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 the month of 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 short-interest ratio is presently 1.4 days. Approximately 2.8% of the company’s shares are short sold. Approximately 2.8% of the company’s shares are short sold. Based on an average daily trading volume, of 333,879 shares, the short-interest ratio is presently 1.4 days.

Institutional Trading of Prenetics Global

A number of hedge funds have recently made changes to their positions in the stock. Wells Fargo & Company MN bought a new stake in shares of Prenetics Global in the fourth quarter worth $47,000. JPMorgan Chase & Co. bought a new stake in shares of Prenetics Global in the 3rd quarter worth about $65,000. Stevens Capital Partners acquired a new stake in shares of Prenetics Global in the 2nd quarter valued at about $137,000. Manatuck Hill Partners LLC bought a new position in shares of Prenetics Global during the fourth quarter worth about $170,000. Finally, T3 Companies LLC bought a new position in shares of Prenetics Global during the fourth quarter worth about $170,000. Institutional investors and hedge funds own 25.01% of the company’s stock.

Wall Street Analysts Forecast Growth

PRE has been the subject of several research reports. Roth Mkm started coverage on shares of Prenetics Global in a research note on Wednesday, February 11th. They set a “buy” rating and a $36.00 price objective for the company. Wall Street Zen lowered shares of 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 research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $34.00.

Prenetics Global Stock Down 0.3%

Shares of NASDAQ PRE traded down $0.06 during trading on Friday, reaching $20.72. 326,464 shares of the stock were exchanged, compared to its average volume of 300,090. The business’s 50-day moving average price is $18.16 and its 200 day moving average price is $15.03. Prenetics Global has a twelve month low of $3.09 and a twelve month high of $22.86. The company has a market capitalization of $348.72 million, a price-to-earnings ratio of -5.15 and a beta of 0.36.

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

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