Brokerages Set Prenetics Global Limited (NASDAQ:PRE) Target Price at $31.75

Shares of Prenetics Global Limited (NASDAQ:PRE) have earned a consensus recommendation of “Moderate Buy” from the five research firms that are currently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating and four have issued a buy rating on the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $31.75.

A number of equities analysts recently issued reports on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Prenetics Global in a research note on Tuesday, April 21st. Benchmark assumed coverage on shares of Prenetics Global in a research note on Tuesday, June 16th. They set a “buy” rating and a $30.00 target price on the stock. Finally, Lake Street Capital assumed coverage on shares of Prenetics Global in a research note on Monday, March 16th. They set a “buy” rating and a $29.00 target price on the stock.

Institutional Investors Weigh In On Prenetics Global

Institutional investors and hedge funds have recently modified their holdings of the stock. Aberdeen Group plc purchased a new position in shares of Prenetics Global in the third quarter valued at $979,000. 683 Capital Management LLC purchased a new position in shares of Prenetics Global in the fourth quarter valued at $1,181,000. State of Wyoming purchased a new position in shares of Prenetics Global in the first quarter valued at $48,000. Stevens Capital Partners grew its holdings in shares of Prenetics Global by 54.6% in the first quarter. Stevens Capital Partners now owns 28,147 shares of the company’s stock valued at $544,000 after purchasing an additional 9,940 shares in the last quarter. Finally, Boothbay Fund Management LLC purchased a new position in shares of Prenetics Global in the fourth quarter valued at $241,000. Institutional investors own 25.01% of the company’s stock.

Prenetics Global Stock Performance

NASDAQ:PRE opened at $19.96 on Tuesday. The firm has a 50-day simple moving average of $18.37 and a two-hundred day simple moving average of $18.13. The firm has a market cap of $336.73 million, a P/E ratio of -4.36 and a beta of 0.24. Prenetics Global has a fifty-two week low of $7.18 and a fifty-two week high of $23.63.

Prenetics Global (NASDAQ:PRE) last announced its quarterly earnings results on Wednesday, June 10th. The company reported ($0.56) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.49) by ($0.07). The company had revenue of $35.95 million for the quarter, compared to analysts’ expectations of $36.00 million. Prenetics Global had a negative net margin of 62.45% and a negative return on equity of 20.33%. On average, equities research analysts predict that Prenetics Global will post -1.77 EPS for the current year.

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