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

Prenetics Global (NASDAQ:PRE) declared that its Board of Directors has initiated a stock repurchase plan on Friday, March 6th, RTT News reports. The company plans to repurchase $40.00 million in shares. This repurchase authorization permits the company to buy up to 15.8% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

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

Prenetics Global Stock Up 18.1%

PRE traded up $2.73 during trading on Friday, hitting $17.80. The company had a trading volume of 411,203 shares, compared to its average volume of 315,768. The company has a market capitalization of $299.57 million, a PE ratio of -4.43 and a beta of 0.36. Prenetics Global has a one year low of $3.09 and a one year high of $22.86. The firm’s 50-day moving average price is $17.69 and its 200 day moving average price is $14.57.

Prenetics Global (NASDAQ:PRE) last released its earnings results on Wednesday, February 18th. The company reported ($0.27) EPS for the quarter, beating the consensus estimate 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 firm had revenue of $36.60 million for the quarter, compared to analysts’ expectations of $36.15 million. Sell-side analysts forecast that Prenetics Global will post -3.3 earnings per share for the current year.

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.