports on the stock. Wall Street Zen lowered shares of Prenetics Global from a “buy” rating to a “hold” rating in a report on Monday, February 16th. Weiss Ratings reissued a “sell (d-)” rating on shares of Prenetics Global in a research note on Thursday, January 22nd. Finally, Roth Mkm began coverage on shares of Prenetics Global in a research note on Wednesday, February 11th. They set a “buy” rating and a $36.00 target price on the stock. Three equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, Prenetics Global currently has a consensus rating of “Moderate Buy” and an average target price of $32.33.

Prenetics Global Stock Down 0.3%

Shares of PRE stock opened at $20.72 on Monday. The business has a fifty day simple moving average of $18.16 and a 200 day simple moving average of $15.14. The company has a market cap of $348.72 million, a P/E ratio of -5.15 and a beta of 0.36. Prenetics Global has a twelve month low of $3.09 and a twelve month high of $22.86.

Prenetics Global (NASDAQ:PRE) last released 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. The firm 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%. As a group, equities research analysts anticipate that Prenetics Global will post -3.3 earnings per share for the current fiscal year.

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

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Jane Street Group LLC acquired a new stake in Prenetics Global during the 4th quarter worth approximately $1,302,000. 683 Capital Management LLC acquired a new position in Prenetics Global in the 4th quarter valued at approximately $1,181,000. Aberdeen Group plc bought a new position in shares of Prenetics Global during the third quarter valued at $979,000. Millennium Management LLC acquired a new position in shares of Prenetics Global during the fourth quarter worth $810,000. Finally, Marshall Wace LLP acquired a new position in shares of Prenetics Global during the fourth quarter worth $788,000. Institutional investors own 25.01% of the company’s stock.

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.