Benchmark Begins Coverage on Prenetics Global (NASDAQ:PRE)

Equities research analysts at Benchmark began coverage on shares of Prenetics Global (NASDAQ:PRE) in a research note issued to investors on Tuesday, Marketbeat reports. The firm set a “buy” rating and a $30.00 price target on the stock. Benchmark’s target price indicates a potential upside of 44.58% from the company’s previous close.

A number of other equities analysts also recently issued reports on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Prenetics Global in a report on Tuesday, April 21st. Lake Street Capital initiated coverage on Prenetics Global in a report on Monday, March 16th. They issued a “buy” rating and a $29.00 price target for the company. Finally, Wall Street Zen cut 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 issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $31.75.

Prenetics Global Stock Performance

Shares of Prenetics Global stock opened at $20.75 on Tuesday. Prenetics Global has a one year low of $6.97 and a one year high of $23.63. The company has a market cap of $350.05 million, a PE ratio of -4.53 and a beta of 0.24. The business has a 50-day simple moving average of $18.26 and a 200-day simple moving average of $17.92.

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 business had revenue of $35.95 million during the quarter, compared to analyst estimates 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, sell-side analysts predict that Prenetics Global will post -1.77 earnings per share for the current fiscal year.

Prenetics Global declared that its board has initiated a stock buyback program on Friday, March 6th that allows the company to repurchase $40.00 million in shares. This repurchase authorization allows the company to buy up to 15.8% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. State of Wyoming purchased a new position in shares of Prenetics Global in the first quarter valued at $48,000. Wells Fargo & Company MN purchased a new position in shares of Prenetics Global in the fourth quarter valued at $47,000. JPMorgan Chase & Co. purchased a new position in shares of Prenetics Global in the third quarter valued at $65,000. Manatuck Hill Partners LLC purchased a new position in shares of Prenetics Global in the fourth quarter valued at $170,000. Finally, T3 Companies LLC purchased a new position in shares of Prenetics Global in the fourth quarter valued at $170,000. Hedge funds and other 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.